Business

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.

US$140bn FDI target set for 2030

Total foreign direct investment (FDI) is estimated to reach US$140 billion by 2030, according to the 20-year national development plan.
Myanmar has drafted strategies to increase FDI as sanctions are lifted with the average annual rate expected to reach US$6 billion from 2017 to 2020 and US$8 billion from 2021 to 2030.

Demand for rental housing on the rise

The demand for rental housing is on the rise, and property prices continue to fall, according to real estate experts.
Average rental prices dropped by Ks 3 million (US$2,500) between 2014 and 2016, and the market sees few sales.
“The rental market is booming, the fees range from Ks 80,000 to Ks 200,000 a month,” said Zin Min, a real estate agent.
Interest is rising among renters in Yuzana Garden City, Shukhintha Housing, Thingangyun, South Oakkalapa, North Dagon, Tamwe, Kyaukmyauing, Hledan, Latha, Botahtaung, and Pazuntaung.

Myanmar to enjoy US preferential trade status

The United States will grant trading privileges to Myanmar under its generalised system of preferences (GSP) this year.
Following a review by the US of Myanmar's labour rights and copyright laws, Myanmar is likely to be inducted into the GSP this year, said analyst Dr Zaw Oo, who has studied how the framework will affect Myanmar's economic and social sectors.
Myanmar first received GSP status from the US in 1976, though it was revoked in 1989.
The European Union also resumed its GSP for Myanmar in July 2013.

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