Business

Ministry of Industry to privatise SOEs

Permanent secretary of the Ministry of Industry Ko Ko Lwin said the ministry will carry out the privatisation of state-owned enterprises by turning them into corporation and forming joint ventures between the government and the private sector in accordance with the country’s new economic policy.

A workshop on the reformation of state-owned enterprises, organised by the Ministry of Industry and the German consulting firm Roland Berger, was held at the ministry in Nay Pyi Taw in early August.  

Export earnings drop at border trade camps

Between April 1 and August 19, the total export volume at border Myanmar’s trade camps reached US$1.58 billion, marking an  $87 million drop from  the same period last year.

Myanmar earned $489 million from exports of agricultural produce, $431,000 from animal products, $98.5 million from marine products, $73.7 million from mining products, $1 million from forest products, $454.9 million from industrial finished products and $457.6 million from other products.

Five garment companies get MIC approval

The Myanmar Investment Commission gave the green light to five garment companies that will operate under cut-make-pack systems at its meeting on August 26.

The companies are Myanmar Sumec Win Win Garment Co Ltd, Gainway International (Myanmar) Garment Co Ltd, Saung Oo Shwe Nay (Golden Sunshine) Co Ltd, Sanyuan (Myanmar) Apparel Manufacturing Co. Ltd and CM Garment Industrial Ltd.

CM Garment Industrial Ltd is a locally owned company, while the rest have received foreign investment.

Share demand 14 times supply

The Myanmar Citizens Bank (MCB) entered the stock market via the Yangon Stock Exchange (YSX) on August 26 at rates as low as Ks5,800.

Demand reached 140,000 but only 9,000 shares were on sale.

Singapore tops Thilawa SEZ investor list

 

A press conference held by the Directorate of Investment and Company Administration (DICA) on August 22 revealed that Singapore now tops the list of countries with investments in the Thilawa SEZ.

Fourteen countries have made investments totalling US$838.305 million in the special economic zone as of July 2016.

Myanmar businesses eye closer ties with Indonesia

BUSINESS communities in Indonesia and Myanmar are looking forward to strengthening their relations, following a delegation’s visit here last week to explore new opportunities.

The 22-member delegation expressed optimism underpinned by Myanmar's better political climate and enabling business environment.

MCB to enter stock market, launch SME loan scheme

Myanmar Citizens Bank (MCB) will start granting loans in September to small and medium-sized enterprises (SMEs) that meet the criteria of relevant government bodies, the bank announced.

MCB and six other banks will provide between US$12,500 and $416,666 in subsidised loans to SMEs using a loan from the state-owned Myanmar Economic Bank (MEB).

MCB has set its interest rate to 8.5 per cent, which will result in a margin of nearly half of what MCB must repay to the MEB.

Paddy grain stored for flood-damaged farms

The Ministry of Agriculture, Livestock and Irrigation said 480,000 baskets of paddy grain have been stored to provide for flood-damaged farms in Ayeyawady and Bago regions.

“The ministry has kept 130,000 baskets of paddy in reserve—70,000 baskets from the Union fund and 60,000 baskets from the agriculture department fund,” said Aye Ko Ko, deputy director-general of the agriculture department.

Six bids received for power project

Ministry of Electricity and Energy has received six tender applications for the construction of a 300-megawatt power plant, according to Myanmar Electric Power Enterprise. 

Yangon traffic project jams

According to Yangon Region Police, Myanmar Shwe Yin and CRCC have been paying less than US$100 per day for their failure to complete the city's traffic control projects on time.

The two companies won the tender for installation of CCTV cameras at 154 traffic lights as well as the construction of traffic control centres. But they failed to meet the six-month deadline and have been paying late fees every day.

According to Traffic Police Lieutenant-Colonel Aung Ko Oo, the fees would apply indefinitely until the companies finished their task.