Business

Land seizure ‘may deter progress of Thilawa’

ALTHOUGH foreign investors continue to show interest in Thilawa, Myanmar’s leading special economic zone, land confiscation may deter them from splashing the cash, Thilawa residents warn.

Mya Hlaing, leader of the Thilawa Social Development Group (TSDG), a community-based organisation, said yesterday that the government must protect residents’ rights to make the project successful.

“Now it has been over one month since the latest aggressive land grab in Thilawa village.

Yangon Water Bus operational soon

As the launch day for Yangon’s first ever water taxiing services draw near, Tint Tint Myanmar scrambles to get everything ready.

According to chairperson Tint Tint Lwin, everything is good to go except a couple of jetties.

“It is Water Bus launch day soon and there are difficulties in two or three jetties but the rest of the Water Bus group is ready,” she said.

Myanmar receives 1.76 million foreign tourists in six months

About 1.76 million foreign tourists visited Myanmar from January to June this year, exceeding the same period last year by 24 per cent, according to data from the Directorate of Hotels and Tourism.

The figures showed that 1.09 million foreigners entered the country through border gates, and 670,000 entered by by air.

Entrepreneurs invited to play role in housing projects

The government has invited entrepreneurs to cooperate in implementing projects for housing covering the needs of staff accommodation, residential renters and would-be occupants of low-cost homes across Myanmar.

“In all states and regions, we will implement projects for staff housing, rental housing and housing for pensioners simultaneously,” said Union Minister for Planning and Finance Kyaw Win “There will also be low-cost and affordable housing projects. We urge everyone to cooperate.”

Trade volume rises to US$8.87 billion

The country’s total trade volume reached US$8.87 billion by July 14, up by US$1.32 billion from the same period of last year, according to the Commerce Ministry.

The trade deficit was US$1.76 billion, up from US$1.3 billion at the same time last year, the ministry said.

Exports accounted for US$3.55 billion and imports were US$5.32 billion.

Sea trade volume amounted to US$6.87 billion and border trade US$1.99 billion. The former increased by US$1.3 billion and border trade by US$15.19 million compared with the same period last year.

Myanmar plans to boost trade facilitation with ADB help

As Myanmar aims to increase its exports to major trading partners like China and Thailand, trade facilitation would be supported by development lenders including Asia Development Bank, an official says. 

Aung Soe, director general of Myanmar Trade Promotion Department (MyanTrade), said the nation would focus on reducing trade deficit by increasing exports of rice, beans and pulses, fishery products, wooden products, garment, rubber and promoting tourism as a core service sector. 

Imports rise $852m

 

Until July 14 this fiscal year, the country’s imports exceeded US$5.3 billion, up US$852 million compared with the same period last year, according to the Commerce Ministry.

Imported capital goods were worth US$1,973 million, raw materials worth US$2,088 million and personal goods US$1,259 million.

The state-owned sector reportedly accounted for US$221 million and the private sector US$5.1 billion.

Ford opens Yangon factory

The government and motor giant Ford jointly opened a car assembly plant in Yangon on July 21.

Ford worked with Capital Automotive Limited and Capital Motors Limited to open the factory at the industrial zone in east Dagon Myothit. 

Khin Tun, chairman of Capital Automotive, praised the collaboration. 

Tax cuts impossible: minister

 

Thai trade exceeds $318m

Border trade with Thailand exceeds US$3