Business

60 pc of investments in Thilawa SEZ target local market

 
There are 85 local and foreign investments in Thilawa Special Economic Zone Project, with most of them targetting the local market.
 Sixty per cent (51 businesses) of the total investments target the local market, 29 per cent (25 businesses) traget the export market, and nine per cent service the distribution sector, according to Thilawa SEZ management committee. 

MRF to form Rakhine agribusiness company

 
The Myanmar Rice Federation (MRF) is planning to form a company, Rakhine Agribusiness Public Co Ltd, to provide help for the development of the farming sector in Rakhine State, according to the announcement.
The MRF is implementing a three-year project to establish the agriculture business for Rakhine ethnic people, to create job opportunities and to create stability and development.

Myanmar to adopt crop insurance based on weather

Myanmar and Sompo Japan Insurance are planning to adopt a crop insurance system based on climatic conditions, Deputy Minister for Agriculture, Livestock and Irrigation Hla Kyaw told a parliamentary session of the Upper House.

The plan was revealed during the parliamentary session held in Nay Pyi Taw on October 17 after MP Kyaw Myint Oo for Mandalay Region Constituency-10 asked if the relevant committees and task forces would be implementing the provisions of the law for protection of farmers' rights and promotion of farmers' interest.

Young startup aims 40 per cent monthly growth

AS THE HIGH season for Myanmar tourism draws near, ezStay, an online booking platform for budget hotels and guesthouses, has set a target to grow 40 per cent on a monthly basis in its first year of business.

Myanmar to try to improve rice-export capacity

Myanmar will try to improve its rice-export capacity by producing rice of different kinds from different zones, said Union Minister for Commerce Dr Than Myint.

Despite a continued increase in rice export, Myanmar is far behind its nieghbouring Thailand, which can export 10 million tonnes yearly.

The minister stressed the need to take systematic measures to produce rice in kind by launching

Bids invited for upgrade of YBS

In an attempt to ensure the emergence of better bus services, the Yangon Transport Authority has invited bids for a bus guide, cash-based ticketing system and CCTV system services for Yangon Bus Services.

On October 15, the YRTA has invited interested technology companies and services companies to discuss the service upgrade.

Currently, a bid has been invited for Yangon payment system. The YBS can start a cash payment system only in around February next year.

Agricultural sector makes up 0.51 pc of total FDI

 
From 1988-1989 fiscal year until September this year, foreign direct investment (FDI) in the local agricultural sector exceeded US$380 million, which accounts for 0.51 per cent of total FDI, according to Directorate of Investment and Company Administration. 
In the fiscal year to September, the amount of FDI in the agricultural sector reached $130.207 million. 

Committee approves six foreign businesses with investment of over $9 million

 
The Yangon Region Investment Committee has allowed six businesses from Singapore, China and Hong Kong
to invest more than US$9 million (12.3 billion kyat) in the industrial sector prior to October 11.
The committee held its meeting at the office of the Yangon Region government in Yangon on
October 11. Committee Chairman Chief Minister Phyo Min Thein attended the meeting and discussed
future actions that could speed up investments..

Trade deficit reached over $2 billion in six months

Myanmar's trade deficit over the past six months this fiscal year has reached over US$2 billion, exceeding the amount in the same period of last year, according to trade data released by the Ministry of Commerce. 
From April 1 to October 6 in the 2017-2018 fiscal year, the country's foreign trade value amounted to more than $16.5 billion,  exceeding by $2.8 billion the amount last fiscal year. 

A new general cargo wharf in Thilawa to open soon

 
The new general cargo wharf at Thilawa port will be opened at the end of November, according to Wilma Myanmar Port Terminals (Thilawa).