Business

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.

US eases Myanmar sanctions

Move aimed at promoting reforms and economic development expected to give a big boost to exports and investments

The United States has eased some sanctions on Myanmar as incentive to support the newly elected civilian government to reform towards democracy and facilitate economic development.

"We did this to demonstrate support for the new government's democratic reforms and to promote broad-based, inclusive economic development", said US State Department spokesperson John Kirby.

Rice exports plunge

 

Exports of rice and broken rice have dropped during April and May and are lower than during the same period last year, according to the commerce ministry.

The two products have earned over US$15 million this year, while they earned $51 million last year. Altogether, 43,753 tonnes of rice and broken rice have been exported so far.

Myanmar to boost presence in Asian business sectors

Myanmar will boost its involvement in Asian business sectors such as investment, manufacturing and trading in the future in line with the country’s 20-year National Multi-Development Strategy.

As Myanmar is located between China, India and several Asean countries, the country has the potential to develop its economy widely and swiftly.

Myanmar is seeking to develop its garment business, as well as trade in electronics and auto parts by linking with neighbouring countries and implementing economic reforms.

YCDC suspends high-rise projects

Yangon City Development Committee yesterday announced that it would temporarily suspend the construction of high-rise buildings which did not have final approval from the engineering department.

The green light would only be given after inspections were made on the ground, it said.

In principle, the YCDC should grant permits for nine- to 12-storey buildings at committee meetings and projects of 13 storeys and above are left to the Yangon Region government.

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