Cross border trade nears $5bn

Cross-border trade neared US$5 billion by December 9 this fiscal year, according to the Ministry of Commerce.

The ministry said the US$4.86 billion figure from April 1 to December 9 was more than US$160 million up on the same period last year.

There are 15 border trade zones on the Bangladesh, China, India and Thai borders.

The Muse zone with China is the busiest, mainly exporting agricultural goods.

Overall there were US$2.9 billion worth of exports and US$1.8 billion in imports.

Trade surpasses $18bn

Foreign trade exceeded US$18 billion by December 9 during this fiscal year and the trade deficit was more than US$3 billion, according to the Ministry of Commerce.

The trade volume is more than US$560 million down on last year’s figure.

This year's figure reached US$18.08 billion compared with last year's US$18.65 billion over the same period, according to the ministry.

Companies get green light for Kachin mining

Three companies have been given the green light for heavy-scale mining in more than 10,000 acres of Kachin State, according to the Ministry of Natural Resources and Environmental Conservation.

They will be exploring marble, iron ore and metal in the state, the ministry said.

Chainreitaung Mining Company is permitted to mine marble on 49.5 acres in Chiphwe Township until 2025.

The company is also allowed to mine marble on 198 acres in Sawlaw Township until 2025.

Promising future to improve Australia’s interest in Myanmar: Chamber

Although Australia’s investment in Myanmar is less than US$130 million, the country has many rooms for improvement to receive the influx of Australian investors thanks to its promising future, said Jodi Weedon, chief executive of Australian-Myanmar Chamber of Commerce.

Weedon said in a recent interview that Myanmar’s recent political and economic reforms led the nation to transparent governance and sustainable economic development.