Business

Commerce Ministry helps to open border trade camp

 
YANGON-  The Ministry of Commerce is cooperating in the opening of Melset border trade camp in Kayah State on the Myanmar-Thai border.
“They [Thailand] are now negotiating to open border trade camp through the ministry of foreign affairs,” said assistant secretary Khin Maung Lwin, who is also a spokesperson of Ministry of Commerce.
 

Myanmar-Japan trade represents over 7pc in last FY

Trade between Myanmar and Japan reached nearly US$2.032 billion last fiscal year, accounting for 7.04 per cent of the total trade value, according to the trade figures released by the Central Statistical Organization.

Export value amounted to $784.26 million while imports reached over $1.247 billion.

Profitable state factories to be leased out to entrepreneurs

After reviewing 115-state owned factories for their potential profitability if managed by private companies, Industry Ministry found 54 that had potential.

Some of them will be handed over to business, said Khin Maung Cho, Union Minister for Industry.

“The ministry will cooperate with private entrepreneurs. The ministry will deal with policies. Private entrepreneurs are to implement it.”

The ministry has suspended 28 money-losing factories, including Myingyan steel factory.  Some 24 factories are in urgent need of updating.

Increased demand from China raises watermelon prices

The combination of a high-quality watermelon crop and increased demand from China has raised prices for watermelons above those in October at the fruit wholesale market in Muse 105-mile trading camp.

“As it is the season for harvesting in Myanmar and local watermelon is of a good quality, the price is increasing and a tonne of watermelon costs more than 1,200 yuan (246,502 kyat),” said Sai Min Thu Naing from Khwa Nyo fruit wholesale at Muse 105-mile trading camp.

UMFCCI to develop Rakhine State under new strategy

A regional development strategy is being implemented in 17 township in Rakhine State, including Maungdaw, Buthidaung and Yathedaung, according to Union of Myanmar Federation of Chambers and Commerce and Industry (UMFCCI).
Private sector task forces of the Union Enterprise for Humanitarian Assistance, Resettlement and Development in Rakhine (UEHRD) will negotiate with the state government to implement the strategy, said UMFCCI. general secretary Aung Kyi Soe.

Myanmar-China bilateral trade hits over $5b in 1st half of FY 2017-18

 

YANGON (China Daily/ANN)--Bilateral trade between Myanmar and China amounted to over $5.5 billion in first half of present fiscal year 2017-2018, official Global New Light of Myanmar reported Friday.

In accordance with official figures from the Ministry of Commerce, the country's exports to neighboring China reached $2.46 billion while its imports were $3 billion.

Plots in Nay Pyi Taw SME zone go on sale

Land plots in Dhakhinathiri Small and Medium Scale Industrial Zone in Nay Pyi Taw  can be bought, the Directorate of Investment and Company Administration (DICA) has announced.

According to the announcement, there are still plots available in the zone and interested investors are invited to contact the Nay Pyi Taw Council or the DICA by phone or in person within office hours.

MPU to implement ATM cash transfer by early 2018

 

According to Myanmar Payment Union (MPU), card holders will soon be able to transfer money to each other through any ATMs regardless of bank it belongs to.

MPU officials claimed that the service will launch as early as January as at least 90 percent of the service have been completed.

However, not all banks have signed up with MPU yet despite clear push towards mobile banking by most banks in Myanmar.

Actual FDI hits $ 2.8 bln this FY

From April to September of this year, the inflow of actual foreign investments into the country reached US$ 2.8 billion though Myanmar Investment Commission granted foreign investments worth US$ 4137.013 million.

The MIC allowed foreign investments in agricultural, livestock and fishery, manufacturing, electricity, transportation and communication, hotels and tourism, real estate, industrial zone construction and other service sectors.

Dow to apply Thai experience in its Myanmar operations

AS Dow Water & Process Solutions brings its international water treatment solutions to Myanmar, the firm plans to leverage its experience working with partners in Thailand over many years and apply it in the neighbouring country.

Alan Chan, the firm’s commercial director for Asia Pacific, said in an interview that their experience in Thailand could help accelerate business activities in Myanmar.