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MIC meeting 1/2023 approves 8 new businesses including renewable energy-generating electricity

THE meeting 1/2023 of the Myanmar Investment Commission was held yesterday morning at the Union Government Office in Nay Pyi Taw. SAC member Myanmar Investment Commission Chair Lt-Gen Moe Myint Tun and members of the commission attended the meeting.

MIC greenlighted the expansion of the capital in eight ongoing investment projects and new investments in the electricity sector, the transport and communications sector, the petroleum and gas sector, the industrial sector, the hotels and tourism sector and the service sector. The investment amount of these businesses is US$143.634 million and K98,078.094 million generating 1,374 domestic job opportunities. The production of electricity from renewable energy was also approved.

Out of 52 countries and territories investing in Myanmar, Singapore, China and Thailand ranked the largest shares of investments as of end-January 2023. Among the twelve economic sectors, the most invested sectors are 28.30 per cent of the total investments in the electricity sector, 24.63 per cent in the petroleum and natural gas sector and 14.34 per cent in the industrial sector. Myanmar Investment Commission oversees and approves project proposals of investment as well as is serving the existing investors under the Myanmar Investment Law.

Source: The Global New Light of Myanmar

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Palm oil wholesale reference price for Yangon market moves slightly up

The wholesale reference rate of palm oil in the Yangon market slightly increased compared to that of the previous week, according to the Supervisory Committee on edible oil import and distribution. The reference price stood at K4,480 per viss in the week from 6 to 12 February. For the week ending 19 February, the price was set higher at K4,490 per viss. The figures showed a small increase of K10 per viss.

The Supervisory Committee on edible oil import and distribution under the Ministry of Commerce has been closely observing the FOB prices in Malaysia and Indonesia including transport costs, tariffs and banking services, and issuing the wholesale market reference rate for edible oil every week. Regardless of the reference price, the market price was exorbitantly high at over K6,000 per viss. If those edible oil retailers and wholesalers are found overcharging, storing inventory intentionally and attempting unscrupulous action to manipulate the market, they will face legal action under the Essential Supplies and Service Act, MoC released a statement.

At present, mobile market trucks operated by oil importing companies, in coordination with Myanmar Edible Oil Dealers’ Association, were back to business in some townships on 17 July to offer palm oil at a subsidized rate. They sell palm oil at K4,700 per viss to consumers directly. However, there are limited sources of supply although they directly sell palm oil at a reference rate depending on the volume quota. The domestic consumption of edible oil is estimated at 1 million tonnes per year. The local cooking oil production is just about 400,000 tonnes per year. To meet the oil sufficiency in the domestic market, about 700,000 tonnes of cooking oil are yearly imported through Malaysia and Indonesia. 

Source: The Global New Light of Myanmar