Business

Local and foreign companies invited to cooperate in Yangon staff housing project

Yangon Region government has invited local and foreign companies to cooperate in implementing a staff housing project on 183 acres of land, according to government sources released on August 12.

Myanmar rice export earns less profit as Chinese currency declines

As Chinese currency declines in the world financial market, rice produce from Yangon and Ayeyawaddy Region when exporting via Muse 105 mile wholesale market, Myanmar got less profit according to director Tin Ye Win, in charge of Muse 105 mile wholesale market.

Produce from illegal Chinese plantations in Myanmar accounts for more than half of Myanmar export to China

There are illegal Chinese plantations in Myanmar and at present, produce from their plantations is more than the export from Muse 105 miles wholesale markets according to Chairman of Muse 105 miles fruit wholesale market Sai Bo Myint.
On August 9th, a China-Myanmar meeting on upgrading the quality of fruits and vegetables was held at the Wantain fruits and vegetables center in Shweli in China.

Ten of 32 state-owned enterprises to make losses this fiscal year

Ten out of 32 state-owned economic organisations, including News and Periodicals Enterprise set to lose over K1 billion, will make losses this fiscal year, according to the Ministry of Planning and Finance.

According to the estimated budget for 2018-2019 FY and trade data, there are 26 state-owned businesses operating with union budget. Among them, 16 will be making profits this year. Meanwhile, there are six state-owned enterprises running outside the union budget, and five are set to make profits.

Myanmar's foreign trade value hits over $11.5 bn in three months

Myanmar has good prospects for foreign trade this year as trade value has hit over US$11.5 billion over the past three months, exceeding over US$1.5 billion compared to the same period of last year, said the director general of the Trade Department.

"This year saw an increase of over US$1.5 billion in the same period. So, foreign trade situation is good this year," said Yan Naing Tun, director general of the Trade Department under the Ministry of Commerce.

Rice export earnings hit over $ 227 million

 

Until July 27 of 2018-2019 fiscal year, the country earned US$ 277.775 million from exports of 802212.57 tonnes of rice and broken rice, according to the Commerce Ministry.

During four months of the minibudget period, the country exported over 358170 tonnes of rice and broken rice via marine route and over 444,014 tonnes via border routes.

Govt to seek parliamentary approval for Yangon SEZ

The union government will seek approval from union parliament to establish Yangon Special Economic Zone on about 20,000 acres of land covering Dala, Kawhmu and Kungyangon townships in Yangon Region, according to a development proposal plan of the region.

Currently, the Yangon region government is holding a series of work coordination meetings on the implementation of Yangon SEZ project that will include deep-sea port construction.  

Economist warns of adverse impacts on kyat depreciation

MYANMAR’S government has been urged to rein in the rise of the kyat and ease the impact of a decline in export competitiveness on the country’s manufacturing and agricultural sectors. 
The economy could be in deep trouble, if the exchange rate continues to appreciate against the US dollar, said U Myint, who served as the chief presidential economic adviser in the previous government. 
On Tuesday, the market rate set one US dollar at 1,468 kyats, 126 kyats higher than that of July.

Barlolo eyes nationwide expansion this year

SPURRED on by increased data consumption in line with rising sales of smartphones in Myanmar, e-commerce operator Barlolo.com is planning nationwide expansion this year, its top executives say. 
Min Min, chief operating officer of 3KO Ventures Co, which operates Barlolo.com, said in an exclusive interview that more than 50,000 people typically visit the website each month to buy the goods showcased by more than 1,000 merchants. He also takes pride in the growth of the platform over the past 13 months.

Japan leads FDI list

 

From April to June this year, Japan topped the list of foreign direct investments with more than US$ 85 million, according to Directorate of Investment and Companies Administration (DICA).

During three months, Japan stood first with US$ 85.157 million, China, second, with US$ 75.335 million, and the US, third with nearly US$ 56 million.