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Covid-19 protective medicine and equipment, including 12,128 oxygen concentrators, were imported from Yangon Airport and three border trade points on 1 August

The Ministry of Commerce and Industry said that Yangon International Airport and three border trade points in Muse, Myawaddy and Chin Shwe Haw imported 12128 domestic oxygen generators, including Covid-19 vaccines and accessories on 1 August.

5822 Oxygen Concentrators are importet from Yangon International Airport, including 15,000 test kits, and five Bowser vehicles , seven tons of 95-liter oxygen tank; 6,306 home oxygen concentrators, 40 tons of masks were imported from Muse, Myawaddy and Chin Shwe Haw trading points. The above items were imported by 36 buses from 23 companies.

Currently the third wave of Covid-19 disease nationwide and the rate of infection rises, so does the urgent need for oxygen-related drugs for the prevention and control of Covid-19. It is being coordinated with the relevant ministries to import from sea ports and border trade points without delay. According to the Ministry of Commerce,49 million liters of liquid oxygen, 6,505 home oxygen concentrators and 290 tons of masks have been imported from border trade points from 12 to 18 July.

Source: Daily Eleven

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Number of companies registered on MyCO exceeds 3,800 in seven months: DICA

The number of companies registered on the online registry system, MyCO, reached over 3,800 in the past seven months this year, 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, in keeping with the Myanmar Companies Law 2017. During the January-July period, the number of registered companies on MyCO was 1,373 in January, 188 in February, 163 in March, 254 in April, 686 in May, 775 in June and 433 in July, the DICA’s statistics showed. At present, 100 per cent of the applicants are using the online registration platform, the DICA stated.

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. 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, data of the DICA showed. 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.

In addition, 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 submit annual returns and financial statements (G-5) simultaneously. 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.

As per DICA’s report, more than 16,000 companies were suspended as of September-end for failing to submit AR forms within the due date. 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 status only after shelling out a fine of K50,000 for AR fee, K100,000 for restoration of the company on the Register, and K100,000 for late filing of documents. If a company fails to restore its status within six months of suspension, the registrar will strike its name off the register, according to the DICA notice.

Source: The Global New Light of Myanmar

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Myanmar registers trade surplus of $363.9 mln this FY

Myanmar’s import plunge in the past nine months (1 October-9 July) of the 2020-2021 financial year has resulted in a trade surplus of US$363.9 million, according to data provided by the Ministry of Commerce. Myanmar’s exports surpassed imports in international trade, although trade value decreased compared to the same corresponding period of FY2019-2020. Over the past nine months, the country’s exports were estimated at $11.98 billion, and imports were valued at $11.6 billion this FY. The external trade drastically plunged to $23.6 billion from $29.2 billion recorded in the year-ago period. Myanmar’s trade gap was $1.47 billion in the year-ago period, according to data provided by the Ministry of Commerce.

Myanmar witnessed a slump in exports and imports triggered by the coronavirus impacts this year. Both sea trade and border trade dropped amid the coronavirus impacts and political changes. The neighbouring countries tightened the border security and restricted trading in certain border areas. For maritime trade, disruption in the logistic sector, spikes in container rates and banking restrictions dragged down the trade. Myanmar exports agricultural products, animal products, minerals, forest products, and finished industrial goods, while it imports capital goods, raw industrial materials, and consumer goods.

The country’s export sector relies more on the agricultural and manufacturing sectors. The Ministry of Commerce is trying to reduce the trade deficit by screening luxury import items and boosting exports. The country mainly imports essential goods, construction materials, capital goods, hygienic material and supporting products for export promotion and import substitution. Myanmar’s trade deficit was pegged at $1.3 billion in the 2019-2020FY, $1.14 billion in the 2018- 2019 FY, $1.3 billion in the previous mini-budget period (April-September, 2018), $3.9 billion in the 2017-2018FY, $5.3 billion in the 2016-2017FY, and $5.4 billion in the 2015-2016FY, according to statistics released by the Central Statistical Organization.

Source: The Global New Light of Myanmar