Business

Central bank encourages kyat use

 

UMEHL among 29 firms changing to be normal companies

Some 29 firms accepted as special companies under two old laws have been allowed to change to just be companies under the 1914 Myanmar Companies Act, the Ministry of Planning and Finance has said.
The firms include the Union of Myanmar Economic Holdings Ltd (UMEHL) – the Tatmadaw’s economic arm – plus subsidiaries such as Myawady Bank and Myanmar Brewery. 
UMEHL was previously listed under the 1950 Special Companies Act and the 1914 Myanmar Companies Act. 

Prawn exports could earn up to 1 billion USD in 2022, growers say

Myanmar could earn nearly US$1 billion annually from prawn exports within a few years time, the Union of Myanmar Economic Holdings Ltd (UMEHL) has said. 
“If we breed SPF white prawns whose genes were repaired in Hawaii of the United States of America, we earn $1 billion from prawn exports in a year beginning in 2022,” Dr Kyaw Tun Myint, chairman of the Myanmar Prawn Businessmens’ Association, said.
SPF stands for ‘specific-pathogen-free’ prawns. 

210 mine licences set to expire

The Ministry of Natural Resources and Environmental Conservation has reported that 210 mining operations will cease by March.

2 Japanese mega firms enter JV in Myanmar

IN A BID to fill the gap of limited foreign investment in Myanmar’s agricultural sector, Japanese diesel engine manufacturer Yanmar and global trading firm Mitsui & Co on Tuesday launched a joint-venture sales business in the nation’s commercial hub.

Foreign trade volume at US$23.5billion

 

Foreign trade volume is over US$23.5billion,  US$61million more compared to the same period of last year, according to the Ministry of Commerce. Up to February 10, Myanmar received more than US$23.5billion from foreign trade, of which US$17.3billion came from overseas trade and more than US$6.1billion from border trade.

Top Myanmar retailer to launch e-wallet with Thai technology

AS MYANMAR has enjoyed a dramatic increase in the number of data users over the past three years, its leading retailer City Mart Holding Ltd plans to launch its first e-wallet service in mid-2017 with the support of T2P, a Thai FinTech company belonging to Benchachinda Holding Co.

Stalled housing projects in Yangon to resume

Plans are under way to resume construction of stalled housing projects in Yangon Region, said Phyo Min Thein, Yangon’s Chief Minister.

Phyo Min Thein made the comment at a regular meeting of Myanmar businessmen at the YMFCCI office on February 18.

Foreign countries, including Japan, have proposed upgrading old housing projects in Yangon.

Region gov’t to supply farmers with inputs: Yangon Region Chief Minister

 

The regional government has started working to provide farmers with loans, technology and inputs for the implementation of advanced farm projects, said Yangon Region Chief Minister Phyo Min Thein.

“For the development of agricultural sector, we are drafting a master plan which enables the agricultural sector to enter the supply chain system. Last year, the region government allotted about Ks 10 billion in RE budget for advanced farm projects,” he added.

Planning and Finance Ministry to take over MIDB

 

The Myanmar Agricultural Development Bank under the Ministry of Agriculture, Livestock and Irrigation will be under the management of the Ministry of Planning and Finance starting April 1, said Kyaw Win, Union Minister for Planning and Finance.