Business

Two low-cost housing projects put out to tender

The Urban and Housing Development Department put two low-cost housing projects out to tender on Monday. The deadline for bids has been set on September 30.

The winning bidder will build affordable apartment complexes on 31 acres of land in the Thilawa Special Economic Zone in Thanlyin Township and on 23 acres of land in Hlaingthaya Township, according to the department. Local developers have been invited to bid.

MGE releases lists of expiring jade blocks

The Myanmar Gems Enterprise under the Ministry of Mines has issued a list of 321 jade blocks whose licences will expire in September.  

There are 38 expiring in Lonekhin and Hpakant, 83 in Khamti, 155 in Mohnyin, 32 in Mogok and 13 in Monghsu.

The jade blocks in Lonekhin and Hpakant had seven-to-five-year licences, while the 83 jade blocks in Khamti and 155 in Mohnyin received their permits in 2011. The 32 jade blocks in Mogok and 13 in Monghsu received their permits in 2013.

Ministry of Industry to privatise SOEs

Permanent secretary of the Ministry of Industry Ko Ko Lwin said the ministry will carry out the privatisation of state-owned enterprises by turning them into corporation and forming joint ventures between the government and the private sector in accordance with the country’s new economic policy.

A workshop on the reformation of state-owned enterprises, organised by the Ministry of Industry and the German consulting firm Roland Berger, was held at the ministry in Nay Pyi Taw in early August.  

Export earnings drop at border trade camps

Between April 1 and August 19, the total export volume at border Myanmar’s trade camps reached US$1.58 billion, marking an  $87 million drop from  the same period last year.

Myanmar earned $489 million from exports of agricultural produce, $431,000 from animal products, $98.5 million from marine products, $73.7 million from mining products, $1 million from forest products, $454.9 million from industrial finished products and $457.6 million from other products.

Five garment companies get MIC approval

The Myanmar Investment Commission gave the green light to five garment companies that will operate under cut-make-pack systems at its meeting on August 26.

The companies are Myanmar Sumec Win Win Garment Co Ltd, Gainway International (Myanmar) Garment Co Ltd, Saung Oo Shwe Nay (Golden Sunshine) Co Ltd, Sanyuan (Myanmar) Apparel Manufacturing Co. Ltd and CM Garment Industrial Ltd.

CM Garment Industrial Ltd is a locally owned company, while the rest have received foreign investment.

MCB to enter stock market, launch SME loan scheme

Myanmar Citizens Bank (MCB) will start granting loans in September to small and medium-sized enterprises (SMEs) that meet the criteria of relevant government bodies, the bank announced.

MCB and six other banks will provide between US$12,500 and $416,666 in subsidised loans to SMEs using a loan from the state-owned Myanmar Economic Bank (MEB).

MCB has set its interest rate to 8.5 per cent, which will result in a margin of nearly half of what MCB must repay to the MEB.

Paddy grain stored for flood-damaged farms

The Ministry of Agriculture, Livestock and Irrigation said 480,000 baskets of paddy grain have been stored to provide for flood-damaged farms in Ayeyawady and Bago regions.

“The ministry has kept 130,000 baskets of paddy in reserve—70,000 baskets from the Union fund and 60,000 baskets from the agriculture department fund,” said Aye Ko Ko, deputy director-general of the agriculture department.

Pages