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Agricultural export tops $315 mln as of 5 November

The value of agricultural exports was registered at US$315.04 million as of 5 November in the current mini-budget period (Oct 2021-March 2022), as per the statistic of the Ministry of Commerce. The figures reflect a decrease of $28.49 million. The agro exports stood at $343.53 million in the corresponding period of the 2020-2021 FY as the main trade partner China shut down all the borders in wake of COVID-19 negative consequences, according to the trade figures released by the Ministry of Commerce. Last month, the coronavirus pandemic impacted the foreign demand for agricultural products, livestock, mineral and finished industrial goods.

In contrary, the exports of fishery, forest products and other goods rose slightly. In the exports sector, the agriculture industry performed the best, accounting for 37 per cent of overall exports. The chief items of export in the agricultural sector are rice and broken rice, pulses and beans and maize. Fruits and vegetables, sesame, dried tea leaves, sugar, and other agro products are also shipped to other countries. Myanmar’s agro products are primarily exported to China, Singapore, Malaysia, the Philippines, Bangladesh, India, Indonesia, and Sri Lanka. Sometimes, the export market remains uncertain due to unsteady global demand.

The country requires specific export plans for each agro product, as they are currently exported to external markets based upon supply and demand. The G to G pact also ensures the strong market for the farmers. Contract farming systems, involvement of regional and state agriculture departments, exporters, traders, and some grower groups, are required in order to meet production targets, the Agriculture Department stated. The Commerce Ministry is endeavouring to help farmers deal with challenges such as high input costs, procurement of quality seeds, high cultivation costs, and erratic weather conditions. The agricultural exports jumped to US$4.6 billion last financial year 2020-2021, despite the downward trend in other export groups.

Source: The Global New Light of Myanmar

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1,300 companies struck off register due to absence of AR in past four months: DICA

A total of 1,300 companies were struck off the register in the past four months (July-Oct) as they failed to submit annual return (AR) on the online registry system, MyCO, according to the Directorate of Investment and Company Administration (DICA). The DICA has notified any registered company which fails to submit its AR on MyCO are to be suspended, under 430 (F) of Myanmar Companies Law, according to the DICA’s notification. All registered companies need to file 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 the law. 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 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, totalling K250,000. 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. The registration and re-registration of companies on the MyCO website commenced on 1 August 2018, in keeping with the Myanmar Companies Law 2017. The number of companies registered on the online registry system, MyCO, topped more than 2,000 in the first half of this year. Earlier, MyCO received more than 1,000 applications from new companies every month. At present, 100 per cent of the applicants are using the online registration platform, according to data provided by the DICA.

Source: The Global New Light of Myanmar

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MIC nods four foreign projects in October

The Myanmar Investment Commission gave the go-ahead to four foreign projects from China, China (Taipei) and Nepal in October of the current mini-budget period and the capital of US$14.883 million were brought into the country, including expansion of capital by existing enterprises, according to the Directorate of Investment and Company Administration (DICA).

Those enterprises are to execute in manufacturing and power sectors respectively. The Ministry of Investment and Foreign Economic Relations has been inviting responsible businesses to benefit the country. Myanmar Investment Commission (MIC) ensures to approve the responsible businesses by assessing environmental and social impacts.

The commission is working together with the relevant departments to screen the projects. Next, the COVID-19 surge and the political changes led to the drastic fell in FDI sector compared with the previous years. Myanmar attracted foreign direct investment of more than US$3.79 billion in the last financial year 2020-2021 from 48 enterprises.

Source: The Global New Light of Myanmar