Business

Minister denies disbanding central committee

The Prevention and Control of Illegal Trading Central Committee will not be disbanded, according to Union Commerce Minister Win Myint who also served as the central committee’s chairperson. 

He denied a news report that plans are underway to form a similar committee after the central committee is disbanded.

Export earnings rise in 2014-15 FY

Myanmar's total export earnings for this fiscal year exceeded US$970 million more than last year’s earnings, according to the commerce ministry.

Between April 1 and February 6, Myanmar earned more than US$4.8 billion from exports, including natural gas and finished industrial products. In the same period in the 2013-14 fiscal year, Myanmar's total export earnings amounted to US$3.8 billion. 

5 foreign countries invest in Myanmar

Investors from five foreign countries including Norway and Sweden have started investing in Myanmar for the first time, according to the Directorate Investment and Company Administration (DICA).

The DICA said the five countries – Norway, Sweden, Switzerland, Samoa and Sri Lanka – haven’t made any investment before but now they have invested more than US$ 82 million in this fiscal year.

Corruption stunts Myanmar’s economic potential

There are 34 hurdles Myanmar needs to overcome to achieve sustained economic growth, the greatest of which is corruption, according to reports compiled by the Organisation for Economic Co-operation and Development (OECD), United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP), the Union of Myanmar Federation of Chamber of Commerce and Industry (UMFCCI) and Myanmar Business Survey.

Mung bean prices down

The price of mung beans fell by as much as Ks 60,000 per tonne since the end of January, although there have been no changes in the Indian pea and bean market.

OTC market won’t be permitted

Over-the-counter (OTC) market will not be permitted if it hinders the growth of Yangon Stock Exchange, according to Makoto Akasaka, managing director of Daiwa Securities.

“Cambodia and Laos started with two or three listed companies but as they permitted dealings in OTC market, their stock exchanges have not seen significant growth. We won’t let Myanmar follow this road,” said Akasaka.

Myanmar explores fourth oil block in Rakhine offshore

Myanmar has started exploring its fourth deep-sea offshore oil block in Rakhine on February 7, according to the Ministry of Energy.

Aung Pyi Hein 1 oil well, block AD-1, is being explored by the Chinnery Assets Limited in cooperation with Myanmar Oil and Gas Enterprise (MOGE) under the Ministry of Energy. The company will explore natural gas at a depth of 1,731 metres and the oil at a depth of 5,000 metres.

China to help build rice mills

Under a contract signed between Myanmar and China, 200-tonne advanced rice mills will be built in Nyaungdone, Ayeyarwady Region, according to the Myanmar Rice Millers Association (MRMA).

Regional rice exports still modest

Although rice exports amounted to 1.4 million tonnes, exports to Southeast Asia – the Philippines, Indonesia and Malaysia – are still modest, according to Myanmar Rice Federation (MRF).

Myanmar’s major rice buyer is China and exports reached nearly 1 million tonnes this fiscal year alone.

World Bank hopes to improve infant health

The Essential Health Services Access Project aims to provide US$100 million in funding for increased and improved coverage of critical health services in Myanmar’s 330 townships. 

The project – initially approved by the World Bank’s board of executive directors last October – is expected to benefit more than 4 million pregnant women and young children.  

The government signed an agreement with the World Bank to bring improved maternal, newborn and child healthcare to millions of mothers and young children.