Business

Onion prices continue to plunge

Owing to a higher supply and lowering demand, onion prices are still in decline, according to merchants.

A viss (1.6 kilograms) of onion was K3,200 in the first week of January. The new harvest to the Pakokku market in Magway Region has brought down the prices to K2,400 per viss.

Now the price-per-viss is as low as K1,600.

Onion dealer Kyaw Than at Pakokku said: “On January 15, about 40,000 viss of onions entered the market.”

Jade sales fetch nearly $300 million

Myanmar earned over US$290 million (389.8 billion kyat) from jade exports up to the first week of this month in 2017-2018 fiscal year. Sales were down by over $210 million compared to the same period of last FY, according to the Ministry of Commerce.
Last year’s sales for the period were $404, compared to $291 this fiscal year, said Khin Maung Lwin, assistant permanent secretary of the ministry. 

Myanmar should focus on agriculture-based industries: Union minister

Myanmar must become an agriculture-based industrial nation, said Union Minister For Planning and Finance Kyaw Win.
The union minister made the comment at a recent meeting held in Nay Pyi Taw, the official capital of Myanmar.
The meeting focused on financial businesses and technology management for development of small and medium enterprises (SMEs) that are important for the speedy economic development of the country.

Marine export earnings hit over $497 million

According to the Fisheries Department (Yangon region), the country has earned nearly US$498 million (672.66 billion kyat) from exports of marine products during this fiscal year.
Tun Win Myint, head of the Yangon Region Fisheries Department said export earnings were expected to hit $700 million during this year if they can consistently meet exports of  $70 million tonnes monthly.

Garment exports up as govt, industry work on longterm strategy

Myanmar exported US$1.86 billion (2.51 trillion kyat) worth of products from garment factories operating under the “cut-make-pack” (CMP) system as of the first week of January in fiscal year 2017-2018, according to the Ministry of Commerce.
The number represents a more than $568 million increase over exports for the same period last fiscal year, said Assistant Secretary Khin Maung Lwin of the ministry.

Tanintharyi region in urgent need of power investments

 

PEOPLE’S thirst for electricity would create a lot of opportunities for investors to do business in Myanmar’s Tanintharyi region bordering Kanchanaburi Province.

KyawKyaw Win, a small-scale food manufacturer living in Dawei, the capital of the region, said locals were eager to welcome any bid to boost access to electricity by the authorities as long as it could not harm the environment and their livelihoods.

Rice export volume reaches more than 2.6 million tons

 

Rice export volume reached more than 2.6 million tons until the first week of January in 2018 – up 1.6 million tons compared to the same period of last year, a source of the Ministry of Commerce said.

Myanmar can export only eight crops to China: MFVP

Myanmar Fruit, Flower and Vegetable Producer and Exporter Association (MFVP) says China only allows eight crops to be imported from Myanmar.

Myanmar to sign MoU on purchase of power with Laos

Myanmar will sign MoU on purchase of electric power with Laos after the Ministry of Electric Power and Energy has discussed to buy electric power from foreign countries, assistant secretariat Min Min Oo said.

“We will sign with Laos soon. Now we agree on the mutual contract in principle,” Min Min Oo said.

After signing the agreement, we will have to discuss it in details regarding the purchase of electric power of the two countries, Min Min Oo said.

Foreign investment volume reaches more than US$4 billion until December

Foreign investment volume for this financial year reached US$4.78 billion (6.4 trillion kyat) as of the end of December, up $1 billion compared to the same period last year, a Directorate of Investment and Company Administration (DICA) source said.
Myanmar received a little over $4.78 billion in foreign investment up to December in this fiscal year, while