Business

China eyes Myanmar garment industry: Hong Kong trade report

Chinese garment factories are interested in investing in Myanmar due to the country’s cheap labour and market potential, according to a report by the Hong Kong Trade Development Council.

As the Chinese government’s policies have prioritised value-added products and China’s basic wages have been rising, textile proprietors are flocking to Southeast Asian countries, where wages are relatively cheap.

Myanmar, Netherlands revise aviation treaty

Myanmar and the Netherlands have signed an aviation treaty that was revised on June 27 at the Department for Civil Aviation, sources say.

The agreement was signed by Kyaw Myo, deputy minister for transport and communications, and by the Dutch ambassador to Myanmar.

The aviation agreement between Myanmar and the Netherlands was originally signed in 1951 and was revised in 1977. This is the third time the agreement has been revised to accommodate current trends.

Trade development will alleviate poverty: World Bank

Myanmar needs to improve its trade sector to alleviate poverty, according to a new report released by the World Bank Group on Monday, titled Myanmar Diagnostic Trade Integration Study (DTIS).

"We expect to use the DTIS Action Matrix as a reference for the development of our trade program and invite development partners for cooperation in technical and financial assistance to support actions mentioned in the study," said Dr Than Myint, the Union Minister for Commerce.

Govt unveils 5-year trade strategy

The government's second five-year National Development Plan, running to 2020-21, aims to boost exports with market-friendly legislation, increase competition and help for small- and medium-sized enterprises.

The plan also prepares to provide loans, cooperate with international organisations, offer human resource development, consumer protection, boost production of value-added goods, the services sector and information technology. 

MP demands resumption of farm loans

 

Sandar Min, the Yangon Region lawmaker for Seikkyi Kanaungto Constituency-1, has demanded the resumption of loans to farmers in the Yangon New Town Project area.

Farmers in Twantay and Seikkyi Kanaungto townships have been unable to apply for loans for the past two years because their fields are located within the project area. The project, which covers 30,000 acres in the western portion of Yangon City, was approved by the previous government.

Govt to crack down on tax evasion

 

People who evade paying taxes will be prosecuted soon, though tax evasion went unpunished for many years, said Min Htut, the chief director of the Domestic Tax Revenue Department.

He explained that the Domestic Tax Revenue Department plans to implement a policy adopted by the current government that will raise taxes and combating tax evasion. He said the strategy will encourage people to pay taxes.

Myanmar businesses anxious about economic policies

LOCAL businesses are pressing the government for national economic policies as they expect to know where the economy is headed and how they should prepare for the future.

There are concerns the new government, which took office in April, has not yet revealed its economic policies. Businesses are also concerned that if the policies further open up the economy, some companies would not be ready for potentially intense foreign competition.

Trade dependency around 30 pc

Myanmar’s trade dependency is around 30 per cent, said Vice President Myint Swe at a ceremony for the release of a report on trade in Myanmar at the Hilton Hotel in Nay Pyi Taw yesterday.

“The new government mainly focuses on the market-oriented economic system. Sluggish economic growth in the world is coupled with slow economic growth in Asia. The country’s swift integration into the world economy is of great importance, especially in the trade sector,” the vice president added.

Myanmar to export 515 billion cubic feet of natural gas this fiscal year

The Yadana, Yetagon, Zawtika and Shwe gas projects are expected to collectively produce 515 billion cubic feet of natural gas for export and 160.6 billion cubic feet for local use in the 2016-2017 fiscal year, according to the second five-year National Development Plan (from 2016-2017 to 2020-2021).  

According to the plan’s projections, the Yadana project will produce 206.2 billion cubic feet; Yetagon, 73.4 billion cubic feet; Zawtika, 89.4 billion cubic feet; and Shwe, 146 billion cubic feet.

Citizens' bank to float next month

Myanmar Citizens Bank will be the third listed company to begin trading on the stock market next month, according to the Yangon Stock Exchange (YSX). 

Thet Tun Oo, a Yangon Stock Exchange manager, said: “Myanmar Citizens Bank will be a listed on the YSX in July. No price has been fixed for the shares. It has one month to make necessary preparations. We are scrutinising it.”

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