Business

Border trade on decline

Myanmar’s external trade volume has exceeded US$19 billion and border trade is declining, according to trade figures from the Ministry of Commerce. 
From April 1 to November 10 this fiscal year, the total external trade value amounted to US$19,450.656 million, up US$3111.680 million compared with the same period last year. 

Workers hit hard times after Danyingone brick factory closes

Worker families living in the compound of Danyingone brick factory are facing difficulties as authorities started demolishing the factory on November 18.
Factory workers opposed the demolition of the staff quarters. On the afternoon of November 18, workers held a press conference to discuss their eviction as “squatters”.
Win Mar, a factory worker said: “I have been living here since 2005. We are workers, not squatters. Authorities cannot evict us illegally.”

MIC to release actual FDI every three months

The Myanmar Investment Commission will release information about the inflow of actual foreign direct investments every three months, said the commission’s secretary, Aung Naing Oo.
Until September of this fiscal year, the FDI permits granted by the MIC reached US$4.1 billion (5.6 trillion kyats). The actual FDI was lower, amounting to US$2.8 billion, according to the MIC.

Myanmar aims to enjoy massive inflow of FDI next year

Though Myanmar is one of the lowest ranked economies in Asia Pacific region according to the World Bank’s recent report on doing business, the nation maintains its optimism over the inflow of foreign direct investment next year, according to AungNaingOo, director general of the Directorate of Investment and Company Administration and secretary of Myanmar Investment Commission.

He said at a recent press conference that Myanmar would receive more FDI this year, compared to last year when it approved US$6.7 billion foreign investment.

Millers, merchants urge illegal China-bound rice be stanched

The illegal outflow of rice via China’s border routes needs to be addressed through existing policies, regional rice-mill associations and local rice merchants have told the government.

The export of rice without licence via Muse and Lwejel regions along the border with China, they said. Many bags of rice are being smuggled out of the country on a daily basis.

Jade mines in Hpakant decrease under NLD government

The number of operational jade mines has plummeted in Kachin State’s Hpakant region following the National League for Democracy government’s crackdown on licence renewals.

Newly-released figures show that as of October 31, only 95 gem mining blocks were running a joint venture basis with a further 745 privately-run gem mining blocks.

This compares with Ministry of Mines statistics from 2015, when the region had 15,638 one-acre

Rice exports continue to grow

Myanmar exported more than 1.86 million tons of rice until November 3 this fiscal year (2017-18), earning US$558.143 million, according to the Ministry of Commerce.

The amount has been the largest ever within seven months. To be exact, 1,861,609.897 million tons of rice including broken rice were exported to 78 countries.

Huawei to boost digital economy with safety tech

 

 

By KHINE KYAW

MYANMAR ELEVEN

ASIA NEWS NETWORK

KUALA LUMPUR

Commerce Ministry helps to open border trade camp

 
YANGON-  The Ministry of Commerce is cooperating in the opening of Melset border trade camp in Kayah State on the Myanmar-Thai border.
“They [Thailand] are now negotiating to open border trade camp through the ministry of foreign affairs,” said assistant secretary Khin Maung Lwin, who is also a spokesperson of Ministry of Commerce.
 

Myanmar-Japan trade represents over 7pc in last FY

Trade between Myanmar and Japan reached nearly US$2.032 billion last fiscal year, accounting for 7.04 per cent of the total trade value, according to the trade figures released by the Central Statistical Organization.

Export value amounted to $784.26 million while imports reached over $1.247 billion.