Business

Corruption, access to lands and lack of technology: obstacles to manufacturing sector

Myanmar’s manufacturing sector faces various challenges, including corruption, lack of technology, inadequate financing, a lack of skilled labour, inflation of land and rent prices and inadequate supplies, all of which are most likely to constrain growth in the sector, according to the Myanmar Business Survey.

ADB to provide $400,000 for research on historic Yangon buildings

The Asian Development Bank (ADB) will provide Myanmar with US$400,000 in aid to conduct a study on historic buildings in Yangon, according to the urban planning department at the Yangon City Development Committee (YCDC).

"This is a preliminary study. We will be provided with about $400,000. The study will take less than a year. Then projects will follow," said urban planning department director Toe Aung.

The study will focus on both government and private buildings.

AYA Bank to provide international banking services

Ayeyarwady Bank is preparing to open services in other countries, according to managing director Phyo Aung.

AYA bank is one of the banks on the US’s blacklist, along with some state-owned banks, such as Myanma Economic Bank, Myanma Foreign Trade Bank and Myanma Investment and Commercial Bank, as well as military-owned banks such as Innwa Bank and Myawaddy Bank. The blacklist also includes some private banks, including the Asia Green Development Bank, owned by tycoon Tay Za.

MTE to sell wood through open tender

Myanma Timber Enterprise (MTE) will sell more than 5,700 tonnes of logs and sawn timber through an open tender system.

Timber exports to US to reach 300 tonnes

Myanmar is expected to export around 300 tonnes of timber to the USA by the end of this fiscal year, says Bar Bar Cho, joint secretary of the Myanmar Timber Merchants Association.

Nine firms to export rice officially to China

Nine companies, including Mapco, have been selected to export rice officially to China, starting in April and May, Ye Min Aung, general secretary of the Myanmar Rice Federation (MRF), told a press conference.

China Certification and Inspection Group offices are being opened in Yangon, Mandalay and Muse.

OECD: Agricultural income per capita is about USD 200 per year

Recent report released by the Organisation for Economic Co-operation and Development says Myanmar’s agricultural income per capita is about US$200 per year, which is the lowest in Asia.

The report says Myanmar’s agricultural sector has considerable potential for expansion and diversification but faces structural constraints. Agriculture accounts for nearly 32 per cent of Myanmar’s GDP and 20 per cent of its export earnings. Most farms are subsistence-level holdings, with over 50 per cent of farms being smaller than five acres.

Foreign investment tops US$2 billion in December

More than US$2 billion in foreign investment entered Myanmar in December 2014, $1.8 billion of which went into the oil and natural gas sector, according to Directorate of Investment and Company Administration.

The rest of the investments went toward the manufacturing, mining, transportation and communication, hotels and tourism, real estate and service sectors.

The government of Myanmar is trying to attract investment into its most labour-intensive sectors, according to the Myanmar Investment Commission.

No monopoly over fuel market: FOIEA says

The Fuel Oil Importers and Exporters Association yesterday denied they are monopolising the fuel market and said they are even working to cut local gasoline and diesel price while the global oil price is falling.

Officials prepare for rice exports to China

To facilitate rice exports to China, the China Certification & Inspection Group (CCIC) will open an office in Yangon.

The Myanmar Rice Federation (MRF) will send a list of 10 rice exporting companies and other
documents to China. The CCIC will hold talks between the Myanmar government, COFCO Group and the companies that signed the memorandum of understand with the MRF over rice trading.