Myanmar safe marine products reach more foreign markets

Myanmar is exporting more fishes, prawns and other marine products to 40 countries including China, Japan, Korea, Thailand, the US, the Middle East countries and European Union. The country has gained high demand from foreign markets as more marine products are produced safely, according to the Basic Training Course for Safe Maritime Production Batch (1/2020) opening ceremony. There are currently 124 aquatic processing industries and 27 of them have permission to export to EU. As per the export countries’ requirements of food safety, the relevant country’s department has to issue necessary health certifications and quality assurance. As every country asks for the food safety system now, the Department of Fisheries is focusing on serving in accordance with the foreign markets.

This year’s marine export volume is over US$ 750 mln, an increase of $110 compared to the year-ago period. In this financial year, 50 quality controllers from fish and prawn processing factories will attend the training, and 50 people in the next budget year in coming September. As Myanmar is a member of World Trade Organization (WTO), fish and prawn processing factories are implementing the WTO Agreement on the Application of Sanitary and Phytosanitary Measures and following the guidelines of ASEAN, China, France, the US and the European Union.
The fishery products such as alive or freezing products, dry or salted products are being exported to over 40 countries.

Those who involved in the whole process such as fishing boats, fishing ports and fish breeding ponds are implementing the Good Aquaculture Practices (GAqP) and the processing plants are implementing the Good Manufactured Practice (GMP), the Sanitation Standard Operating Procedure (SSOP) and Hazard Analysis and Critical Control Points (HACCP). The maritime products from 49 fishery breeding ponds of Rakhine State, Taninthayi Region, Ayeyawady Region and Yangon Region are being implemented as per National Residue Monitoring Plan and 23 factories were permitted to export to the EU. In 2020, the Department of Fisheries has been cooperating with private business persons and giving basic training courses to helmsmen and 120 marine workers from 4 standard fishing ports and training courses to produce the fishery products safely.

Source: The Global New Light of Myanmar

FDI inflows surpass $24.6 bln in 4 years, Singapore tops the list

Myanmar has attracted over US$24.6 billion over the four years under the incumbent government, and Singapore tops the list, according to the Directorate of Investment and Company Administration (DICA). The Myanmar Investment Commission (MIC) and the respective investment committees granted permits and endorsements to 1,004 foreign enterprises between 2016-2017 Financial Year and as of July-end in the 2019-2020FY, with estimated capitals of $24.6 billion.

Of them, Special Economic Zones raked in investments worth $1.348 billion from 58 enterprises under the Special Economic Zone Law in the past four years, while FDI of $23.26 billion flowed into the country under the Myanmar Investment Law, the DICA’s data showed. The FDIs flow into oil and gas, power, transportation and communication, real estate, hotels and tourism, mining, livestock and fisheries, industrial estate, agriculture, construction, manufacturing, trading, logistics and other service sectors. Under the Myanmar Investment Law, transport and communications sector tops the investment line-up, followed by manufacturing in the second place and real estate in the third place. Of 36 foreign countries investing in Myanmar in the past four years, Singapore put the most massive investments, followed by China and Hong Kong SAR.

Meanwhile, Japan is the largest investors in the special economic zones under the Special Economic Zone Law, followed by Singapore and Thailand. Manufacturing sector pumped in the most massive investments in the zones. MIC is prioritizing the labour-intensive businesses. In the incumbent government period, domestic and foreign projects employ over 500,000 residents, according to the DICA. Those enterprises have created over 19,000 jobs in the 2016-2017FY, 110,000 jobs in the 2017-2018FY, over 53,000 jobs in the 2018 mini-budget period, over 180,000 jobs in the 2018-2019FY and over 182,000 (Oct-July) in the 2019-2020FY respectively.

Source: The Global New Light of Myanmar

Development of the Korean industrial project to begin in December

Construction of the Korea-Myanmar Industrial Complex (KMIC) will commence in December despite the COVID-19 pandemic. The project is estimated to generate US$4.7 billion worth of value from investments and generate more than half a million jobs in support of Myanmar’s development. Launched during the visit of South Korean President Moon Jae-In to Myanmar last September, the KMIC is the first government-level project between the two countries.

The KMIC, which is being developed under a joint venture between Korea Land and Housing Corp, Global SAE-A Co Ltd and the Ministry of Construction, will developed across 556 acres of land in Nyaung Na Pin village in Hlegu, Yangon. Korea Land & Housing Corporation will hold a 40 percent stake in the project while Global SAE-A Co will hold a 20 pc stake. KMIC is valued at US$110 million and received approval from the Myanmar Investment Commission in 2019. The detailed design of the project is being finalized and construction will start by the end of year. The tender to develop the project will be called in October and after which construction of the first phase of the KMIC will commence in December. The first phase of the project will be implemented on 315 acres of land and involve facilities for food and beverage, cut-make-pack manufacturing and logistics and warehousing. The second phase, which will take place across 240 acres of land, will developed with the construction materials, electronics and computer parts manufacturing in mind. The whole industrial zone will be complete in 2022. The KMIC will include residential and commercial developments in addition to industry. The entire project will also be developed as a smart and eco-friendly industrial zone using Korean technology.

The Ministry of Construction will develop an outer ring-road and provide electricity and water access at the industrial zone with a US$70 million loan from the South Korea Economic Development Cooperation Fund. It has already received US$62 million in funds. Officials will start drawing more interest to the project among investors in Korea next month. Meanwhile, KMIC officials will cooperate with Korea government institutions to support businesses with consulting services and access to financing. The Koreans are also expending construction of the Dala Bridge in Yangon, which is now being carried out around the clock to be complete within the targeted timeframe despite COVID-19. The bridge, also know as the Myanmar- Korea Friendship Bridge, is expected to cost US $168 million. Construction of the bridge, which will connect Dala township across the Yangon River to downtown Yangon, began in May 2019 and is slateed to be complete in October 2022.

Source: Myanmar Times