img-3

Myanmar ships about 4,000 tonnes of honey yearly

Approximately 4,000 tonnes of Myanmar’s honey is conveyed to foreign trade partners every year. The natural resources in developing countries are favourable for the production of organic honey. Myanmar’s small-scale beekeepers and beekeeping businesses under the Apiculture Division under the Ministry of Agriculture, Livestock and Irrigation yearly produces over 6,000 tonnes of honey, with 2,000 for domestic consumption and 4,000 for the external market. The department is arranging 1.5 million acres of crops for the bees to be pollinated.

“Myanmar has regular trade partner countries. Expansion of business is required to increase foreign income. Sagaing Region is the main producer of honey. Mon State also started engaging in honey production as well. Advanced beekeeping techniques should be adopted for higher honey production in the private sector as it could effectuate the development of the rural community,” said U Kyaw Kyaw Oo, in charge of the Apiculture Division under the Livestock Breeding and Veterinary Department. The beekeeping business commenced in 1979 in Myanmar and Myanmar’s honey penetrated the foreign market in 1985.

It is commonly delivered to Japan, China, South Korea, Singapore and Thailand. Sunflower honey, palm honey and sesame flower honey are preferred in the market. Of them, sunflower honey is highly demanded in the international market. China is the biggest exporter of honey in the world and Viet Nam, Myanmar and Thailand are the largest producers among the regional countries. The agriculture sector is the backbone of Myanmar’s economy and the country is making efforts to boost honey production. The farmers practise beekeeping in the mixed farming system. Enzymes that are added to the nectar by bees helps break down complex sugar into simple sugar. Floral scent influences honey taste and colour. 

Source: The Global New Light of Myanmar

sb4niWHq-viber-sskm-1024x583

Nippon Foundation donates 2 mln Covaxin doses to Myanmar

Japan’s philantropic Nippon Foundation is to donate 2 million jabs of Covaxin to Myanmar this month, a total of 1 million jabs were delivered to Myanmar at the VIP lounge of Yangon International Airport at 10 am yesterday.

At the handover ceremony, Mr Mori Yuji, executive director of Nippon Foundation, handed over 1 million jabs of Covaxin to Dr Maung Maung Myint, President of the Myanmar Red Cross Society (MRCS), in the presence of Mr Maruyama Ichiro, Ambassador of Japan to Myanmar and Dr Tun Min, Deputy Director-General of Yangon Region Public Health Department.

The officials from Japanese Embassy to Myanmar and Nippon Foundation, and MRCS also attended the ceremony. The Nippon Foundation will contribute US$17 million worth 2 million doses of Covaxin to Myanmar and 1 million doses arrived at the Yangon Internaitonal Airport by Qatar Airways flight (QR8920) in the first batch. The second batch is scheduled to come by this airlines on 23 January with another 1 million doses.

Source: The Global New Light of Myanmar

2021 trading value indicates 63 per cent drop on YSX

Only K4.63 billion valued 887,969 shares by seven listed companies were traded on the Yangon Stock Exchange (YSX) in 2021, showing a significant drop of 63 per cent as against 2020, according to the annual report released by the exchange. In 2020, K12.6 billion worth of 1.87 million shares by six listed companies were traded on YSX, whereas over 2.4 million shares from five listed companies, valued at K13.39 billion, were traded on the exchange in 2019. Both continuous trading and block trading on YSX fell in 2021 despite the debut of Amata Holding Public Co., Ltd. (AMATA) on the exchange on 3 June 2021. At present, shares of seven listed companies — First Myanmar Investment (FMI), Myanmar Thilawa SEZ Holdings (MTSH), Myanmar Citizens Bank (MCB), First Private Bank (FPB), TMH Telecom Public Co. Ltd (TMH), the Ever Flow River Group Public Co., Ltd (EFR) and Amata Holding Public Co., Ltd. (AMATA) —were traded in equity market.

The share prices per unit were closed at K8,400 for FMI, K3,100 for MTSH, K7,900 for MCB, K19,500 for FPB, K2,600 for TMH, K2,900 for EFR and K6,000 for AMATA respectively in December 2021. In January 2021, 121,893 shares, with estimated value of K640 million, were traded in equity market. Then, it plummeted into K442 million worth of 77,388 shares in February. The figures extended further drops to K110 million worth of 19,816 shares in March 2021. Then, the market slightly rose in April with K280 million worth of 42,964 shares. The stocks maintained in the bull market in May with 78,642 shares worth of K432.448 million as well. In June, 79,296 shares worth of K430.285 million were traded on the exchange. Then, the volume of shares traded in equity market plunged into 36,855 shares in July 2021 and the trading value also slipped to K198 million. It climbed up in August 2021 compared with those registered in the last two months, with over K300 million worth of 49,191 shares traded on the exchange. It edged up to a record high in September, with over K825 million worth of 193,353 shares.

However, the trading volume plunged to 99,837 shares with estimated value of K561 million in October and touched a two-month low of K219 million, with 45,446 shares of the six listed companies traded on the equity market. It continued downward trend in December with K191 million worth of 4,428 shares, the YSX’s monthly report indicated The stock markets worldwide have reported their largest declines since the 2008 financial crisis. Similarly, the local equities market was also scared by the COVID-19 crash in the previous months, a market observer points out. People like to keep emergency savings and purchase the safe heaven asset gold, rather than make investment amid the COVID-19 crisis and current political conditions. Unexpectedly, people turned to stock market when the prices of gold remarkably gained in September. However, the stock market was back to down side in October, he continued. Amid the COVID-19 crisis and political changes, Myanmar’s securities market has been able to continue operating without stopping trading.

In 2020, the value of stocks traded on the exchange reached a peak of K1.48 billion in February, whereas trading on the exchange registered an all-time low of K552.9 million in November due to the COVID-19 resurgences in Myanmar, the exchange’s monthly report showed. Next, the Securities and Exchange Commission of Myanmar (SECM) has allowed foreigners to invest in the local equity market from 20 March 2020. Furthermore, YSX launched pre-listing board (PLB) on 28 September 2020 in order to provide unlisted public companies with fund-raising opportunities and build a bridge toward listing on YSX, YSX stated. The YSX was launched four years ago to improve the private business sector. It disseminates rules and regulations regarding the stock exchange and knowledge of share trading through stock investment seminars. The stock exchange has also sought the government’s support to get more public companies to participate in the stock market and help more institutional investors, such as financing companies, investment banks, and insurance companies, to emerge.

Source: The Global New Light of Myanmar

social_media (1)

In the three months of the 2021-2022 fiscal year (Mini Budget), Myanmar’s exports and imports fell by more than $ 693 million, down from the same period last year

During the three months of the 2021-2022 fiscal year (Mini Budget), Myanmar’s exports and imports fell by more than $ 693 million, down from the same period last year, according to figures released by the Ministry of Commerce. From October 1 to the end of December of the 2021-2022 fiscal year, Myanmar’s foreign trade volume was only $ 7.239 billion. In the same period last year, the foreign trade volume reached $ 7.932 billion. In the first three months of the current fiscal year, trade decreased by $ 693.481 million compared to the same period last year. During the same period, Myanmar exported just over $ 3.705 billion, down $ 318 million from the same period last year.

Imports amounted to $ 3.533 billion, down more than $ 374 million from the same period last year. Myanmar exports agricultural products Animal products Fishery products; Minerals; Forest products. According to the Ministry of Commerce, the company is exporting finished industrial products (CMP) and other goods. Imports include investment goods. Business raw materials; Consumer goods Mainly imports CMP raw materials. Myanmar’s annual foreign trade in the 2012-2013 fiscal year was $ 8977.015 million. Imports amounted to $ 9068.914 million and the trade volume was $ 18045.929 million. In the 2015-2016 financial year, exports were $ 11,136.878 million. Imports were $ 16,577.948 million and trade was $ 27714.826 million.

In the 2016-2017 fiscal year, exports amounted to $ 11,998.545 million. Imports amounted to US $ 17,211.062 million and the trade volume was US $ 29,209.607 million. In the 2017-2018 fiscal year, exports were $ 14,883.160 million. Imports amounted to $ 18694.892 million and the trade volume was $ 33,578.052 million. In the 2018 Mini Budget, exports were $ 8861.032 million; Imports amounted to $ 9867.783 million and the trade volume was $ 18728.815 million. In the 2018-2019 fiscal year, exports were $ 17,060.415 million. Imports amounted to US $ 18086.597 million and the trade volume was US $ 35,147.012 million. Myanmar is implementing a national export strategy to increase exports. Fisheries sector; Forest products; Digital products and services; Logistics services; Quality management sector; Trade Information Services; Innovation and entrepreneurship, according to the Ministry of Commerce.

Source: Daily Eleven

daily11-sept18-2019-akk01

Myanmar inks G-to-G agreement to export rice to Sri Lanka

MYANMAR signed a government-to-government (G-to-G) rice export bilateral Agreement with Sri Lanka
yesterday. The virtual signing ceremony was attended by Union Minister for Commerce Dr Pwint San, Minister for Trade of Sri Lanka Dr Bandula Gunawardhana, and other officials concerned.

First, the Union Minister said the G-to-G agreement is signed as an initial activity to export other products including rice of the farming sector in order to promote bilateral trade. The country also invites investments in the tourism industry that make profits for two countries and welcomes further cooperation works to develop the economy.

Then, the Minister for Trade of Sri Lanka talked about the establishment of diplomatic relations with Myanmar in 1949, expressed words of thanks for exporting rice under the G-to-G system and also pleaded to improve the bilateral trade and investment. According to the G-to-G agreement, Myanmar Rice Federation and Sri Lanka State Trading (General) Corporation will supervise the rice trade, and Myanmar will have to export 100,000 tonnes of white rice and 50,000 tonnes of parboiled rice to Sri Lanka in 2022 and 2023.

Source: The Global New Light of Myanmar

Press release issued to levy increased commercial tax rate over internet services

Although the majority of developing countries levy the sector-specific tax in addition to regular commercial tax for internet services, Myanmar does not collect the sector-specific tax till today. In order to recover the businesses, which face loss in impacts of COVID-19, the government carries out easing and postponing the tax collection.

However, as the use of internet services is on the rise across the nation, levying commercial tax over the consumption of internet services can increase the income for the State. On the other hand, the effects triggered by extreme use of internet services on the employment of the people and physical and mental sufferings of new generation students can be reduced.

The commercial tax will not be increased for calling and use of SMS. Arrangements will be made for easing the necessary restrictions for taxpayers who use the internet for the development of human resources and knowledge about health measures in levying the increased rate of commercial tax over the internet services. On one hand, efforts will be made for providing better quality service and network coverage for the users. The Union Tax Law 2021 was amended with a plan to levy the increased commercial tax.

Source: The Global New Light of Myanmar

Union Tax Law 2021 (Amendment) enacted

Republic of the Union of Myanmar
State Administration Council
Law Amending the Union Tax Law 2021
State Administration Council Law No. 1/2022


5th Waxing of Pyatho 1383 ME
6 January 2022

The State Administration Council hereby promulgated this law under Section 419 of the Constitution of the Republic of the Union of Myanmar.

  1. This law shall be named “the Law Amending the Union Tax Law 2021”.
  2. This law shall be affected from 8 January 2022 to 31 March 2022.
  3. Sub-Section (e) of Section 14 of the Union Tax Law 2021 shall be substituted as follows:-
    “(e). Five per cent of commercial tax shall be levied over the income of other services being operated at home, except services mentioned in the Sub-Section (d) and Sub-Section (e-1).”
  4. The following section shall be inserted as Sub-Section (e-1), under Sub-Section (e) of Section 14 of the Union Tax Law 2021:-
    “(e-1) (1) No matter what provisions the Commercial Tax Law comprises, only once commercial tax shall be levied K20,000 per the sales of SIM cards and SIM card activation.”
    (2) Fifteen per cent of commercial tax shall be levied over the income
    earned from the internet services.”
  5. The table of Sub-Section (a) of Section 25 of the Union Tax Law 2021 shall be substituted as follows:-

I hereby signed it under Section 419 of the Constitution.


Sd/Min Aung Hlaing
Senior General
Chairman
State Administration Council

Source: The Global New Light of Myanmar

PSX_20201002_033609-0-720x477-NS-1024x678

Total border trade value decreases by US$966 mln this mini-budget period

The total border trade value at 18 border trade camps exceeded US$1.4 billion this mini-budget period, according to the Ministry of Commerce. During the mini-budget period, the total border trade amounted to 1.44 billion, down $966 million compared with the last year’s figure of $2.409 billion.

From 1 October to 24 December of the 2021-22FY, the country’s export via land borders amounted to $1.02 billion, while its import shared $427.7 million. Myawady topped the list of border checkpoints with the most trade value of $581.36 million, followed by Hteekhee with US$402.06 million.

The country conducts border trade with neighbouring China through Muse, Lweje, Kampaiti, Chinshwehaw and Kengtung, with Thailand via Tachilek, Myawady, Kawthoung, Myeik, Hteekhee, Mawtaung and Meisei checkpoints, with Bangladesh via Sittway and Maungtaw and with India through Tamu and Reed border crossings, respectively. Myanmar mainly exports agricultural products, animal products, marine products, minerals, forest products, manufacturing goods and others while capital goods, intermediate goods and consumer goods are imported to the country.

Source: The Global New Light of Myanmar

Public request regarding lower electricity production rate of power plants

5 January 2022

  1. The Ministry of Electricity and Energy makes strenuous efforts for electricity generation and distribution from power plants for the people and industries in respective regions/states and also arranges to improve electricity supply in order to cover an annually increasing power consumption.
  2. Normally, the maximum power generation capacity is about 4,200MW, but now about 750MW production of the LNG to power plants have been suspended due to a fourfold increase in gas prices. The annual maintenance works on Yadana offshore project were conducted between 27-11-2021 and 6-1-2022 like previous years and so the power generating rate of natural gas power plants decreased about 540MW, and the 230kV transmission tower of Balu Chaung hydropower station was exploded and about 180MW was reduced.
  3. Moreover, the annual maintenance works are being undertaken at some gas-fired power plants and hydropower stations and due to the lower inflow of water to hydropower plants in the current open season and the reduction of hydropower generation at the reservoirs/dams to supply power in summer, the production is about 1,470MW lower than the total consumption. If the maintenance of the Yadana gas project completes, the power can be generated normally starting 7-1-2022, and although the repair works of destroyed towers are being made as quickly as possible, about 930MW will be still reduced.
  4. Therefore, due to the adjustment for the stability of power system as per the amount of low power generation, there is a need to reduce the load during high power consumption hours between 7 am to 11 am and between 5 pm to 7 pm, and so the power outages occur in some places.
  5. Of 10.9 million households in the country, about 6.6 million (60 per cent) currently have access to electricity from the National Grid. If these households use low-power-consumption LED bulbs/lights, it can save about 20W per household while 6.6 million households about 132MW. Moreover, if the households with high power consumption swift off unnecessary lights to save about 100W per household and about 300MW for three million households, and so it can fulfil the reduction of 432MW and the meter bill payment of one household will also be lower.
  6. Therefore, the Ministry of Electricity and Energy raise a request to the public to understand if there are any inconveniences caused by the reduction of load in some areas for lower power generation for balance load and are working hard to supply power as quickly as possible and arranging new projects to produce power more from various sources, including solar and hydropower.

Ministry of Electricity and Energy

Source: The Global New Light of Myanmar

Interested bidders are invited to conduct a preliminary survey of four new hydropower projects in the Tanintharyi River Basin

The Ministry of Power and Energy has invited companies interested in conducting tenders for four new hydropower projects in the Tanintharyi River Basin to conduct feasibility studies. Hydropower Implementation Department; The tender form and details for the feasibility study for four new hydropower projects in the Tanintharyi River Basin will be available from 14 to 28 January 2022 at Office No. 27; It will be sold at the front gate. Tender bids must be submitted by May 16, 2022. The tender acceptance and scrutiny committee has announced that the tender must be submitted to the meeting hall (Office No. 27, Three Storey Building, New Office, Nay Pyi Taw) and the tender advertisement form can be accessed on the website of the Ministry of Electricity and Energy.

In the 2019-2020 fiscal year, 3,225 megawatts will be generated from hydropower, depending on the energy source. 2773 MW from natural gas; 40 megawatts of solar power; According to the Ministry of Power and Energy, LNG has generated 900 megawatts and coal from 120 megawatts for a total of 7,058 megawatts. Hydropower accounts for 46% of total electricity generation; 39% from natural gas; 13% from LNG; One percent is made from solar and two percent from coal. 3181 MW from hydropower in 2015-2016 fiscal year; 1752 MW from natural gas; Coal generates 120 megawatts for a total of 5,053 megawatts. 63% from hydropower; 35% from natural gas and 2% from coal.

In the 2018-2019 fiscal year, 11,227.82 million kilowatt-hours of hydropower generation will be generated. 9366.56 million kilowatt hours from natural gas; 2,169.70 million kilowatt hours from steam; Diesel generates 104.73 million kilowatt hours. In the fiscal year 2017-2018, 12,265.03 million kilowatt hours from hydropower; 7,459.22 million kilowatt-hours from natural gas; 1,080.60 million kilowatt hours from steam; Diesel generates 77.55 million kilowatt hours. In the 2016-2017 financial year, 12,265.03 million kilowatt hours from hydropower; 7,459.22 million kilowatt-hours from natural gas; 1,080.60 million kilowatt hours from steam; Diesel generates 77.55 million kilowatt hours.

The annual capacity of the Ministry of Electricity and Energy was 15965 million units in the 2015-2016 fiscal year. 17867 million units in the 2016-2017 financial year; In the fiscal year 2017-2018, million units 200555; Production increased to 22,879 million units in the 2018-2018 fiscal year and 27,300 million units in the 2019-2020 fiscal year. If we look at the per capita electricity consumption increase year by year, in the 2015-2016 financial year, 263 kWh; 301 kWh in the 2016-2017 financial year; 335 kilowatt hours in the 2017-2018 fiscal year; In the 2018-2019 fiscal year, it was 379 kilowatt hours and in the 2019-2020 fiscal year, it increased to 432 kilowatt hours, and in five years it increased to 169 kilowatt hours.

Source: Daily Eleven