Business

ADB urges Myanmar to further liberalise business regulations

 

Local and foreign investments create over 110,000 jobs in 2017-18 FY

 

Local and foreign investments allowed by Myanmar Investment Commission (MIC) in 2017-18 FY will create over 110,000 job opportunities, according to Directorate of Investment and Companies Administration (DICA).

A total of 93,197 domestic workers and 2,508 foreign workers will be employed in 222 foreign investments in this fiscal year. Over 21,500 domestic workers and 467 foreign workers will be employed in local investment sector in 2017-18 FY.

Over 45 Japanese companies invest in Thilawa SEZ

Japanese firms have invested most in productivity sector in Thilawa Special Economic Zone and the number has reached over 45, according to the zone management committee.

"Most companies entering the zone are from Japan. There are about 45 or 47. They mostly invest in manufacturing sector," said Dr Shwe Hein, secretary of Thilawa SEZ Management Committee.

Businesses from 17 countries are investing in the zone and out of 89 factories approved, 39 are said to be running.

Fish market declines after Saudi import suspension

Myanmar's fish market is collapsing after Saudi Arabia has suspended import of fish and prawn citing diseases, said Win Kyaing, general secretary of Myanmar Fisheries Federation (MFF).

Myanmar had to export 30 percent of farmed fish and 41 percent of carp to Saudi Arabia.

NongHyup Financial and HTOO Group to start financing service in Myanmar in July

South Korea’s NongHyup Financial Group Inc. together with Myanmar’s HTOO Group will start a financial service for farming equipment businesses in the Southeast Asian country in the second half with this year, the company said Sunday.

Additional loans to be disbursed to profit-making SMEs

 

Additional loans will be disbursed to profit-making small and medium-sized enterprises after a review of their investments and progresses, said Union Minister for Industry Khin Maung Cho.

For the business expansion of SMEs, the government is carrying out the issuance of recommendations for the availability of loans from respective banks and the submission of loan applications under the Credit Guarantee Insurance (CGI) system.

Foreign trade volume reaches more than US$33 billion with almost US$4 billion in deficit

Myanmar’s foreign trade volume reached more than US$33 billion with a deficit of almost US$4 billion during 2017-2018 FY, said a source of the Ministry of Commerce.

Myanmar’s foreign trade volume reached US$33323.815 million from April 1 to March 31 for 2017-2018 FY, up US$4114.209 million compared to the same period of last year.

Border trade sees 8.22-per-cent increase

 

Till March 23 of 2017-2018 fiscal year, the border trade value hit US$ 8.27 billion, a 8.22-per-cent increase, compared with the same period last year, according to the Commerce Ministry.

In the previous fiscal year, the border trade value amounted to US$ 7.59 billion, according to the figures released by the Commerce Ministry.

Tourists flock to southern Shan

 

There are the massive influx of tourists in ten townships in southern Shan State, according to Directorate of Hotels and Tourism.

The most visited tourist destinations are Taunggyi, Shwenyaung, Nyaungshwe, Pindaya, Kalaw, Aungpan, Pinlaung, Namhsan, Pekon and Pa-O.

Last year, Shan State received 767,039 local and foreign visitors. From January to February this year, the State received 67,220 local visitors and 144,857 foreign visitors.

Rice export earnings hit over $ 1.11 bln in 2017-2018 FY

 

Till the third week of March this fiscal year, Myanmar has earned over US$ 1.11 billion from the exports of 3.5 million tonnes of rice and broken rice to 57 countries. Nearly half of rice and broken are exported via sea route, according to Myanmar Rice Federation (MRF).

From April 1 to March 23 of 2017-2018 FY, it earned US$ 953.704 million from exports of 1889317.422 tonnes of rice to 57 countries and US$ 160.097 million from exports of 620696.245 tonnes to 33 countries.