Business

16 investments get go ahead

The Myanmar Investment Commission (MIC) has allowed 16 domestic and foreign investments, including a company to provide services for an offshore oil producer, during a meeting held on July 11.

They are eight joint-ventured investments, six domestic schemes and two foreign investments.

A company from Myanmar, Fortune International Limited, is due to invest in the building of apartments, apartment villas, offices and shopping complexes in Mayangone Township in Yangon Region and rent them out.

Myanmar and Japan discuss to newly draw up Master Plan for Dawei SEZ

Dr Than Myint, Minister for Commerce, met the Japanese delegation led by Tateshi Higuchi, Japanese ambassador to Myanmar, at the office of the ministry in Nay Pyi Taw on July 7.

The meeting focused on the need for holding tripartite meetings between Myanmar, Thailand and Japan on several areas.

Gas, garment, agricultural produce major export items in first three months this FY

Myanmar's major export items in the first three months of this 2017-2018 fiscal year were gas, CMP(cutting, making and packaging) garments and agricultural produce, according to the Ministry of Commerce.

Over the past three months, the country's trade value amounted to US$7.8 billion, with US$3.2 billion in the export sector and US$4.6 billion in the import sector.

Compared with the same period of last financial year, this year's trade value exceeded US$1.3 billion, with US$0.5 billion in export and US$0.8 billion in import.

Police detain eight for illegal entry on Thai border

Police have detained seven Muslims and a Thai citizen for illegal entry into the border town of Kawthoung in the far south.

Myanmar aims to become Asia’s hub of seaborne trade

As Asean countries prioritise on improving connectivity within and beyond the region, Myanmar has planned to take advantages of its strategic location between the two most-populated nations_ China and India to become a hub of maritime trade in Asia, transport authorities say.

Kyaw Myo, deputy minister for transport and communications, said at the 15th Asean Ports and Shipping Conference 2017 the development of ports and shipping industry would be a driving force for Myanmar’s integration into the global economy.

Bean exports earn $400m

Myanmar earned nearly US$400 million from exporting beans and peas by the end of June this fiscal year, according to the Ministry of Commerce.

The ministry said it was US$230 million below last year’s figure.

Bean plantations are mostly found in Sagaing and Magway regions. Only 3 per cent of the country’s total beans plantations can be found in Yangon Region, according to official data.

About 70 per cent of beans and peas are exported to India with other markets in China, Vietnam and Europe.

Garment exports reach $380m

Garment exports totalled more than US$380 million until June this fiscal year, a US$100 million increase from last year, reported the Ministry of Commerce.

The figure was more than US$278 million last year.

Around 33 per cent of the exports went to Japan during the last financial year, 25 per cent to Germany, 25 per cent to South Korea, 2.4 per cent to the US and 2.4 per cent to China.

This year, new exports to the EU account for the increase.

Semi-Govt bank to provide more housing loans

Construction and housing development bank (CHDB), a property-focused lender under a public-private partnership scheme, has planned to open more housing saving accounts and provide loans to low-income people in Myanmar from this year onwards, according to its executives.

Macroeconomic risks could derail Myanmar’s bright outlook: AMRO

THOUGH MYANMAR’S growth is expected to recover in fiscal year 2017-18 (ending March 31) to 7 per cent yearly after the economic slowdown last year, ASEAN+3 Macroeconomic Research Office (AMRO), the regional macroeconomic surveillance unit of Chiang Mai Initiative Multilateralisation, has warned of significant macroeconomic risks that could derail the nation’s favourable outlook.

France and Thailand to jointly open hotels in Myanmar

France-based AccorHotels and Thailand-based LP Holding have signed a shared contract to open three new hotels in Myanmar – one in Yangon and two in Mandalay.