Business

Myanmar aims to enjoy massive inflow of FDI next year

Though Myanmar is one of the lowest ranked economies in Asia Pacific region according to the World Bank’s recent report on doing business, the nation maintains its optimism over the inflow of foreign direct investment next year, according to AungNaingOo, director general of the Directorate of Investment and Company Administration and secretary of Myanmar Investment Commission.

He said at a recent press conference that Myanmar would receive more FDI this year, compared to last year when it approved US$6.7 billion foreign investment.

Millers, merchants urge illegal China-bound rice be stanched

The illegal outflow of rice via China’s border routes needs to be addressed through existing policies, regional rice-mill associations and local rice merchants have told the government.

The export of rice without licence via Muse and Lwejel regions along the border with China, they said. Many bags of rice are being smuggled out of the country on a daily basis.

Jade mines in Hpakant decrease under NLD government

The number of operational jade mines has plummeted in Kachin State’s Hpakant region following the National League for Democracy government’s crackdown on licence renewals.

Newly-released figures show that as of October 31, only 95 gem mining blocks were running a joint venture basis with a further 745 privately-run gem mining blocks.

This compares with Ministry of Mines statistics from 2015, when the region had 15,638 one-acre

Rice exports continue to grow

Myanmar exported more than 1.86 million tons of rice until November 3 this fiscal year (2017-18), earning US$558.143 million, according to the Ministry of Commerce.

The amount has been the largest ever within seven months. To be exact, 1,861,609.897 million tons of rice including broken rice were exported to 78 countries.

Huawei to boost digital economy with safety tech

 

 

By KHINE KYAW

MYANMAR ELEVEN

ASIA NEWS NETWORK

KUALA LUMPUR

Commerce Ministry helps to open border trade camp

 
YANGON-  The Ministry of Commerce is cooperating in the opening of Melset border trade camp in Kayah State on the Myanmar-Thai border.
“They [Thailand] are now negotiating to open border trade camp through the ministry of foreign affairs,” said assistant secretary Khin Maung Lwin, who is also a spokesperson of Ministry of Commerce.
 

Myanmar-Japan trade represents over 7pc in last FY

Trade between Myanmar and Japan reached nearly US$2.032 billion last fiscal year, accounting for 7.04 per cent of the total trade value, according to the trade figures released by the Central Statistical Organization.

Export value amounted to $784.26 million while imports reached over $1.247 billion.

Profitable state factories to be leased out to entrepreneurs

After reviewing 115-state owned factories for their potential profitability if managed by private companies, Industry Ministry found 54 that had potential.

Some of them will be handed over to business, said Khin Maung Cho, Union Minister for Industry.

“The ministry will cooperate with private entrepreneurs. The ministry will deal with policies. Private entrepreneurs are to implement it.”

The ministry has suspended 28 money-losing factories, including Myingyan steel factory.  Some 24 factories are in urgent need of updating.

Increased demand from China raises watermelon prices

The combination of a high-quality watermelon crop and increased demand from China has raised prices for watermelons above those in October at the fruit wholesale market in Muse 105-mile trading camp.

“As it is the season for harvesting in Myanmar and local watermelon is of a good quality, the price is increasing and a tonne of watermelon costs more than 1,200 yuan (246,502 kyat),” said Sai Min Thu Naing from Khwa Nyo fruit wholesale at Muse 105-mile trading camp.

UMFCCI to develop Rakhine State under new strategy

A regional development strategy is being implemented in 17 township in Rakhine State, including Maungdaw, Buthidaung and Yathedaung, according to Union of Myanmar Federation of Chambers and Commerce and Industry (UMFCCI).
Private sector task forces of the Union Enterprise for Humanitarian Assistance, Resettlement and Development in Rakhine (UEHRD) will negotiate with the state government to implement the strategy, said UMFCCI. general secretary Aung Kyi Soe.