Business

NYDC to hold talks on seeking reliable facts about much-criticized Yangon New City Project

 
New Yangon Development Company (NYDC) has planned to hold a talk about NYDC Town Hall with the intention of seeking strong evidences for Yangon New City Project as China Communication Construction Company Limited (CCCC), a tender winning company, is facing many questions as to whether or not there is transparency, said Thein Wai (a) Serge Pun, the CEO of the NYDC.  
 

Tourist arrivals hit around 1.5 m in five months

 

Till May of this year, the number of tourist arrivals reached around 1.5 million, a 2-per-cent decline compared with the same period last year, according to the figures released by Ministry of Hotels and Tourism.

The number of visitors from European countries and the North American countries has dropped over the years due to political situations. But the number of visitors from China, Thailand and some Asian countries has increased.

China suspends rice imports from Myanmar after bank freezes

 

Chinese merchants have suspended its rice imports from China-Myanmar border after a freeze on bank accounts of merchants, said Than Oo, secretary of Bayintnaung Rice Brokerage Center.

“Rice prices remain unchanged as China has suspended rice imports from Myanmar. Rice prices will go up when there are high demands from China. Rice trading is not working well as China makes a crackdown on contrabands,” he added.

Myanmar earns US$538 M from CMP garment export

 

$163 m earned from exporting rice to 35 countries in two months

Myanmar has earned US$163 million from exporting 470,000 tons of rice and broken rice to 35 countries during the past two months, according to the Ministry of Commerce.

‘Myanmar Insight’ in Thailand to boost bilateral economic ties

 
GIVEN the rising interest in Myanmar’s economy this year, nearly 500 Thai businesspeople are expected to gather at the Myanmar Insight 2018 to be held in Bangkok next month, according to NattawinPhongsphetrarat, vice president of Thai Business Association of Myanmar (TBAM). 

GAP system encouraged for export in Myanmar

The department of agriculture is implementing growing of vegetables and culinary crops such as rice, beans, pulses and corn using a Good Agricultural Practices (GAP) system in some States and Regions  which could help Myanmar’s agricultural industry better access export markets.

Remittance services in China-Myanmar border temporarily suspended

 

Remittance services in China-Myanmar border will be temporarily suspended on June 12 as issues arose between traders due to a freeze on bank accounts, according to merchants in Muse border.

Recently, the Chinese government has frozen bank accounts in a frequent manner in order to make investigations according to its laws, said merchants.

CBM denies rumours about bankruptcy of two banks

 

Action will be taken against the person that spreads the rumor that five public companies and two private banks would go bankrupt, said Win Thaw, Director General of the Central Bank of Myanmar.

This comes after the post of facebook user "Kyaw Swe" goes viral on social meida. The collapse of banks may hamper the country’s economy. Rumours about bank collapsing circulate every year. Even strong banks may collapse when there are bank runs.

Yangon city project to boost FDI

Despite some criticism over the regional government’s involvement in commercial activities, the new Yangon city project is expected to attract new investments from international players over the next few years, according to Phyo Min Thein, Yangon region chief minister.
 
He said the government would speed up the development of Yangon new city, as it would be complementary to rapid growth of the existing commercial hub.