Business

Bagan night mall planned

A night mall is planned in Bagan, an ancient city in the Mandalay Region, where visitors can find traditional handicrafts, regional products and clothes as well as traditional food, said Tint Swe, chairman of Myanmar Restaurant Association (Bagan).

He said that the night mall was an initiative of the regional minister. The association also mulls another one in Nyaung U, another township in Mandalay.

US$25 bn trade expected this fiscal year

Trade should top US$25 billion before the current fiscal year ends March 31 with most of that completed by the end of this month, the Ministry of Commerce reports.

Myanmar is trading with its partners – China, Thailand, Singapore, Japan, Malaysia, India, South Korea, Indonesia, the United States, Hong Kong, Germany and the United Kingdom – both through border routes and sea lanes. Export earnings from both routes have so far amounted to $9.9 billion while $14.6 billion was spent on imports.

Customs seizes Ks 241 million in contraband

Authorities in the first 20 days of February have seized more than Ks 241 million in contraband at ports, airports and border crossings, the Customs Department reports.

Officers made 19 seizures during that period while monitoring goods arriving in the country at those locations, including Yangon International Airport, Customs said. Contraband included Dell computers, communication devices, construction materials and tools, and machine parts, the agency said.

Myanmar Kyat weakening against US dollar

The Myanmar kyat hit Ks1,041 against the US dollar on Wednesday, sharply above the official rate of 1,027, according to money exchangers.

The Central Bank of Myanmar’s official rate for the day was Ks1,027 per dollar, but the currency was actually sold at 1,041. Buying rate was 1,038.

The dollar has moved up against the local currency compared to the rate in January.

Myanmar's glacier has merits for nature-based tourism

Asean's famous glacier, Hkakabo Razi, has high potential for nature-based tourism and adventure travel, according to Myanmar’s Ministry of Hotels and Tourism.

Most foreign investment goes into natural resources sector, says MIC chairperson

Zay Yar Aung, chairperson of the Myanmar Investment Commission (MIC) told a parliament session yesterday that foreign companies have invested at least US$39 billion in 522 businesses to date, most of which has gone into the natural resource sector.

No more shares to be sold

Myanmar Thilawa Special Economic Zone Holdings Public Ltd will not sell additional shares for part A of the zone, Managing Director Thein Han said.
The company sold 2.145 million shares during an initial sale from March with each share valued at Ks 10,000. The company sold its shares to those who buy more shares via a pro-rota system.

Shell Myanmar Energy to spend US$1.2 bn on offshore oil exploration

Shell Myanmar Energy is poised to spend US$1.2 billion on offshore oil and gas exploration and provide $61 million as a signature bonus to state-run Myanmar Oil and Gas Enterprise (MOGE) , the Energy Ministry has announced.
The company has the green light to run two sites (AD-9 and AD-11) in Rakhine State and one (MD-5) in Taninthayi Region. A contract on profit-sharing was signed with the Energy Ministry on February 5. Shell Myanmar Energy and Tokyo-based Mitsui Oil Exploration will conduct the exploration and undertake production under terms of the contract.

45 per cent of imported medicines originate in India

Myanmar imports much of its pharmaceutical drugs from neighboring countries, including China, India and Thailand. According to data presented at the India Pharma and Healthcare Expo in Yangon, 45 per cent of Myanmar's imported drugs come from India.

China invites more rice exporters

The Myanmar Rice Federation (MRF) announced it has invited more firms to export rice to China in addition to the original nine companies.

The MRF originally sent a list of more than 100 companies to China for scrutiny checks but the Chinese replied that it was difficult to scrutinise so many firms.