Business

Myanmar to try to improve rice-export capacity

Myanmar will try to improve its rice-export capacity by producing rice of different kinds from different zones, said Union Minister for Commerce Dr Than Myint.

Despite a continued increase in rice export, Myanmar is far behind its nieghbouring Thailand, which can export 10 million tonnes yearly.

The minister stressed the need to take systematic measures to produce rice in kind by launching

Bids invited for upgrade of YBS

In an attempt to ensure the emergence of better bus services, the Yangon Transport Authority has invited bids for a bus guide, cash-based ticketing system and CCTV system services for Yangon Bus Services.

On October 15, the YRTA has invited interested technology companies and services companies to discuss the service upgrade.

Currently, a bid has been invited for Yangon payment system. The YBS can start a cash payment system only in around February next year.

Agricultural sector makes up 0.51 pc of total FDI

 
From 1988-1989 fiscal year until September this year, foreign direct investment (FDI) in the local agricultural sector exceeded US$380 million, which accounts for 0.51 per cent of total FDI, according to Directorate of Investment and Company Administration. 
In the fiscal year to September, the amount of FDI in the agricultural sector reached $130.207 million. 

Committee approves six foreign businesses with investment of over $9 million

 
The Yangon Region Investment Committee has allowed six businesses from Singapore, China and Hong Kong
to invest more than US$9 million (12.3 billion kyat) in the industrial sector prior to October 11.
The committee held its meeting at the office of the Yangon Region government in Yangon on
October 11. Committee Chairman Chief Minister Phyo Min Thein attended the meeting and discussed
future actions that could speed up investments..

Trade deficit reached over $2 billion in six months

Myanmar's trade deficit over the past six months this fiscal year has reached over US$2 billion, exceeding the amount in the same period of last year, according to trade data released by the Ministry of Commerce. 
From April 1 to October 6 in the 2017-2018 fiscal year, the country's foreign trade value amounted to more than $16.5 billion,  exceeding by $2.8 billion the amount last fiscal year. 

A new general cargo wharf in Thilawa to open soon

 
The new general cargo wharf at Thilawa port will be opened at the end of November, according to Wilma Myanmar Port Terminals (Thilawa).

CMP garment sector may fetch $3bln this year

 

Export earnings from the CMP (cutting, making and packaging) garment sector are expected to exceed US$3 billion (4.1 trillion kyat) this year, according to the Myanmar Garment Entrepreneurs Association(MGEA).

Phase 2 of Zone B Thilawa SEZ project under way

The construction of Zone-B in the Thilawa Special Economic Zone Project will be finished in August next year.

Plans are under way to develop phase 2 of Zone B, said Myint Zaw, officer and general manager of Myanmar Japan Thilawa Development Ltd.

Investors will be able to start leasing land in Zone B by the end of this year, he said.

“Currently, we have sold out 26 per cent of Zone B. And the Zone A project has been completed by 96 per cent,” he added.

No FDI in three sectors this fiscal year

As of September of this fiscal year, oil and gas, mining and construction sectors had not yet seen an inflow of foreign investments, according to the Directorate of Investment and Company Administration.

18 shipping lines provide container handling at Yangon

Eighteen container shipping lines with 51 vessels are providing container-handling services at the container ports in Yangon.

Yangon has six container ports – AWPT, HPT, MIP, MITT, BSW and AIPT – with berths for 69 vessels. A total of 51 vessels are currently operating.

“Eighteen container shipping lines are currently allowed and there are 51 vessels running, but 19 have stopped,” said an official of Myanmar Port Authority.