Business

World-class seafood breeding farm for Yangon

A world-class seafood breeding farm will be established in 2018, according Phyo Min Thein, Yangon Chief Minister said.

The remark came at the opening ceremony of No. 1 Applied Fish and Prawn Breeding Course held at Thiri Annawa Hall of Myanmar Fisheries Federation in Yangon on November 5.

Phyo Min Thein said: “We predict that there are about 3.5 million breeders in the fish and prawn sector. For that reason, this sector should be improved, and the breeding of fish and prawns is a valuable use of land.

Export earnings of garment sector hit $1.3bn

Until October 20 of this fiscal year, the local garment sector has earned over US$1.3 billion from exports. It stands at the second place on the list of export sector, according to the Commerce Ministry.

Khin Maung Lwin, assistant permanent secretary of the commerce ministry said: “During this fiscal year, the export earnings amounted to nearly $1.38 billion, up $433 million compared with the export earnings of $945 million from the same period last year.”

Natural gas export earnings up this year

Myanmar has made more than US$1.6 billion from exporting natural gas to foreign countries as of the end of October this fiscal year (2017-18), according to the Ministry of Commerce. That is an increase of US$20 million (27.29 billion kyat) over last year’s earnings, said Khin Maung Lwin, a senior ministry official.
The country has four key natural gas production sites – Yadana, Shwe, Zawtika and Yedagon – and exports gas mainly to Thailand, one of its neighbouring countries.
The ministry added that two sites are experiencing reduced gas production.

Jade export earnings down

 

Contraband worth Ks427m seized in late October

The value of contraband seized by the Customs Department is estimated at Ks427 million for October.
The department has seized illegal mobile phones worth Ks4.8 million, computer and related accessories worth Ks 281.685 million and forest products worth Ks140.078 million.
In late September, the department seized contraband worth over Ks3216 million in 367 cases.

Bid to boost corporate transparency in Myanmar accelerates

An annual study on business transparency of Myanmar companies would be widened next year to encourage inclusiveness and accountability in a larger context, according to Myanmar Centre for Responsible Business, a Yangon-based initiative funded by six European nations.

Rubber-export earnings up, China the major buyer: Ministry

 
The country’s rubber-export earnings increased by over US$26 million, the Ministry of Commerce has announced.
Between April and October rubber exports totalled US$88.8 million, up from US$62.2 million, for the same period last year.
More than 90 per cent of the rubber produced in Myanmar is exported, and only around 8 per cent used domestically, according to the Rubber Planters and Producers Association.
The country produces nearly 200,000 tonnes of rubber annually.

Kyaukphyu soft-shell crab industry faces suspension

 
Due to a shortage of soft-shell crabs, the industry faces suspension in Kyaukphyu Township in Rakhine State.

MoU signed in Rakhine for mega projects

 
SITTWE - With the aim of implementing three mega projects for regional development in Rakhine State, a memorandum of understanding (MoU) has been signed between the Rakhine State Government Committee and private companies on October 30.
 
The mega projects are construction of Kanyinchaung trade zone on Maungdaw Township, development of Manaung Island and construction of Ngapali International Golf Club.

Heineken upbeat on future of brewery in Myanmar

THOUGH Myanmar’s beer consumption is low at 6 litres per capita on a yearly basis, Heineken Myanmar sees it as a good opportunity for its expansion in Myanmar