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YRIC endorses $19 mln worth ten proposals so far

The Yangon Region Investment Committee (YRIC) has endorsed eight foreign enterprises and two joint ventures in the manufacturing sector, with estimated capital of US$19 million, in the past months of the current financial year 2020-2021. Additionally, two domestic enterprises were also given the go-ahead, with capital of K3.5 billion. Those enterprises are to create around 4,220 jobs.

They will execute manufacturing of bags, footwear, underwear and garments on a Cutting, Making, and Packing (CMP) basis, manufacturing of construction materials, production and sales of aluminum, grinding and manufacturing of pulses and beans, and production and distribution of fish sauce, YRIC stated. Between 1 October and 30 September of the previous financial year 2019-2020, Yangon Region attracted FDI of $308.768 million from 137 foreign enterprises.

The manufacturing sector has attracted the most foreign investments in Yangon Region, with enterprises engaging in the production of pharmaceuticals, vehicles, container boxes, and garments on a Cutting, Making, and Packing (CMP) basis. To date, foreign investments from China, Singapore, Japan, Hong Kong, the Republic of Korea, Viet Nam, India, China (Taipei), Malaysia, the British Virgin Islands and Seychelles are arriving in the region. To simplify the verification of investment projects, the Myanmar Investment Law allows the region and state Investment Committees to grant permissions for local and foreign proposals, where the initial investment does not exceed K6 billion or $5 million.

Source: The Global New Light of Myanmar

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Imports of essential medical supplies continue on long public holidays

The Ministry of Commerce is working hard to ensure people have access to essential medical supplies which are critical to the COVID-19 prevention, control and treatment activities, including liquid oxygen and oxygen cylinders, arranging the continuous importation on public holidays. Yesterday, a total of 1,467 oxygen concentrators were imported via airways at the Yangon International Airport.

In addition, 20 tonnes of liquid oxygen, 9 tonnes of liquid oxygen with oxygen cylinders, 1,690 empty oxygen containers, 2,056 home oxygen concentrators, 15,500 PPE suits, 10 tonnes of gloves and 53 tonnes of masks were imported through border trade points. A total of 942 tonnes of liquid oxygen, 72 tonnes of oxygen cylinders, 7 liquid oxygen containers, 6 oxygen distributors, 101,291 empty oxygen containers, 22 oxygen plants, 10 oxygen generators, 72,560 oxygen concentrators, 150,268 test kits, 488,512 PPE suits, 82 tonnes of gloves and 1,036 tonnes of masks have been imported by far in August.

Of 77 liquid oxygen bowsers imported between 1 July and 15 August, 59 of them were distributed to Yangon, 11 to Mandalay, 4 to Mawlamyine, 2 to Bago and 1 to Thaton respectively. Among 30 oxygen plants, 5 were transported to Lashio, 4 each to Yangon and Bago, 3 to Mandalay, 2 each to Pakokku, Hpa-an, and Mawlamyine, one each to Taunggyi, Thanbyuzayat, Magway, Dawei, Wakema, Myittha, Kyaukpadaung and Mogaung respectively. The Ministry on 8 August announced that the border trade points will not be suspended from work on declared public holidays, from 9 to 15 August, and import operations will be conducted as usual. The importation of COVID-19 devices will be allowed in accordance with the SOP priority, negotiated by relevant departments, and online import licence application will also be allowed as usual during the office hours.

Source: The Global New Light of Myanmar

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Maritime product exports earn US$204.183 million within 317 days of 2020-2021 FY

Export of over 238,600 tonnes of marine products from Taninthayi Region to Ranong Industriehafen in Thailand earned US$204.183 million during the 317 days up to 13 August of 2020-2021 Financial Year, according to Kawthoung District Fisheries Department. Fishermen operate fishing works at the Andaman Sea depending on climatic conditions. At present, 725 fishing trawlers from Dawei, Myeik and Kawthoung are at the sea for fishing. More than 1,400 trawlers from over 50 companies in Taninthayi Region are engaging in fishery sector. The Fisheries Department arranges the regular flow of marine product exportation with the promise of fishing trawlers which have exported marine products to Ranong Industriehafen to pay the relevant tax to the banks when these banks are opened. A total of 195 fishermen who sent marine products to Ranong marine product brokerage were vaccinated for prevention of COVID-19.

Moreover, the fishermen who are going to the sea have been examined for their health conditions. Afterwards, the fishermen IDs are issued to them in line with the prevention, control and treatment of the disease. Regularly, marine products flow into Yangon market while similar products are exported to Ranong Industriehafen. If a marine product market can be established in Myeik or Kawthoung for cutting the transport charge, control of water resources and earning more foreign exchange, Taninthayi Region will create job opportunities with improvement of socio-economic status of the local people. Local fishermen export marine products to Ranong of Thailand. If we can establish a marine product market, economic status of the region will improve. If the government sets up a fish auction market, foreign merchants will purchase the products from Myanmar. So, they can get tax from trading. Local fishermen will have the opportunities to directly send their stocks to the international market. Consequently, tourism industry will be booming.

In 2019-2020 FY, Myanmar earned US$252.832 million from export of 296,608 tonnes of marine products. So, we set the target to exceed the export volume in 2020-2021 FY, said Deputy Director of Kawthoung District Fisheries Department. The sea can be seen with many trawlers which are capturing cuttle-fish in October and November on a yearly basis. The Tatmadaw (Navy) seizes trawlers and motor schooners which came from other countries and hands them over to relevant departments. Meanwhile, the Fisheries Department supervises preventive measures for shortage of water resources at Myanmar water territory. In this regard, the department prohibits capturing of fish with poisons, fish mining and use of prohibited fishing equipment. In August, fishermen from Kawthoung sent marine products weighing ranging from 300 tonnes to over 800 tonnes to Ranong Industriehafen on a daily basis. Myanmar fishermen bagged US$252.832 million from export of 296,608 tonnes of marine products in 2019-2020 Financial Year and US$204.183 million from 1 September to 13 August in 2020-2021 FY. At present, they are striving for earning more foreign exchange from export of marine products in August and September.

Source: The Global New Light of Myanmar

The central bank announced that the withdrawal of 5,000 kyats, 10,000 kyats and the closure of three banks were just rumors and it had also instructed to provide regular banking services

According to the Central Bank of Myanmar, the withdrawal of 5,000 kyats, 10,000 kyats and the closure of banks are just rumors and the Central Bank of Myanmar has instructed to provide regular banking services. Depending on the current situation, 5,000 kyats; 10,000 kyats will be withdrawn, these are rumors and there are false rumors that the banks will be closed. Some people are worried about the rumors. The Central Bank of Myanmar was hearing the news and announced on August 13 that the public can continue to use money with confidence without worrying about money and banking operations, and the banks have been instructed to provide regular banking services, the statement said.

The bank is trying to stabilize the country’s economy and disrupt the banks’ ability to operate in accordance with the rules and regulations, and is adding to the plight of the people, who are suffering from epidemics, deaths and distress. The Central Bank of Myanmar is focusing on stabilizing the financial system. Banks are providing strong services in accordance with the regulations, the statement said. From 16 to 22 August, banks, Offices The Ministry of Information has announced that schools will be closed. According to the Transferable Contracts Act, all banks will be closed from August 16 to 20, 2021, as these are public holidays, according to the Central Bank of Myanmar. Banks have not been included in the ongoing government holidays. Public holidays are over. 

However, the central bank and the banks were left behind because it was easier to import the necessary medicines and supplies while COVID-19 was suffering from the disease. Banks, including the central bank, have had to go to the office as an exception, asking the banks to open up so that they can do what they need to do in the wake of the economic downturn. It’s been three weeks now. Holidays have been closed to control the spread of COVID disease. As a result, the spread of the disease has been steadily declining. However, as the central bank and banks did not close, these groups became infected. For this reason, public holidays are held on the same day as on public holidays. The reason for not stopping is not to interrupt the flow of goods. When installing the necessary materials The banks are open so that there are no problems. Now, the state has allowed banks, including the central bank, to rest for three consecutive weeks this week.

Source: Daily Eleven