ข่าวเศรษฐกิจและธุรกิจประจำสัปดาห์

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  Ministry of Hotels and Tourism requested Union cabinet to ease of travel restrictions in Kayah in order to attract more local and foreign tourist into the state

  The Ministry of Hotels and Tourism has requested that the Union cabinet ease travel restrictions in Kayah State in order to attract more local and foreign tourists into the state. “When implementing socioeconomic development in Kayah State, creating new tourist destinations is one of the efforts. However, we need to make sure that the new destinations are not in restricted areas. Therefore, we have requested the approval from the Union cabinet to ease travel restrictions in some of the places,” Deputy Minister of Hotels and Tourism U Tin Latt told the Pyithu Hluttaw. Previous governments imposed travel restrictions in the state in light of issues such as security, the rule of law and armed conflicts.
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  The virus outbreak disrupts Myanmar garments industry’s supply chain due to the raw material from China

  Several garment, footwear and bag factories in four industrial zones around Yangon have had to shut down or curtail operations due to a shortage of raw materials from China, an official from one of the industrial zones has revealed. However, despite the disruption of operations at the factories, container loads of raw material from China remain stuck in Yangon ports such as the Myanmar Industrial Port, Thilawa Jetty, and Asia World Port Terminal, said U Aye Thaung, chair of the Shwe Pyi Thar Industrial Zone Committee on Wednesday. “Many containers from China have arrived at MIP, Thilawa Jetty, and Asia World Port, but garment factories haven’t been able to get those raw materials out yet,” U Aye Thaung said. “Some cargoes have already arrived, some are on their way to Myanmar from China, and some are ready to ship from China. But the shipment of raw materials coincided with the Lunar New Year and some factories were still closed due to the coronavirus outbreak. There are many containers ready in China to ship to Myanmar,” he added.
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  Myanmar Government launched online “Project Bank” for development projects to provide information on major investments projects under MSDP

  YANGON—The Myanmar government has launched a centralized, publicly-accessible online platform to provide information on major investment projects that fall under the country’s sustainable development plan. The newly-launched Myanmar Project Bank aims to establish “a predictable and transparent system” and provides key data such as project descriptions, status, total project cost, financing plans and project timelines. It also notes the implementing government agency, project contact details and how each project aligns with the Myanmar Sustainable Development Plan (MSDP). MSDP launched in 2018 and aims to align the country’s policies and institutions to achieve inclusive and transformational economic growth.
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  The foreign insurers added more than USD $ 120 million into the Myanmar insurance sector since last year

  Investors have channeled some US$120 million and K60 billion into the Myanmar insurance sector since its liberalisation last year, according to the Myanmar Investment Commission (MIC). In 2019, the Ministry of Planning, Finance, and Industry granted permission to five wholly foreign life insurance companies and six joint venture life insurance and non-life insurance companies to operate in the domestic insurance market. During the period, the five wholly foreign life insurance companies - AIA, Chubb, Dai-ichi, Manulife and Prudential - invested a sum totaling $65 million, according to the MIC.
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  The 3rd Myanmar Youth Technoenprenurship Development Program 2020 organized in Yangon in order to promote and support Myanmar young entrepreneurs in technological sector

  The opening ceremony of final selection event and awards ceremony of Myanmar Youth Technopreneurship Development Program 2020 was held at MICT park, Yangon on Saturday. Annually organized by Myanmar Computer Federation (MCF) and Myanmar Posts and Telecommunications (MPT), the MYTDP 2020 program is aimed to solve the challenges on socio-business by the use of technology as well as to promote and support Myanmar young entrepreneurs in technological sector. Secretary General, Myanmar Comouter Federation, Thaung Su Nyein said “For the last 2 years, 6 teams were turned out as the winners. Among them, 4 teams are now standing as the companies. Some are success tenders and applying their projects by using the experiences of training and competition. For this year 3rd edition, we hope a lot on youth participants and we believe they can penetrate with the momentum into the commercial market.”
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  UMFCCI seeks Myanmar government’s help to handle impact of virus outbreak affecting world trade

  The Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) is requesting the government step in to help deal with the economic fallout caused by the COVID-19 virus outbreak affecting world trade. A meeting to layout what the government can do to ease the situation was organised by the UMFCCI on February 27. The meeting was attended by 150 people representing businesses, trade bodies and international business organisations such as Euro Cham Myanmar, India-Myanmar Chamber of Commerce, Thai Chamber of Commerce, German Chamber of Commerce, China Enterprises Chamber of Commerce, Korea Chamber of Commerce in Myanmar, Chinese Textile and Garment Association in Myanmar, and Korea Garment Association Myanmar. During the meeting, the Myanmar Tourism Federation highlighted the fact that most of the tourists visiting Myanmar are from China, and their numbers have declined significantly due to the virus outbreak. The has resulted in a large decline in business for tourism-related businesses.
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  New industrial Zone law designed to encourage factories and workshops to relocate to strategic industrial zone due soon

  A new industrial zone law designed to encourage factories and workshops to relocate to strategic industrial zones is due soon, U Soe Win, Union Minister of Planning, Finance and Industry told a monthly meeting between the vice president and local business leaders. “We have arranged all prerequisites including complete infrastructure to ensure relocation of outside factories and workshops to industrial zones and plans to locate SMEs in vacant lands in the industrial zones,” the minister said. The new law will assist the emergence of new industrial zones in accordance with the national development framework. Myanmar is focusing on human resource and infrastructure development to ensure a good environment for investment and business, he added. Currently, there are some 60 industrial zones in the country, 29 of which are in Yangon. The Yangon Regional Government is working to upgrade industrial zones as the current lack of infrastructure has resulted in low activities within the zones.
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  The trade activities returned to normal in Muse 105 mile trade zone

  Trade activities are returned to nearly normal in Muse 105-mile trade zone as buyers from China came to buy fruits at the trade zone in recent days, sources said. The trade activities in Muse 105-mile trade zone were nearly stopped after the COVID-19 virus outbreak in China. “Now over 200 truckloads of watermelons and muskmelons are entered in the market daily since February 22. We exported about 700 truckloads of watermelons to China daily before the COVID-19 virus,” said Yee Yee Khaing from a fruit wholesale shop. Although many trucks carrying watermelons came to the trade zone, no buyer is interested to buy seedless watermelons in the market. “Seedless watermelons are not sold and I think the importers cannot send them to provinces in China, which eat the seedless watermelons. The price of seedless watermelons is high and traders don’t want to risk their money on them,” said Sai Onn, a fruit trader.
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  The new power projects on the track for completion on time with the aim of fulfilling the projected increase in demand nationwide for electricity during the hot season

  To provide electricity before height of the dry season arrives in March, new power plants need to be completed on time, says Deputy Minister of Electricity and Energy U Khin Maung Win. Seven new power plants that are expected to generate more than 1,000 megawatts of additional electricity are being built in Magwe, Shwetaung, Kyunchaung, Ahlone, Kyaukphyu, Thanlyin, and Thaketa, with the aim of fulfilling the projected increase in demand nationwide for electricity during the hot season. Of the projects, five are being implemented under a tender called by the Ministry of Electricity and Energy last June.
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  Myanmar government and CITIC plan to build Kyauk Phyu deep seaport which worth USD $ 1.3 billion

  China’s CITIC consortium and the Myanmar government plan to build Kyauk Phyu Deep Sea Port with CITIC providing 70 percent of the funding needed and the remaining 30 percent to come from the government. The two sides are in talks to invest $1.3 billion in the first phase of the project, according to recent remarks by Deputy Commerce Minister U Aung Htoo to the Pyithu Hluttaw. CITIC and local consortium Myanmar Kyauk Phyu Special Economic Zone will invest $30 million in the industrial zone that forms part of the megaproject. CITIC will hold 51 percent of the project and Myanmar Kyauk Phyu 49 percent. The economic zone will comprise a deep sea port on 607 acres, a 2,446-acre industrial zone and a 1,235-acre high-end housing project.