Business

Thailand’s CP Land to invest in commercial office building

CP Land Plc, the property arm of agribusiness conglomerate Charoen Pokphand Group, plans to spend 500 million baht this year to take over an office building in Yangon, according to the Bangkok Post.

Vice-president Naravadee Waravanitcha said soaring demand for office space in Yangon prompted the company to invest in Myanmar's commercial capital.

SMIDB to provide Ks 90 bn in loans

The Small and Medium Industrial Development Bank (SMIDB) is preparing to provide local SME owners with Ks 90 billion (US$90 million) in loans.

The bank obtained the money from the Myanmar Economic Bank and will lend it to entrepreneurs at an interest rate of 8.5 per cent per year. The loans will be given preferentially to the industrialised businesses.

SMIDB earmarked Ks 20 billion for loans last year, but only Ks 14.75 billion were lent. The remaining money will remain available for loans this fiscal year.

SMEs get more foreign loans

Minister for industry Maung Myint says he is planning to take a total of US$50 million – US$20 million from Singapore and US$30 million from Vietnam – to disburse soft loans to small- and medium-sized enterprises (SMEs).

“Taking foreign loans is ongoing. The ministry will disburse soft loans to SMEs when we receive them,” said the minister.

Further loans are planned from Japan although the details are yet to be released.

Region vows to boost economic ties

Cambodia, Laos, Myanmar and Vietnam (CLMV) have agreed to increase cooperation in agriculture, industry and energy production at their seventh annual summit as well as the sixth annual Ayeyawady-Chao Phraya-Mekong Economic Cooperation Strategy (ACMECS) summit in Nay Pyi Taw.

The amount of trade among CLMV in 2013 was 12.4 per cent of total Asean trade and increased to 14.1 per cent in 2014.

Region vows to boost economic ties

Cambodia, Laos, Myanmar and Vietnam (CLMV) have agreed to increase cooperation in agriculture, industry and energy production at their seventh annual summit as well as the sixth annual Ayeyawady-Chao Phraya-Mekong Economic Cooperation Strategy (ACMECS) summit in Nay Pyi Taw.

The amount of trade among CLMV in 2013 was 12.4 per cent of total Asean trade and increased to 14.1 per cent in 2014.

Gas plant studies near completion

A construction site at the Thilawa Special Economic Zone. (Photo - EMG)

YANGON – Myanmar’s Eden Group and firms from Japan and Thailand are conducting a feasibility study to build a 400MW natural gas plant at Thilawa Special Economic Zone (SEZ), south of Yangon, says Chit Khaing, chairman of the Eden Group.

“The feasibility study on generating power has lasted nearly six months. The power plant project may be implemented in 2016,” said Chit Khaing.

Magway hit by landslides

June has seen riverbanks along the Ayeyarwady, Chindwin and Myittha rivers and their tributaries collapse.

The banks of the Shwechaung, Monechaung and Mannchaung rivers, spanning 70 villages, also collapsed last year. The sandbank on which Magway’s Myathalon Pagoda sits has apparently eroded significantly in the last 50 years. Construction started on two 50-foot-long levees last week to protect the site.

Myanmar to export 200,000 tonnes of rice to EU

Myanmar expects to earn US$1 billion on exports of 200,000 tonnes of rice to European Union countries during the 2015-16 fiscal year, according to Ye Min Aubg, the secretary of the Myanmar Rice and Paddy Federation.

Dollar drops to Ks 1,155

As of June 18, the value of the US dollar has fallen to Ks 1,155 in the private market, according sources within the currency exchange market.

The current reference rate for the dollar set by the Central Bank of Myanmar is now Ks 1,105, while the selling and buying rates in the private market are Ks 1155 and Ks 1150, respectively. The dollar value for trade profit is also hovering around the Ks 1,155 range.

Car imports decline as Thai currency rises

As the value of the Thai baht increases along with the US dollar, the cost of importing a car from Thailand has risen by up to Ks 1 million. Therefore, the number of legal car imports over the Thai border has become remarkably low, according to import-export businesspeople.

Pages