Business

Economic positivity on decline: study

According to Myanmar Insider, a well-known business journal, the positive image of economic reforms

by the National League for Democracy (NLD) government is on the decline.

Its survey of business people found that 58 per cent think that the NLD’s efforts are going downhill while only 19 per cent of respondents were critical of the previous administration.

Huawei Myanmar present CSR report, holds award ceremony

 

Myanmar’s branch of the global ICT giant Huawei held an event on 28th October to announce its 2016-2017 CSR report and a scholarship awarding ceremony to 50 recipients.

Consumer Affairs Department seeks advice on service charges

The Consumer Affairs Department has conducted a survey about the service charges collected by restaurants and will release its analysis of survey results, said Swe Tint Kyuu, the director of Consumer Affairs Department.

The announcement comes on the heels of the fourth meeting of the Central Committee for Consumer Protection, where the advice from regions and states on the issue was discussed.

Myanmar garment sector sees explosive growth

European and Asian countries are increasingly placing orders for Myanmar garments, said Aung Htoo, the deputy minister for commerce at the opening ceremony of Myanmar SUMEC Win Win Garments in the Shwepyithar Industrial Zone.

The local garment sector is said to be young, but it is rapidly growing and has momentum, said Aung Htoo.

Rice exports tipped to reach 3m tonnes in 2020-21

Myanmar expects that about 3 million tonnes of rice will be exported to foreign countries – an increase of 15 to 20 per cent from now – during the 2020-2021 fiscal year, Ye Min Aung, General Secretary of Myanmar Rice Federation, said.  

Myanmar’s rice market will be stable if the Myanmar Rice Federation allows merchants to carry out border trade activities independently.

Rakhine to get agri-business centre

A plan is underway to establish an agri-business centre for manufacturing finished agricultural products in Rakhine State,according to the Myanmar Rice Federation.

The centre, to be called the Agri Food Park, would be set up a 500-acre (202-hectare) parcel of land in Buthidaung Township, the

federation added.

The scheme is spearheaded by the Union Enterprise for Humanitarian Assistance, Resettlement and Development in Rakhine.

The centre is expected to create jobs and provide vocational training for residents.

Inflation expected to hit 7.9 per cent this FY

The average inflation is expected to hit 7.9 per cent in 2017-2018 fiscal year.
The average inflation rate in September stood at 4.66 per cent, a significant decline compared with the same period last year, according to the Consumer Price Index and Inflation Rate by the Central Statistical Organisation. 
The average inflation rate in September last year was 9.16 per cent. 

Myanmar will sign agreement to export rice to China

YANGON - Myanmar and China will sign an MoU next month for the export of  100,000 tons of rice, according to the Myanmar Rice Federation.

“We are now discussing rice exports, not only with China but also other countries. The rice export contract will be signed in November,” said Ye Min Aung, General-Secretary of the Myanmar Rice Federation.

Rice exports expected to exceed target

 
Until October 6 of this fiscal year, Myanmar earned US$494.344 million from exports of more than 1.6 million tonnes of rice, which is equivalent to 80 per cent of the rice export target, according to the Commerce Ministry. 

People should know long-term tax exemptions: Public Accounts Committee

 
The public should know about the long-term tax exemptions granted by Myanmar Investment Commission and the impacts they have on the national economy, said lower house MP Aung Min, the vice-chair of the Public Accounts Committee of Union Parliament. 
 
The public account committee submitted its report on the MIC’s undertakings from April 1, 2016 to March 31, 2017, at the session of Union Parliament on October 23.