Business

Prices climb for Thai imports

The rise in the value of the US dollar has causeda rise in the cost of imported products from Thailand, which are widely used in Myanmar.

The prices of items such as IT gadgets, medicines and other consumer products coming through the Myawaddy border trading stationhave risen steadily in recent months.

Car importer accused of tax dodge

The Myanmar Investment Commission (MIC) has allowed Super Seven Stars Motors Industry Company (SSS) to import 4,500 Korean-made KIA vehicles with tax exemption since December 2012.

According to the agreement made between the MIC and SSS, autos should be imported in pieces and assembled on arrival but an inspection on July 9 suggested the firm was breaching the deal.

New bank to boost country’s tourism

The tourism industry will get a boost after the establishment of a Tourism Development Bank. At the moment, it is awaiting for the Central Bank to grant the permission, according to Than Tin, the managing director of the Myanmar Tourism Bank.

“We first expected to get the licence in May. But the licence is yet to be given. We will open the new bank as soon as we gained the permission. The first bank will be open in Nay Pyi Taw and then Mandalay and Yangon,” said the managing director.

Central Bank to sell dollars to importers

The Central Bank of Myanmar (CBM) has made the decision to sell much-needed dollars to importers through auctions from private banks, a change from the previous situation of only selling dollars to the consumable and oil industries.

The CBM sold over US$6 million to private banks on July 13 through auction.

Oil and gas exploration to start this year

Successful bidders for oil and gas contracts will start exploration in late 2015 or early 2016, according to a conference on the potential of the oil and gas sector held at the Union of Myanmar Federation of Chambers of Commerce and Industry in Yangon.

Heineken opens US$60m brewery

Yangon – Dutch brewer, Heineken, has opened its first brewery in Myanmar in Hmawbi Township, Yangon region.

The company has invested US$60 million in the plant and labelled its beer the “Regal Seven”.

“It is an exciting opportunity for Heineken. We are investing in recruitment, training and finding locals to run the business. Our investment is helping to increase economic development in Myanmar,” said Heineken’s CEO Jean Francois Van Boxmeer.

The company has introduced a “Better World” programme to create job opportunities and improve training.

UMFCCI to set up arbitration centers to solve economic disputes

Union of Myanmar Federation of Chambers of Commerce and Industry plans to set up arbitration centers which will deal with economic disputes across the country.

Those centers mediate general disputes including economic affairs. The UMFCCI will establish the first center at its headquarters in Yangon.

Myawaddy border trade reopens

The Myawaddy trade border was reopened yesterday as the trading had stopped over the previous week due to the continued clashes that occurred between rebels and the military along the Kawkareik–Myawady road on July 5 and 6.

The New Asia Highway has been closed off due to the fights between the Democratic Karen Benevolent Army (DKBA) and the government army column on July 2 near the new Myawaddy-Dawna mountain-range road. In addition, the use of old road was stopped as of July 5. 

Consumer goods entry from Thailand increases by 15%

As clashes broke out on the Myawaddy trade route, consumers entry from the Thailand trade border has increases its rate from 10% to 15% according to the Thai consumer market.

"Consumer goods such as clothes, bags, shoes, cosmetics' prices have increased more than the present amount. Cosmetics that entered Myanmar through the Thai trade route increased Ks. 2500 than the original price. Next, UK brands that are produced in Thailand also increased in price," said Su Yee latt from Tawwin Center.

Customs probe car tax dodge

Myanmar Customs Department has inspected cars imported by Super Seven Stars Motors Industry Co over a complaint that the company is infringing its tax-exemption licence.

The company was permitted to import vehicle components by the Myanmar Investment Commission (MIC) free of tax for three years. But it is claimed it imported the assembled vehicles in the first time and car bodies just without tyres this time.