Online stay extension, re-entry visa allowed for e-Visa (Business) holders

The Ministry of Immigration and Population announced that foreigners who are residing and working with e-Visa (Business)in Myanmar can apply for stay extension and re-entry visa online. The e-stay extension was launched on 1 February and foreigners, who are residing and working with e-Visa (Business) in Myanmar, can apply for the stay extension and re-entry visa online. Myanmar has issued Tourist e-Visas and Business e-Visas electronically since 1 September 2014.

Source: The Global New Light of Myanmar

download (2)

Myawady border trade crosses $151.543 million in January

The value of trade through the Myawady border post amounted to US$151.543 million in January 2023, the Ministry of Commerce’s statistics indicated. Trade via the Myawady border met 70.16 per cent of the target last month, with exports worth $48.301 million and imports worth $103.242 million.

The overall trade figures showed a sharp drop of $66.737 million compared to that in the corresponding period last year, with a decrease of $42.015 million in exports and $24.722 million in imports. The exports in agricultural products, livestock products, fishery products and manufacturing groups declined, while imports showed a decrease of $1.519 million in capital goods, $14.389 million in intermediate goods and $8.814 million in consumer goods.

Nonetheless, the trade value in January 2023 was up by $55.301 million from that of December 2022, with an increase of $11.672 million in exports and $43.638 million in imports. Exports of agricultural products, forest products, livestock products, minerals, finished industrial goods and other goods rose. Similarly, import growth of capital goods (US$10.005 million), intermediate goods ($16.095 million) and consumer goods (17.538 million) were recorded last month.

Source: The Global New Light of Myanmar

Five sets of EV chargers imported from China arrive

Another five sets of EV chargers for battery electric vehicles (BEVs) arrived at Yangon International Airport on 11 February, according to the Steering Committee on National-Level Development of Electric Vehicles and Related Industries. The chargers were imported from China through NPK Motor Co Ltd.

They will be used in the 60 kW charging station at the Thabyaygon Market in Nay Pyi Taw. The first batch of five units of 60 kW electric vehicle (EV) chargers and two sets of 200 kW EV chargers arrived on 1 February and they will be used at charging stations at No 3 Tollgate on the Yangon-Mandalay Expressway, the Pyu bus station and Nay Pyi Taw Junction bus station.

There are forty electric vehicles, which are China-made BYD E2 models, have been imported and 10 electric vehicles will be used as taxis on a trial run at Yangon International Airport and another 10 at the Nay Pyi Taw Thabyaygon Market.

Source: The Global New Light of Myanmar

daily11-sept18-2019-akk01

Broken rice price surges to K43,000 per bag

The price of broken rice jumped to K43,000 per 108-pound bag, according to the Wahdan Rice Wholesale Centre. The price of broken rice was K40,000 per 108-pound bag on 10 February 2023. The price regained to K43,000 per bag on 14 February 2023, reflecting a significant increase of K3,000 per bag within a few days.

The rice demand of exporters pushed up the price of broken rice, traders said. Additionally, the prices of various rice varieties also moved up in the domestic markets. The prices of new high-grade Pawsan rice were around K72,000-87,000 per bag, while old 90-day short-mature rice fetched K61,000 and new one was valued at K56,000. New Khuni rice was worth K63,000 per bag.

Myanmar Rice Federation, Myanmar Rice and Paddy Traders Association, Myanmar Rice Millers Association, traders involved in rice wholesale centres (Wahdan and Bayint Naung) have offered rice at a cheaper rate from 3 August 2022 every day between 9 am and 3 pm except for office holidays.

Ayeyawady Pawsan, Shwebo Pawsan, Pawkywe and short-mature rice varieties (90 days) will be sold at a cheaper price between K35,000 and K77,000 per bag. Each household is entitled to buy one rice bag only and those resellers, traders and retailers are excluded from this scheme. 

Source: The Global New Light of Myanmar

sitemgr_photo_34716

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

uJtE4K6V-10

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

20190424_155332-mk-scaled

More than $200 mln of FDI pumped in Myanmar manufacturing sector as of 31 Jan

A total of 52 foreign enterprises brought US$200.148 million in Myanmar’s manufacturing sector in the past ten months (April-January) of the current financial year 2022-2023, including capital expansion by the existing enterprises, as per statistics released by the Directorate of Investment and Company Administration (DICA). Myanmar Investment Commission nodded 70 foreign projects from eight countries in the past ten months. The country attracted a capital of US$1.476 billion this FY, including the expansion of capital by the existing enterprises. Those enterprises are engaged in agriculture, mining, manufacturing, power, hotels and tourism, real estate and service sectors respectively.

The majority of the investments were brought into the manufacturing sector. The agriculture sector drew $3.5 million from two projects. The power sector received $820.27 million from 11 projects, while one enterprise put $29 million in the real estate sector and two other foreign enterprises made an investment of $413.068 million in the service sector respectively. The mining sector received $7 million from one project, while one enterprise also put investments of less than a million into the hotels and tourism sector and some capital expansion of the existing businesses is also seen.

Additionally, the livestock and fisheries sector saw a capital expansion of $1.845 million. The manufacturing enterprises and businesses that need a large labour force are prioritized to create job opportunities for the local community. Manufacturing of fertilizer, cement, iron and steel, value-added foodstuff, electric vehicle and pharmaceutical and medical devices, agriculture and livestock farming and its related industries and public transportation services will be prioritized for investment. The commission welcomes both foreign direct investment and domestic investments made by Myanmar citizens in those sectors. Myanmar Investment Commission and the related ministries will also ensure investment facilitation.

Myanmar’s manufacturing sector is largely concentrated in garment and textile produced on the Cutting, Making, and Packaging basis, and it contributes to the country’s GDP to a certain extent. There are 547 factories actively operated under the Myanmar Garment Manufacturing Association. The majority of them are from China, followed by Myanmar and the Republic of Korea. The MGMA has been providing capacity development programs and labour law awareness training compulsory programmes to boost employee performance and build employee resilience. Myanmar has drawn foreign direct investment of more than $647.127 million from 49 enterprises in the past mini-budget period (October 2021-March 2022). Of them, 40 foreign enterprises put investments in the manufacturing sector, pumping an estimated capital of $202.667 million. 

Source: The Global New Light of Myanmar

Kyat depreciates at K2,860 against US dollar in market despite CBM’s reference rate of K2,100

Kyat depreciation against greenbacks persists at K2,860 in the grey market although the Central Bank of Myanmar set the reference exchange rate at K2,100. CBM has set the currency trading band at 0.3 per cent for the Kyat to fluctuate between these two specified upper and lower exchange rates for transactions, selling or buying, according to a directive issued by the CBM on 10 August 2022. Therefore, financial institutions including banks and informal money exchanges are instructed to set a dollar value at K2,094 for buying and K2,106 for selling.

However, the over-the-counter Kyat-dollar exchange rate was K2,850 for buying and K2,865 for selling on 10 February. There is a large price difference between the reference rate of the CBM and the unofficial market rate. However, there is no way to set the new price, as per the notification released on 15 January. Some unscrupulous people were allegedly spreading fraudulent news to manipulate the market and attempt to make the dollar gain, stating that changing reference prices and repaying financing for the fuel oil companies, according to the statement.

The CBM injected liquidity into the banking sector. Approximately US$108 million were sold within 45 days in the market through foreign salary transfers. More amount will be put for sales. Last August, a dollar value hit an all-time high of over K4,500 in the grey market. Consequently, the CBM sold dollars at its auction market for the sectors in need, to control the soaring dollar. A total of $443.8 million were sold at an auction rate in 2021 as well.

Source: The Global New Light of Myanmar

Only K20 difference per litre in retail reference price of diesel, octane 92

On 8 February 2023, the retail reference price of diesel fuel was only K20 per litre higher than that of octane 92, according to the reference prices. The retail reference prices per litre of fuel on 8 February were only K2,155 for octane 92, K2,220 for octane 95, K2,175 for diesel and K2,255 for premium diesel. On 7 February 2023, octane 92 and diesel were traded at K2,075 and K2,185 per litre respectively. The gap between octane 92 and diesel in the retail reference price per litre was K110 on 7 February and declined to K20 on 8 February. In the fuel oil market, diesel prices tend to be higher than gasoline prices. Thus, the rental for diesel vehicles is higher than that for gasoline vehicles.

As most freight vehicles consume diesel rather than petrol, it is more convenient in transportation when the diesel price is only slightly higher than the petrol price, Ko Aung Zaw, a truck owner, told the GNLM.
Authorities make an announcement of fuel and edible oil reference prices based on foreign prices. The fuel oil price is announced daily and the price of edible oil is notified once a week. On 6 February, a barrel of octane 92 and diesel was priced at US$92.18 and US$105.71 respectively in the foreign market. The prices changed to $96.64 and $105.23 respectively on 7 February, according to the daily foreign fuel prices. In the foreign fuel market, the price of gasoline is rising and that of diesel is falling, Ko Aung Zaw added.

Starting from May 2015, the weekly prices of gasoline were announced in the State-owned newspapers, and it is known that diesel was cheaper than gasoline in those years. A barrel of diesel (50 gallons) in Yangon skyrocketed to around K300,000 in 2008. On 21 February 2009, the price dropped to K79,000. If we observe the domestic fuel price changes over the past decade and this year’s price changes, it can be seen that only diesel is mainly used in cargo transportation. This year, diesel is more expensive than petrol. However, due to the situation these days, the price difference has become less, and the number of truck operators is increasing. Compared with the end of August 2022, it is known that the price of diesel in this month has become cheaper by K1,000 per litre, around K5,000 per gallon and over K200,000 per 50-gallon barrel.

Source: The Global New Light of Myanmar

05-mr-mineral_trade_99-5_1308-ab

Myanmar pockets over US$235 mln in mineral exports in past ten months

Myanmar generated US$235.477 million from mineral exports between 1 April 2022 and end-January 2023 in the current financial year, according to the Ministry of Commerce.

During the April-January period, the public sector performed mineral exports valued at $23.43 million whereas the private sector saw mineral exports worth $212.04 million.

The export items are gems and jewellery, gold, jade, pearl, diamond, lead, tin, tungsten, silver, copper, zinc, charcoal and other minerals. Myanmar earned $564.457 million from mineral exports between April and 27 January in the last FY2021-2022. Myanmar targets to achieve exports worth $15.5 billion and imports worth $14 billion in the 2022-2023 FY, the National Planning Law stated.

Source: The Global New Light of Myanmar