Business

Hopes of US$8 bn to US$11bn investment per annum by 2030

Directorate of Investment and Company Administration (DICA) director Marlar Myo Nyunt said DICA is working towards securing between US$8 billion to US$11 billion per year in foreign investment by 2030.

“The amount of foreign investment in Myanmar in 2014-15 was US$4 billion and we will work towards receiving investment of US$6 billion per annum from 2016 to 2020, from 2021 to 2025 we hope it will be US$8 billion and then US$11 billion per annum until 2030,” said Marlar Myo Nyunt.

Trade flourishes at Muse checkpoint

Trade flow at the Muse border hub is thriving, with large exports of rice and corn to China, according to checkpoint officials.

Between 140 and 180 rice trucks and between 120 and 170 corn trucks pass through the border gate at Muse every day.

However, fruit exports are in decline as the season has ended.

“As the situation at Chinshwehal is uncertain, the trucks are using the Muse route for the time being. This year’s exports are likely to exceed last year’s sum,” said a border official.

Japanese firms apply to operate in SEZs

Among the international insurance firms that have representative offices in Myanmar, only Japanese firms have applied to operate in special economic zones, according to the supervisory board of Myanma Insurance.

Sixteen foreign insurance firms have opened representative offices in Myanmar, but they have not begun operations since regulations have not yet been fully disclosed.

1.3 mn tonne of beans to be exported despite bad harvest

The Myanmar Pulses, Beans and Sesame Seeds Merchants Association expects to export around 1.3 million tonne of beans this year despite suffering bad harvest.

“We managed to export over 1.2 million tonne last fiscal year 2014-15. The expected export amount is 1.3 million a year. But we have low crop yields in three major export produce – green grams, pigeon beans and mung beans,” said Min Ko Oo, secretary of the association.

Dollar jumps over alleged rumour

An alleged rumour is circulating in Yangon that the dollar has strengthened because a private bank has been buying thousands of dollars.
 
As of yesterday, the exchange rate hit Ks 1,135 per dollar.
 
“I think the dollar rally is continuing because the private bank that has two alphabetic words in its name has been purchasing dollars,” a businessman said.
 

Rubber price at year high

Along with the increase in the world rubber price and the dollar appreciation, the domestic rubber price has jumped to Ks700 (US$0.7) per pound, a year high, according to Myanmar Rubber Planters and Producers Association.

The rubber price had been falling for the past two years to Ks500-600 a pound.

“In the past, the price rose only for one or two days. Now it remains steady at Ks700 per pound. The farms will reap a windfall. But there are only 20 or 25 days left to harvest,” said Khaing Myint, the secretary of the association.

30 million SIM cards in use

Since August 2014, SIM cards from Telenor and Ooredoo can be used in Myanmar and their combined users now outstrip MPT’s customer base.

Observers believe that people’s interest in MPT’s Swe Thahar programme has lowered and price charges have pushed customers elsewhere.

Condo buyers want guarantees before law enacted

Lawyers and experts from the property sector have warned that contractors must give guarantees to buyers concerning the systems of construction and ownership of condominiums, before the enactment of the condominium law.

BMW SUV comes to Yangon

The BMW 2 Series Active Tourer, which boasts low-fuel consumption, has been launched at the BMW showroom at the corner of Pyay and Nanattaw roads.

“The interior is spacious and comfortable and it can load many things,” said Chan Mya, managing director of Prestige Automobiles, the authorised BMW dealer in Myanmar.

It is 4.3 metres long, 1.8m wide and almost 1.6m high.

Korean insurance firm opens office

South Korean-based Dongbu Insurance has opened an office in Yangon with the opening ceremony taking place at the Sule Shangri-La Hotel.

“Myanmar will be a big insurance market with prospects for sustainability and market expansion. Our company will offer non-life insurance services,” said Kim Jeong Nam, president of Dongbu Insurance Co Ltd. 

It is 16th international insurance office to open in the country.