Rice merchants demand EU trade deals

Myanmar Rice Federation has urged the new cabinet to hold bilateral negotiations on rice exports with EU countries.

Representatives held talks with the ministers of agriculture and commerce on refreshing trade strategies which still see 90 per cent of rice exported overland, mainly to China.

Until March 25 in the 2015-16 fiscal year, Myanmar earned more than US$511 million from exports of 1 million tonnes of rice and 360,000 tonnes of broken rice, according to the Ministry of Commerce.

DICA dumps 1,355 firms

The Directorate of Investment and Company Administration announced on April 8 that it had abolished the registration of more than 1,300 domestic and foreign companies, in conjunction with the Ministry of National Planning and Economic Development.
This move came after 1,095 domestic companies and 260 foreign firms failed to contact the DICA. At the beginning of October last year, the DICA told companies to report for tax scrutiny.

Rice exports to China slow

Myanmar rice exports to China via Muse have fallen due to confiscations by the Chinese authorities.

Trucks bring at least 1,400 tonnes of rice to Muse every day.

Myanmar urged China to buy at least one million tonnes of rice last year and three Chinese companies have agreed to buy 280,000 tonnes of rice, according to the Myanmar Rice Federation.

Rice exporters need a licence from the China Certification and Inspection Group which monitors the goods. The group is planning to open an office in Yangon this month.

Myanmar-Korea product development workshop held in Yangon

The Myanmar Trade Promotion Team (MTPT) under the commerce ministry and the Asean-Korea Centre held a Product Development Workshop at the Chatrium Hotel in Yangon on Tuesday.

The workshop discussed trends in food packaging technology in Korea in an effort to boost the bilateral trade and businesses.

Jovago aims high in Myanmar with hotel-booking app for domestic tourists

A NEW HOTEL booking app has been launched in Myanmar with the aim of boosting domestic tourism.

Developed by Jovago, the app is available in Burmese and features a selection of more than 700 hotels across the country.

It is targeting partnering 95 per cent of hotels in Myanmar by the end of this year.

Hugo Schleicher, managing director of Jovago Myanmar, said the number of hotels should rise to 1,000 by the end of June.

Steady decline in FMI’s share prices

The prices of shares in First Myanmar Investment Co have seen a steady decline at the Yangon Stock Exchange (YSX).

Yesterday, the opening price of one share stood at Ks 37,000 before dropping to Ks 35,000 at the end of the day. On March 31, the share price stood at Ks 39,000.

Myeik merchants seek direct export access

Merchants in Myeik are seeking avenues to exporting goods directly to other countries rather than doing so via Thailand and Malaysia, sources say.

Myanmar-Indonesia rice trade disrupted by pest infestation

Myanmar rice merchants exporting rice to Indonesia are struggling to receive payment for their shipments due to discoveries of pests in the rice, according to the Myanmar Rice Federation.

Myanmar’s commerce ministry and the Indonesian trade ministry signed a bilateral agreement requiring Indonesia to buy 20,000 tonnes of rice from Myanmar by the end of March.

FDA monitoring Johnson & Johnson baby powder after Missouri case

The Food and Drug Administration (FDA) has announced that it will be monitoring Johnson & Johnson powder products, which have been flagged as toxic, though no product recalls or bans have yet been implemented.

In February, a court in the US state of Missouri awarded US$72 million to the family of a woman who died from ovarian cancer that as allegedly caused by Johnson & Johnson baby powder, as well as other products containing talcum.            

Garment industry to create 1.5 million new jobs

Myanmar’s garment industry is expected to generate export earnings of US$12 billion and to create around 1.5 million new jobs by 2020, announced the Myanmar Garment Entrepreneurs Association.

In 2014, the local garment industry’s export earnings amounted to $1.5 million, and the industry gained momentum since then. By mid-2015, the industry created over 230,000 jobs.