Business

Rice exports set to rise despite drought

Myanmar is expected to export at least 1.5 million tonnes of rice this financial year, according the vice chairman of Myanmar Rice Federation.

However, drought across the country due to El Niño is raising concerns.

Despite floods last July, August and September, 1.4 tonnes of whole and broken rice was exported last financial year, 400,000 tonnes down on 2014-15.

Ninety per cent is exported to China overland.

Myanmar’s KBZ Bank going abroad

KBZ Bank, Myanmar’s leading private bank, will open a representative office in Thailand later this year to cash in on the Asean Economic Community.
 
 
The rep office will be the first step of the bank in establishing its presence in Southeast Asia and beyond, said Than Cho, senior managing director.
 

Trade cold at Myanmar-India border after Indians go missing

 

Border trade has stalled at the Myanmar-India border gate at Tamu due to the gate’s closure by Indian authorities on the evening of May 9 after two people from India crossed into Myanmar without passes and went missing.

Ooredoo to launch 4G service in Yangon, Mandalay

Ooredoo Myanmar will launch 4G Plus service in Yangon and Mandalay this month, according to the company’s May 9 statement.

The operator is now working to raise its spectrum and boost internet speed.

Rene Meza, the CEO of Ooredoo Myanmar, said most customers choose Ooredoo for its data connection, and users can enjoy 4G service with their old SIM cards on 4G-enabled handsets without having to buy new ones.

Poor infrastructure an obstacle to exports

 

Only 10 per cent of Myanmar’s industrial zones can produce export-quality goods due to the high manufacturing costs exacerbated by poor infrastructure, according to people in the manufacturing industry.

Myanmar penetrates coffee market in US, Switzerland

Myanmar will export coffee to the US and Switzerland for the first time, said Sai Wan Maing, the vice chairperson of the Myanmar Coffee Growers Association.

Myanmar will export about 18 tonnes of coffee beans to Switzerland this year. Officials from Myanmar are in talks with coffee experts from the US about exports of coffee to the US.

Most expats cannot afford to buy condos

According to Ko Ko Htwe, the chairman of Taw Win Construction, most foreigners living in Myanmar cannot afford condominiums, despite the recent law enabling expats to purchase condo properties.

Instead, most expatriates choose to stay in normal apartments and, according to Ko Ko Htwe, the market for condo sales is still cold.

The Condominium Law, enacted on January 22 this year, allows expats to purchase up to 40 per cent of the properties in a condominium complex with an area larger than 20,000 square meters.

Ooredoo announces profit boost

Ooredoo Myanmar announced that it earned about US$91.7 million during the first quarter of this year, a 42-per-cent increase compared with the same period last year.

The number of subscribers to the telecoms provider reached 6.9 million, an increase of 19 per cent compared with the last three months in 2015 and an increase of more than 100 per cent from the first quarter of 2015.

Body formed to sell off state enterprises

The President’s Office has formed a Privatisation Commission, Construction Works Scrutinising Committee and Myanmar National Search and Rescue Committee it announced on May 6.

Share prices fall

Share prices fell to Ks28,000 on May 5, down another Ks500.

Around 2,000 shares were sold in the morning and 7,106 shares in the afternoon.

The price was Ks31,000 when the market launched, reaching Ks 41,000 in March.