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Sino-Myanmar bilateral trade totals over US$5 bln in seven months

The value of trade with Myanmar’s main trade partner China through maritime and sea trade channels crossed US$5 billion in the first seven months (April-October) of the 2022-2023 financial year, comprising exports worth $1.995 billion and imports valued at $3.082 billion, according to statistics released by the Ministry of Commerce. Myanmar primarily exports agri-products to China through the five land borders (Muse, Lweje, Chinshwehaw, Kampaiti and Kengtung.

However, trade in agricultural products was frequently stopped on account of China clamping down on illegal trade on land borders. Furthermore, China stepped up border control measures to contain the spread of COVID-19, hindering border trade in the previous years. At present, although China eased coronavirus restrictions, only the Kyinsankyawt crossing out of the Sino-Myanmar land borders linking to the Muse post are reopened.

The value of bilateral trade with China stood at $4.3 billion in the 2021-2022 mini-budget period, $9.82 billion in the 2020-2021FY, $12 billion in the 2019-2020FY, $11.36 billion in the 2018-2019FY, $6 billion in the past mini-budget period, $11.78 billion in the 2017-2018 financial year and $10.8 billion in the 2016-2017FY respectively. Rice, beans and pulses, corn, fruits and vegetables, fishery products, rubber, chilli peppers and other food commodities are exported to China, whereas machinery, plastic raw materials, consumer products and electronic appliances flow into Myanmar. 

Source: The Global New Light of Myanmar

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YRIC green-lights one domestic business, one foreign enterprise on 14 De

The Yangon Region Investment Committee (YRIC) endorsed one domestic project and one foreign enterprise in the manufacturing sector, with an estimated capital of over K4.08 billion and US$0.50 million at a meeting 12/2022 held on 14 December at the YRIC office in Yankin Township. Those two businesses are expected to create 295 jobs. Moreover, the meeting discussed the general issues of 16 companies and gave the go-ahead for capital expansion of $2.483 million by four companies. 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. Myanmar attracted foreign direct investments of $1.459 billion from 58 enterprises during the April-November period of the current financial year 2022-2023. Singapore is the top source of FDI in Myanmar so far.

Fourteen Singapore-listed enterprises pumped in foreign investments of $1.154 billion into Myanmar in the past eight months. Hong Kong SAR stood as the second largest investor this FY with an estimated capital of over $164.9 million by 12 enterprises and the existing ones. China is ranked third in the investment line-up with more than $94 million from 26 businesses and the existing ones, according to the Directorate of Investment and Company Administration. Two enterprises from the Republic of Korea also pumped $5.4 million into Myanmar, with the existing ones. One enterprise each from Belize, China Taipei, the UK and Japan also made investments in the past eight months respectively. The existing enterprises from India, Bangladesh, Thailand, Switzerland and Seychelles also increased their investments.

Source: The Global New Light of Myanmar