Business

PTTEP divests 50% participating interest in Myanmar project

PTT EXPLORATION and Production has entered a partnership agreement with Total E&P Myanmar to divest its 50-per-cent participating interest in the Myanmar MD-7 Project, while PTTEP remains the operator of the project.

The company will collaborate with Total in the exploration and development activities in the block, which is located in the Gulf of Mottama, part of the Andaman Sea off Myanmar. The transaction has been approved by the Myanmar government. 

MCEA signs MoU with Surbana Jurong on low-cost housing

Myanmar Construction Entrepreneurs Association (MCEA) has signed Memorandum of Understanding with Singapore-based Surbana Jurong on low–cost and affordable housing technical solutions.

The Ministry of Construction expects that about 1million apartments will be constructed by 2031. The Surbana Jurong will assist MCEA in the development of a low cost and affordable housing prototype design that focuses on the 3Cs: Community, Connectivity and Constructability.

Border Trade: MACCS to be launched in March

The Myanmar Automated Cargo Clearance System (MACCS) meeting was held at the Union of Myanmar Chamber of Commerce and Industry (UMFCCI) on March 7, is planned launch later this month according to Win Thant, the Director of Customs Department.

To facilitate trade, MACCS was launched at international ports, Yangon Airport International Cargo Terminal and Thilawa Special Economic Zone operations starting on 12th November 2016.

Loss-making factories to be closed: Joint Bill Committee

The Joint Bill Committee has suggested that 44 loss-making state-owned factories should be closed.

Yangon used 1,250MW electricity last year

Yangon Region used 1,250 megawatts of power last fiscal year, according to Yangon Electricity Supply Corporation’s chairman Maung Maung Latt.

Shell ornament production falls

The production of seashell ornaments has dropped as the population of shellfish shrinks due to excessive and irresponsible fishing, according to the residents of Thandwe Township, Rakhine State.

Trade deficit reaches US$4 billion

Myanmar's foreign trade value for this fiscal year (2016-2017) has reached over US$25 billion, with the trade deficit totalling more than $4 billion, according to official figures.

49% of power industry in private hands

The 

Ministry plans to reduce imports



Maung Maung Win, deputy minister for planning and finance, says measures are being taken to cut the trade deficit without hampering trade policies.

On behalf of the Commerce Ministry, the deputy minister explained the principles of the National Planning Bill for the 2017-18 financial year in Parliament.

Much smaller trade deficit tipped for next fiscal year

With trade deficits every year, Myanmar has had a negative balance of payment in international trade since the 2012-13 fiscal year.

However, Deputy Economic and Commerce Minister Maung Maung Win has tipped a smaller deficit – of USD 1 billion – for the 2017-18 fiscal year.

That would be significant decrease from recent years.

The country’s trade deficits in recent years have been: USD 4.1 billion in 2014-15, USD 5.44 billion in 2015-16, and USD 4.48 billion in 2016-17.