Business

Frequent currency fluctuations cause foreign investors distrust: DICA Director-General

 

There’s a need to control the frequent currency fluctuations urgently as it may diminish the trust of foreign investors, said Aung Naing Oo, Director-General of Directorate of Investment and Companies Administration at a press conference held at Myanmar Investment Commission on July 9.

“The fluctuation of currency exchange rates has no direct and prompt impact on investment but frequent fluctuation of currency exchange rates may cost the trust of foreign investors,” he added.

Ministry plans to relax tourist visa polices

 

In a bid to expand the tourism market, the Ministry of Hotels and Tourism is holding discussions with relevant ministries to relax visa policies for tourists from Japan, China and South Korea.

Union Minister for Hotels and Tourism Ohn Maung mentioned it during a coordination meeting on the participation in JATA Tourism Expo 2018 and the implementation of digital marketing for tourism promotion, held at Inya Lake Hotel in Yangon on July 8.

Myanmar and Laos to combat illegal trading together

YANGON- Myanmar-Laos Central Level frontier Committee will be carrying out measures against the illegal trade including drugs and arms dealings amongst others,, according to the committee.
 

Fuel oil imports up during mini-budget period

 

During two-and a-half-month mini-budget period, Myanmar imported 803,941 tonnes of fuel oil, up nearly 90,000 tonnes worth US$ 255.780 million compared with the same period last year, said Khin Maung Lwin, assistant permanent secretary of the Commerce Ministry.

 Until June 15, this year, Myanmar’s fuel oil imports amounted US$ 885.310 million. Last year, Myanmar imported 708,680 tonnes worth US$ 629,530 million, according to the figures from the Commerce Ministry.

Grab to retain its leadership in Myanmar market

 
Grab, a leading ride-hailing service provider in Southeast Asia, is making plans to continue as the market leader in Myanmar with its new offerings for passengers and driver-partners, according to Alvin Loh, the firm’s acting country manager for Myanmar. 
Loh said in an interview that more and more passengers are enjoying ride-hailing services operated by Grab’s growing base of drivers in Yangon, and the firm will continue to expand its services to more cities.

Myanmar on the right track for EITI process

 
IN an effort to improve transparency and good governance in extractive industries such as mining, gems and jade, oil and gas, Myanmar on Thursday launched two reports on its extractive industries. 

FMI Group to move forward after record revenue in FY2018

 
FIRST Myanmar Investment Group (FMI), one of the five companies listed on the Yangon Stock Exchange, says it will keep investing in four key sectors - financial services, healthcare, real estate and tourism - after posting record-high revenue for fiscal year 2018. 
The company booked more than 200 billion kyats in sales for the financial year that ended on March 31.

Rubber export earnings decline

 

Rubber export earnings declined during two-and half-month mini budget period due to a drop in global rubber price, according to the Commerce Ministry.

Myanmar exported more rubber than the previous year in two-and half-month fiscal year.

CMP garment’s export earnings up $ 382 m

 

Garment sector earned US$ 759.172 million from exports of CMP garment, up US$ 382 million from the same period last year, according to the Commerce Ministry.

Khin Maung Lwin, assistant permanent secretary of the Commerce Ministry said: “Last year, export earnings from the CMP garment sector reached US$ 377.031 million.”

The Commerce Ministry has prioritized the textile sector (garment) in a bid to promote the export sector.  

Economist urges businesspeople to join UN Global Compact to facilitate fight against corruption

Dr Aung Tun Thet, one of Myanmar's well-known economists, has urged local entrepreneurs to join UN Global Compact to help fight against corruption during an Anti-Corruption Declaration ceremony held at the headquarters of the Republic of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) held in Yangon on July 2.