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Myawady-Maesot border trade normal despite transport restrictions

THE border trade through Myawady-Maesot between Myanmar and Thailand remains normal although Thailand ordered restrictions in Maesot, according to Myawady Chamber of Commerce. Myawady border trade
did not halt owing to the restriction orders by Thailand. Myanmar trucks cannot enter Maesot, but trucks from Thailand come and pick up the goods at Myawady post, the chamber stated. We have experienced trade
suspension via Myawady in October. The halt in trading undoubtedly harms the traders and truck drivers from both sides. It is good that trade does not stop at present, said a trader from Myawady.

Trade between Thailand and Myanmar via the Myawady border between 1 October and 18 December in the current financial year 2020-2021 plunged to US$199.959 million from $238.639 million registered in the year-ago period, according to the data from the Ministry of Commerce. During the last financial year, Myanmar has increasingly exported corns to Thailand through Myawady border crossing. Myanmar’s corn exports to Thailand significantly soared to over 1.2 million tonnes through land borders between Myanmar and Thailand during October and May period in the 2019-2020FY, said an official of the Ministry of Commerce.

Myanmar is prepping for corn export to Thailand under zero-tariff starting from 1 February 2020, said U Min Khaing, chairman of Myanmar Corn Industrial Association. There are seven border posts between Myanmar and Thailand, Tachilek, Myawady, Kawthoung, Hteekhee, Myeik, Mawtaung and Maese. Myanmar primarily exports corn, natural gas, fishery products, coal, tin concentrate (SN 71.58 percent), coconut (fresh and dry), beans, and bamboo shoots to Thailand. It imports capital goods such as machinery, raw industrial goods such as cement and fertilizers, consumer goods such as cosmetics and food products from the neighbouring country.

Source: The Global New Light of Myanmar


Myanmar, US to cooperate in digital economy development

The Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) and US Information and Communication Technology (US ICT) Council for Myanmar will continue working together to develop Myanmar’s digital economy. The UMFCCI said the cooperation will ensure Myanmar does not fall behind when it comes to the digital economy sector.

The UMFCCI vice chair said that the development of their digital economy is important. They will feel the effects if they are left behind by other countries. This is why they will cooperate (with the US ICT Council for Myanmar) last year and this is the second singing following the expiration of their initial one-year term.

The UMFCCI and the US ICT Council for Myanmar signed a new memorandum of understanding (MoU) on January 5. They will also cooperate in all sectors related to IT. The US ICT will provide technical and financial assistance though it is still not known how much funding the US ICT will provide. They will implement digital economy for the industrial and education sectors as well. The current Myanmar digital economy landscape has improved a lot of compared to the past.

Source: Myanmar Times


Number of companies registered on MyCo exceed 15,000 in 2020: DICA

The number of companies registered on the online registry system, MyCO, reached over 15,000 in 2020, the statistics released by the Directorate of Investment and Company Administration (DICA) indicated. The registration and re-registration of companies on the MyCO website commenced on 1 August 2018, keeping with the Myanmar Companies Law 2017. Last year, the figures of registered companies stood at 1,415 in January, 1,298 in February and 1,015 in March, only 348 companies in April, 798 in May, 1,314 in June, 1,650 in July, 1,551 in August, 1,378 in September, 1,693 in October, 1,099 in November and 1,521 in December, as per statistics of the DICA.

At present, 100 per cent of the applicants are using the online registration platform, according to the DICA data. In 2019, the figure stood at 1,733 in January 2019, 1,419 in February, 1,108 in March, and over 1,045 in April, 1,411 in May, 1,307 in June, 1,428 in July, 1,302 in August and 1,181 in September. The figures reached a fresh new peak of 2,059 in October 2019. Then, 1,615 new companies in November and 1,772 in December were recorded, indicated the DICA data. When the online registry was launched in August 2018, 1,816 new companies registered on MyCO. The figure stood at 2,218 in September 2018, 1,671 in October, 1,431 in November and 1,364 in December 2018.

Since the online registry platform’s establishment, 40,960 new companies and 46,377 existing companies have registered and re-registered on MyCO, bringing the total number of registered companies to 87,337 by October-end. Also, all registered companies need to file annual returns (AR) on the MyCO registry system within two months of incorporation, and at least once every year (not later than one month after the anniversary of the incorporation), according to Section 97 of Myanmar Companies Law 2017. According to Section 266 (A) of the Myanmar Companies Law 2017, public companies must simultaneously submit annual returns and financial statements (G-5). All overseas corporations must submit ARs in the prescribed format on MyCO within 28 days of the financial year ending, as per Section 53 (A-1) of the Myanmar Companies Law 2017.

Newly established companies are required to submit ARs within two months of incorporation or face a fine of K100,000 for filing late returns.
The DICA has notified that any company which fails to submit its AR within 13 months will be notified of its suspension (I-9A). If it fails to submit the AR within 28 days of receiving the notice, the system will show the company’s status as suspended. Companies can restore their position only after shelling out a fine of K50,000 for AR fee, K100,000 to restore the company on the Register, and K100,000 for late filing of documents. According to the DICA notice, if a company fails to restore its status within six months of suspension, the registrar will strike its name off the Register.

Source: The Global New Light of Myanmar