Business

Tax cuts offered for investment in poor states

The Department of Investment and Company Administration says it will give special rights, such as tax exemption, to investors in less developed regions like Rakhine, Chin and Kayah states.

Director-general Aung Naing Oo said the Myanmar Investment Bill, which is being drafted to merge the Foreign Investment Law with the Myanmar Citizens Law, would include incentives.

Dollar rise drives inflation

The rising value of the US dollar is increasing the price of imports, jeopardising agricultural loans and forcing up inflation.

Economist Than Soe said: “Prices for all imported goods have gone up. We mainly rely on imports. Basic commodity prices have increased. Some people are trying to speculate against the kyat as the central bank may circulate new bank notes.”

Rakhine demands new ferries

The residents of Rakhine State are demanding ferry services resume to southern districts along the coast and replace the 20-year-old boats, sources say.

The sinking of Aungtakhon Mark 2 that killed over 160 people in March 2015 caused state-owned boats to halt operations. Residents have struggled with transport since and demand the government resumes services.

The hovercraft are too expensive for most residents.

Export earnings from natural gas exceed $200 million

Myanmar earned over US$218 million from exports of natural gas from April 1 to May 13 in the 2016-2017 fiscal year, according to the Ministry of Commerce.

An official from the commerce ministry said: “Up to May 13, the gas sector earned S$218.052 million. In the 2015-2016 FY, the total export earnings amounted to over $4.3 billion.”

Myanmar has four gas projects: Yadana, Zawtika, Yetagon and Shwe. Gas from the Yadana, Zawtika and Yetagon projects is exported to Thailand, while the Shwe project supplies gas to China.

Government to disclose full details on tender projects

According to Yangon Region Planning and Finance Minister Myint Thaung, the details of future tender projects between the government and private companies will be fully disclosed to the public.

He said this in response to a question posed by Yangon Region MP Aung Naing Htun of Thanlyin Constituency on whether projects being implemented by “departments under the ministries, corporations and the municipality” have any plans to let the public know if there are discrepancies in their budget spending or the quality of their projects.

Thilawa SEZ launches share trading

Shares in Thilawa Special Economic Zone Public Company started trading at Yangon Stock Market yesterday, with a 100-fold rise in demand.

The opening price was Ks40,000 with demand for 500,000 shares despite the company limited to selling 5,340.

Thaung Han of CB Securities said: “The shares are calculated by four means. We fixed the price at Ks40,000 but there was high demand. The closing value over the counter was Ks70,000. It will draw a lot of interest.”

Ministry to buy reserve rice

The Ministry of Commerce will take responsibility for buying a rice reserve for the country, according to the vice chairman of Myanmar Rice Federation (MRF).

Dr Soe Tun posted on Facebook: “A plan that the country’s rice reserve will be purchased by the consumer affairs department under the commerce ministry is welcome. It should be reserved for the public when climate change or disaster occur.”

The MRF urged the government to reserve rice in April during the El Nino heat wave.

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