Unlicensed vehicle market plummets in Myawady

Sales of unlicensed vehicles have dropped due to the increase in legally imported cars via the Thai–Myanmar Friendship Bridge and stricter monitoring of unauthorized vehicles in rural areas, car dealerships in Myawaddy are reporting.

"The Road Transportation Administration is stricter on higher grade cars so there is almost no market for that," said one car dealer who did not provide his name.

Is rent still rising?

According to real estate market forecasts since September 2014, rental rates for luxury apartments are steadily declining, while rates for basic apartments have remained ore stable.

Myanmar’s border trade thriving

Myanmar’s Ministry of Trade and Commerce have reported that legal trade within the border has doubled within the past four fiscal years.

There are a total of 15 trading posts to trade with China, Thailand, Indian and Bangladesh. In the 2011-2012 FY, the average trade amounted to US$3.368 billion, in 2012-2013 FY, US$3.755 billion, in 2013-2014 FY, US$ 4.559 billion.

Farmers encouraged to boost fruit exports

Myanmar Agriculture Department has distributed good agricultural practice (GAP) application forms to farmers in Shan State, Mandalay, Sagaing, Nay Pyi Taw and Yangon regions.  

A total of 118 plantation owners, including 10 owners from the agriculture department, have applied to the department so far.

Trade with US reaches US$550 million

Trade between Myanmar and the US reached US$550 million in the 2014-15 fiscal year, said the Ministry of Commerce.

"Trade between Myanmar and the US increased to reach US$550 million. Goods imported from the US hit US$500 million and our exports gained US$50 million," said director Win Myint from the ministry.

The ministry explained that Myanmar imported consumer products worth US$428 million and investment-related equipment worth US$50 million and raw materials worth US$21 million.

World Bank unveils US$1.6bn loan

The World Bank’s International Development Association has declared that it will contribute US$1.6 billion as a long-term, interest-free loan to Myanmar as part of its Country Partnership Framework.

New wine import regulations announced

The Ministry of Commerce hasannounced new regulations requiring imported wines to contain between 7 and 20 percent alcohol and to only be imported by land or sea.

Govt raises rent on Yangon Zoological Garden

The Department of Forestry has raised rental fees to be paid by the Htoo Groups of Companies for the Yangon Zoological Garden from Ks 70 million to Ks 77 million per year in response to criticism over the low initial rate.

Muse trade booms

Exports from April 2014 to March 31 this year through the Muse border exceeded US$3.6 billion, up more than US$1 billion from the previous year, according to Consumer Affairs Department under the Commerce Ministry.

Last year’s exports were US$2.2 billion, mainly from agricultural produce.

A total of 99 warehouses, 59 for exports and 40 for imports, have been built at Muse 105th-mile trade camp.  

Insurance firms told to brace for foreign competition

Private insurance companies need to be ready for international competition as the domestic market prepares to open up to foreign firms, according to the Myanmar Insurance Business Supervisory Board.

The government has allowed 15 foreign insurance companies, including firms from Japan, the US and Europe, to open branch offices.