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Livestock, fisheries attract six foreign investment projects in 2020-2021FY

The livestock and fisheries sector attracted six foreign investment projects during the last financial year 2020-2021, according to the Directorate of Investment and Company Administration (DICA).

Those businesses brought in about US$19.698 million, including the expansion of investments by the existing joint ventures. They are executing layer farming, pig farming and sales of pigs, production and farming of eggs and shrimp, as per data of the DICA.

Since 1988-1989FY, about $924.5 million of FDI have flowed into the livestock and fisheries sector. Next, 16 countries have invested in the livestock and fisheries sector so far. Among them, Thailand has topped the list of investments, with over $380 million, followed by Singapore with about $130 million. Myanmar’s livestock and fishery sector are crucial to the livelihoods of many vulnerable households and contribute to improving nutritional outcomes in the country.

Source: The Global New Light of Myanmar

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In the first 11 months of the 2020-2021 fiscal year, the CMP garment sector was the largest exporter with over US $ 3,240 million, followed by natural gas with over US $ 2,693 million

In the 11 months from October to the end of August of the 2020-2021 fiscal year, Myanmar exported more than $ 3,240 million worth of garments from the CMP sector, followed by natural gas at more than $ 2,693 million, according to the Ministry of Commerce. In the 11 months from October to August of the 2020-2021 fiscal year, Myanmar exported $ 3,240.04 million worth of garments through the CMP wage system. Exports of natural gas were $ 2,693.78 million and rice and broken rice were $ 661.41 million.

In the 11 months to August of the 2020-2021 fiscal year, Myanmar topped the list of top 10 exporters with $ 4,760.55 million, followed by Thailand with $ 3,002.05 million. $ 855.20 million to Japan; $ 729.97 million to India; $ 566.66 million to the United States; $ 397.42 million to Germany; $ 361.16 million to Spain; $ 352.47 million to the UK; $ 324.26 million to the Netherlands; It exported $ 278.58 million to South Korea.

From October 1 to the end of September of the 2019-2020 fiscal year, Myanmar-China trade amounted to more than $ 12.126 billion, and China imported more than $ 6.724 billion worth of imports. From October to September of the 2019-2020 fiscal year, Myanmar-China trade amounted to $ 12126.278 million, with exports from Myanmar worth $ 5,401.943 million and imports from China worth $ 6,724.335 million. The main priority areas of the National Export Strategy 2020-2025 are agro-based food production, textiles and clothing; Industry and electronics; Fisheries sector; Forest products; Digital products and services; Logistics services; Quality management sector; Trade Information Services; And innovation and entrepreneurship.

Source: Daily Eleven

Japanese Yen and Chinese Yuan banknote money

The Central Bank announces trading of Chinese Yuan and Japanese Yen will be allowed

The Central Bank of Myanmar announced on October 12 that it will allow the trading of Chinese Yuan and Japanese Yen.

In accordance with Directive No. (16/2021) issued on 12 October, Directive No. (6/2011) issued to licensed banks and non-bank organizations engaged in foreign exchange trading; (7/2011). In addition to the five foreign currencies allowed to buy and sell in accordance with (16/2012) and (17/2015), it is also allowed to buy and sell Chinese RMB and Japanese Yen.

In Myanmar, US dollar, Euro dollar, Singapore Dollar, Malaysian Ringgit, Thai baht, and the Japanese yen have also been allowed to trade in foreign currency. All Banks with Authorized Dealer License All banks with Money Changer License; It has been distributed to all non-bank companies with the Money Changer License.

Source: Daily Eleven