Manufacturing sector attracts $256.8 mln this FY

The majority of foreign enterprises eye the manufacturing sector for investments in the past nine months (Oct-June) of the current financial year 2020-2021, pumping the estimated capital of US$256.85 million into 23 projects, the Directorate of Investment and Company Administration stated. The manufacturing enterprises and businesses that need a large labour force are prioritized, stated Myanmar Investment Commission.

At present, labour-intensive enterprises are facing financial hardship amid the COVID-19 negative impacts and political changes. Myanmar’s manufacturing sector is largely concentrated in garment and textiles produced on the Cutting, Making, and Pack basis, and it contributes to the country’s GDP to a certain extent. At present, Myanmar’s garment export drastically dropped on the back of a slump in demand by the European Union market. Consequently, some CMP garment factories permanently and temporarily shut down and left thousands of workers unemployed.

Myanmar has drawn foreign direct investment of more than US$3.76 billion in the past nine months of the 2020-2021 financial year, including expansion of capital by existing enterprises and investments in the Thilawa Special Economic Zone, the DICA’s statistics indicated. Of 44 foreign enterprises permitted and endorsed by MIC and the respective investment committees between 1 October and 30 June of the current FY, 23 enterprises pumped FDI into the manufacturing sector. The power sector received six large projects and the livestock and fisheries sector attracted six projects. Other services sectors drew five projects while the agriculture sector pulled two projects and one foreign enterprise each entered industrial estate and the hotel and tourism sectors. 

Source: The Global New Light of Myanmar

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Exports to Japan cross $582 mln in seven months

The value of export to Japan in the past seven months (October-April) of the current financial year 2020-2021 touched about US$582.2 million while import was valued only at $231.87 million, according to the data of the Ministry of Commerce. The value of trade between Myanmar and its development partner Japan exceeded over $817 million in the current FY. Myanmar’s export items to Japan are garments, marine products, rice, black sesame, green grams, rubber and other products.

In return, it imported machines and machine equipment, electronic equipment, fertilizers, chemical products, medicines, automobiles, and other products. Bilateral trade values have registered $1.92 billion in the last FY2019-2020, $1.89 billion in the FY2018-2019, $1 billion in the 2018 mini-budget period, $1.92 billion in the 2017-2018FY, $2 billion in the 2016-2017FY and $1.84 billion in the 2015-16FY, respectively.

This FY, three enterprises from Japan were approved to make initial investments of $518 million into the country, according to the data of the Directorate of Investment and Company Administration (DICA). Japan has made up over 34.7 per cent of total FDIs in the Thilawa Special Economic Zone. The Japan International Cooperation Agency (JICA) offers loans such as ODA loans and two-step loans intending to bring about socio-economic development in Myanmar.

Source: The Global New Light of Myanmar

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Announcement on Extension of the Precautionary Restriction Measures Relating to Control of the COVID-19 Pandemic until 31 August 2021

  1. With a view to the further strengthening of measures to contain the spread of the COVID-19 pandemic, the Ministry of Foreign Affairs of the Republic of the Union of Myanmar has issued the following announcements regarding temporary entry restrictions for visitors from all countries. All those restrictions were extended until 31 July 2021 by the Ministry’s announcement dated 30 June 2021.
    (a) Announcement dated 15 March 2020 regarding precautionary measures for all travellers visiting Myanmar;
    (b) Announcement dated 20 March 2020 regarding additional precautionary measures for travellers visiting Myanmar and temporary suspension of issuance of visa on Arrival and e-visa;
    (c) Announcement dated 24 March 2020 regarding additional precautionary measures for travellers from all countries visiting Myanmar;
    (d) Announcement dated 28 March 2020 regarding temporary suspension of all types of visas (including social visit visas) and visa exemption services.
  2. In order to continue its effective response measures to protect the population of the country from the risks of importation and spread of the COVID-19, the Government of the Republic of the Union of Myanmar has decided to extend the afore-mentioned entry restriction measures until 31 August 2021.
  3. In case of urgent official missions or compelling reasons, foreign nationals, including diplomats and United Nations officials, who wish to travel to Myanmar by available relief or special flights, may contact the nearest Myanmar Mission for possible exception with regard to certain visa restrictions. However, all visitors must abide by existing directives issued by the Ministry of Health and Sports relating to the prevention and control of the COVID-19 pandemic.

Ministry of Foreign Affairs
Nay Pyi Taw
Dated: 30 July 2021