Business

Over US$1.7bn worth of fuel imported in eight months

 
Myanmar imported fuel worth more than US$1.7 billion within the first eight months of this fiscal year (2017-2018), exceeding more than half of the amount in the same period last year, according to the Ministry of Commerce. 
 
From April to November 24 this fiscal year, $1,774 million worth of fuel was imported, while the imported fuel last year amounted to US$885 million. 
 

Foreign investment reaches US$4.7 billion so far in 2017-2018

 
Foreign investment volume has reached more than US$4.7 billion until November of the 2017-2018 fiscal year, a source from the Myanmar Investment Commission said.
 
The meeting No 16/2017 of Myanmar Investment Commission was held at the office of Directorate of Investment and Company Registration in Yangon on November 30. The meeting granted a permission to an enterprise to run with foreign investment and approved three enterprises.

Myanmar-China trade volume reaches more than US$5 billion

 
The trade volume between Myanmar and China has reached more than US$5 billion between April and September during this fiscal year. Myanmar’s export volume is much less than its import one, a source un the export and import community said.
 
Myanmar-China trade volume reached $5,537.33 million – with export volume of $2,472.97 million and import volume of $3,064.36 million – from April to September during the 2017-2018 fiscal year. 

Better legislation to attract Austbusinesses to enter Myanmar

Though Myanmar has yet to receive investment from Australia in fiscal year 201718, the nation’s improved business regulations should arouse Australian investors’ interest, according to a diplomat.

Nick Cumpston, economic counsellor at the Australian Embassy, said in an exclusive interview that the Union Parliament’s recent passage of the new Myanmar Companies Law could spur Australian investment and bilateral trade.

Aust backs businesses to empower Myanmar women

DOMESTIC and international companies in Myanmar should improve women’s empowerment at their workplaces to ensure sustainable growth, say participants at the annual conference on women in business and leadership development, supported by the Australian Embassy.

 The embassy’s economic counsellor Nick Cumpston said Myanmar should try to ensure tangible benefits from promoting gender equality because the countries with strong female workforce usually enjoy higher economic growth.

China seizes trucks carrying rice at Lweje checkpoint

Chinese officials began seizing trucks carrying rice to China at Lweje checkpoint on the Myanmar-China border starting on December 3, according to rice dealers.

“About 40 rice tracks were seized in Lweje checkpoint by Chinese authorities. There were between 5,000 and 10,000 rice bags,” said one of the dealers who exports rice to China via the checkpoint.

Currently, the rice price is a little lower than usual, but it  is set to rise, according to another rice dealer, Sai Kyaw, from Mandalay.

Citizen investments hit $77.28-bn in two months

 
The total domestic investments by citizens during September and October, including investment promotion and citizen investments, amounted to nearly 77.28 billion kyats, according to the Myanmar Investment Commission.
Total internal investments for September, including the citizen investment of US$6.58 million (nearly 8.97 billion kyats) and investment promotions hit nearly 76.88 billion kyats. In October, the citizen investments granted by the MIC reached 392.70 million kyats.

Ministerial ceremony kicks off Kanyinchaung industrial zone

 

KITSAPA- Construction of the Kanyinchuang economic zone along the Maungdaw border area in Rakhine State was formally kicked off Friday morning, with completion slotted for the end of 2018.

Nyi Pu, Rakhine State Chief Minister, officials from Natmyit Ahlintan Company that are heading construction, and members of the government committee of Rakhine State held a ceremony to celebrate the project’s official conversion from a trade zone to an industrial zone.

Myanmar garment industry stuck in 1993 due to lack of resources

 

When entrepreneurs in the garment industry launch a business in newly industrialising countries, they often begin by adopting the cut-make-package (CMP) model, in which a garment factory is contracted to cut fabric, produce a product such as a dress, and then package it to be ready for shipment to another company.

Moving beyond the CMP stage is a challenge for all newly industrialising countries, and perhaps more so for Myanmar, according to industry experts.

Inflation highest in Rakhine, Kachin and Shan states

Rakhine, Kachin and Shan saw the highest inflation rates in October, according to a report by the Central Statistical Organization.

As of the end of October, the inflation rate was 9 per cent in Rakhine State, 7.90 per cent in Kachin State and 5.73 per cent in Shan State.