Business

Myawaddy imports 10x exports

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MIC invites companies to submit proposals to build dry ports, bonded warehouses

Myanmar Investment Commission has invited companies to submit proposals to build dry ports and bonded warehouses on the other bank of the Yangon River, Planning and Finance Minister Kyaw Win has said
Kyaw Win said this while speaking at a seminar held at the office of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) on Thursday.
The minister said: “The government has had a plan to build bonded warehouses and dry ports on the other bank of the Yangon Region.

Commerce ministry prepares to set up bank of export and import

The Commerce Ministry is planning to set up a bank capable of assisting exporters and importers to help boost the country’s overseas business activities.

Aung Htoo, Deputy Minister for Commerce, said: “We want to establish the bank for export and import. The bank can guarantee losses of exporters and importers. The bank can help until the payment is made. We want to promote exports. Financial assistance can also be supported.”

150 foreign companies expected to invest $1.7bn in Thilawa SEZ

 

The Ministry of Commerce expects about 150 foreign companies to invest US$1.7 billion in the Thilawa Special Economic Zone, located in southern Yangon Region, when it is completed.

Deputy Minister Aung Htoo predicted the export volume from Zone A of the Thilawa SEZ to reach $600 million, which would account for 5 per cent of Myanmar’s total export volume.

Myanmar-China trade reaches $10 billion every year

 

The trade volume between Myanmar and China usually reaches about US$10 billion every year, accounting for 30 per cent of Myanmar’s foreign trade, said Ministry of Commerce permanent secretary Toe Aung Myint.

Myanmar exports over 180,000 tonnes of rice in May

 

Myanmar exported over 180,000 tonnes of rice – worth over US$59 million – in May, including over 72,000 tonnes of rice – worth over $21 million – by ship, according to the Ministry of Commerce.

May’s rice export volume exceeded April’s volume by over 100,000 tonnes.

Dutch businesses keen for deals in Myanmar

A DOZEN Dutch companies took part in the Netherlands’ first trade mission to Myanmar last week, reflecting keen interest to expand business ties.

Dutch ambassador Wouter Jurgens said the mission, from June 7-9, was part of efforts to build on these relations.

Jurgens said the Dutch companies discussed opportunities with Myanmar business people in a range of sectors including agriculture, integrated water management, banking, engineering, port development, furniture, medical care and security printing.

Commercial tax stamp for gold shops to be rolled out in July

 

Gold and jewellery shops in Yangon and Mandalay have started putting commercial tax stamp labels on vouchers. The new requirement will take effect in other regions and states on July 1, according to the Internal Revenue Department.

Gold and jewellery shops in Yangon and Mandalay introduced it on June 1.

Myanmar needs foreign investment to increase export products

 

Myanmar will need foreign investment to increase exports of products made in special economic zones and industrial zones, said permanent secretary Toe Aung Myint from the Ministry of Commerce.

Myanmar earned US$27 billion in the 2015-16 fiscal year and over $29 billion in 2016-17 from foreign trade. This is mostly accounted for by exports of natural gas and farming products. Most of Myanmar’s exports are raw materials.

China-Myanmar border trade fetches nearly $800m

Up to May 16, the trade volume between Myanmar and China reached nearly US$800 million, with declining trade reported at the Muse, Chinshwehaw and Kengtung border trade camps, according to the figures released by the Trade Department.

The total trade volume at the Muse, Lwegal, Chinshwehaw, Kanpiketi and Kengtung border trade zones on the China-Myanmar border amounted to $797 million, down $59.7 million during the same period last year.