Business

Workers Union Network calls for daily minimum wage of Ks 5,600

The Myanmar Workers Union Network yesterday called on the new government to enact a minimum wage of Ks 5,600 at a ceremony marking International Workers’ Day in Hlaingthaya Township, Yangon. The ceremony was attended by MPs from the National League for Democracy, members of labour unions and farmers unions, officials from political organisations and around 500 workers.

The Myanmar Workers Union Network released a nine-point statement yesterday, urging the new government to deal with address the issues related to labour rights.

Real estate investment reaches US$3.7bn

Investment in real estate during the 2015-16 fiscal year exceeded US$3.7 billion, according to the Directorate of Investments and Company Administration.

Foreign investment made up more than US$3 billion of the total.

The manufacturing sector topped the list for domestic investment with more than US$2.3 billion, followed by real estate with US$694 million, according to the DICA.

Rice bosses bemoan lack of investment

Myanmar's agriculture sector faces development challenges and it received no significant inflows of foreign investment in the past five years, according to the Myanmar Rice Federation. 

The Directorate of Investments and Company Administration said agricultural foreign direct investment (FDI) was US$7.2 million during the 2015-16 fiscal year. The sector received US$138.8 million in 2010-11 and nothing was recorded the following year.  

Indian demand pushes up mung bean price

The prices of mung beans, sometimes called green gram, have reached about Ks1.84 million per tonne for top-quality produce, according to the secretary of the Bayinnaung Wholesale Centre.

The price was Ks1.71 million for average quality, said Dr Myat Soe.

“The price usually depends on Indian demand. The price for pigeon peas is down,” Myat Soe added.

During the January harvest, mung bean prices fell to around Ks925,000 per tonne for special quality and Ks856,000 for standard beans. The price fell throughout February.  

Ministry invites tender for hotel privatisation

The Ministry of Hotels and Tourism has invited an open tender to privatise hotels in Mrauk U, Rakhine State, and in Pyin Oo Lwin, Mandalay Region, on April 25.
The ministry said the Mruak U Hotel, which has 24 rooms and is built on a 5.54-acre plot, and the Gandama Myaing Hotel, which has five rooms and is built on a 2.96-acre plot in Pyin Oo Lwin, will be privatised.
The ministry will hold a briefing on May 5 to explain the criteria for bidders. Any bidder or representative of a bidder can attend the conference. Bidders can submit applications on May 6.

FMI share prices up after water festival

First Myanmar Investment’s share prices have gone up after the water festival, according to the Yangon Stock Exchange (YSX).
On 8 April, the value of a single share stood at Ks 32,000. On April 25, the share price per unit reached Ks 33,500 with a total sale of 3,788 units at the opening session. Share prices stood at Ks 33,000 with a total sale of 4,842 units at the closing session. The share price stood at Ks 41,000 per unit before the water festival.
FMI is the first company to get a greenlight for share trading at the YSX. Next in the line is Thilawa SEZ Public Co Ltd.

Govt to confiscate idle properties in industrial zones

According to the newly released policies of the Ministry of Industry, action will be taken against those seek to manipulate land prices within industrial zones.
As a first step toward reducing the costs of procuring land and producing goods, the ministry will reclaim land that has not been used for industrial activity in three years.
Since 1995, a total of 21 industrial zones have been established across the country, all plagued by inefficiency, low market penetration, high land costs, low-quality infrastructure and other issues.

Thilawa shares ready for launch

Thilawa Special Economic Zone Public Company will start selling its shares at Yangon Stock Exchange (YSE) next week, according to the Myanmar Securities Exchange Supervisory Commission.

Of six listed companies, First Myanmar Investment is the first company to sell its shares and Thilawa SEZ is the second.

Dr Maung Maung Thein, chair of the commission, said: “It is estimated that Thilawa SEZ has fixed Friday of the last week of April for its inception. FMI will continue selling its shares.”

Singapore and China dominate investor list

Singapore, China and the Netherlands invested the most in Myanmar during the last financial year, according to the Directorate of Investment and Companies Administration (DICA).

Australia, Bangladesh, Brunei, Canada, Hong Kong, India, Indonesia, Japan, Malaysia, South Korea, Switzerland, Thailand, the United Kingdom, United States, Vietnam, Luxemburg, Samoa, Qatar, South Africa, Taiwan, New Zealand and Afghanistan also invested.

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