Singapore leads Myanmar’s FDI rankings over last 4 months

Singapore ranked first in the foreign direct investment line-up in the past four months (April-July) of the current financial year 2023-2024, the Directorate of Investment and Company Administration’s statistics showed.
Four Singapore-listed enterprises pumped in FDI of over US$335 million into the country in the past four months.
Singapore companies mainly put investments into urban development, real estate, power and manufacturing sectors.
China stood as the second largest investor this FY with an estimated capital of over $124 million by 10 enterprises and the existing ones. China is ranked third in the line-up with more than $105 million from 36 businesses and the existing ones.
One enterprise each from India, Republic of Korea, Samoa and the USA also made investments this year. The existing enterprises from China (Taipei), China, Hong Kong SAR, Singapore and the UK also increased foreign investments, the statistics released by the DICA indicated.
Myanmar attracted foreign direct investments of $467.793 million in the past four months, including the expansion of capital by the existing enterprises and the power sector drew the highest FDI. The Myanmar Investment Commission gave the green light to 18 foreign projects from six countries in the past four months, as per the DICA.
The agriculture sector drew $1 million from one enterprise. Two enterprises put $317.178 million in the power sector. The manufacturing sector received $48.745 million of FDI, while the transport and communications sector attracted $77.82 million. Over $23 million of FDI was pumped into the livestock and fisheries sector as well.Singapore stood as the largest foreign investor in Myanmar in the previous years, pulling in the FDI of $1.158 billion in the 2022-2023 FY, $297 million in the 2021-2022 mini-budget period (Oct-Mar), $1.85 billion in the FY 2019-2020, $2.4 billion in the FY 2018-2019, $724.4 million in the mini-budget period (April-September, 2018), $2.16 billion in the 2017-2018 FY, $3.8 billion in the 2016-2017 FY, $4.25 billion in the 2015-2016 FY, $4.29 billion in the 2014-2015 FY, $2.3 billion in the 2013-2014 FY and $418 million in the 2012-2013 FY respectively.
Additionally, Singapore emerged as the second largest foreign investor in the Thilawa Special Economic Zone, after a top investor, Japan.

Source: The Global New Light of Myanmar

MoH Minister tours China-aided Myanmar CDC construction

During the visit, officials from the Department of Public Health and CCCC Third Harbouring Co Ltd, responsible for the project’s construction, provided updates on the progress, upcoming stages, and requirements of the project. Director-General of the Department of Public Health Dr Myint Myint Than, shared insights about the installation and utilization of necessary laboratory equipment and the upcoming training of health workers in China.

The Union minister offered instructions, discussed needs, and inspected the construction sites. A fruit basket was presented to officials from CCCC Third Harbouring Co Ltd to mark the occasion. The Myanmar CDC, valued at approximately 400 million yuan, stands as an international disease control hub. It includes a three-storey disease control building with advanced laboratories and systems, as well as a health training building and an administrative building.

The centre can train around 400 individuals, a batch and the health workers assigned to Myanmar CDC will also undergo training in China.

Source: The Global New Light of Myanmar

Forex trading in official markets aims to stabilize commodity prices

IN a proactive move to curb soaring commodity prices, Myanmar is actively engaging in foreign currency
trading within legal markets. This initiative is accompanied by a strategic implementation of interest rate and monetary policies, aligned with the nation’s macroeconomic landscape, as highlighted by Central Bank of Myanmar Governor Daw Than Than Swe. CBM Governor Daw Than Than Swe articulated these measures during a recent meeting held in Nay Pyi Taw’s Office No 55 yesterday. The gathering served as a platform to elucidate and deliberate on issues pertaining to foreign trade payments.

Intending to streamline financial transactions and cater to the market’s foreign currency demand, the
Central Bank of Myanmar has taken several steps to ensure exchange rate stability. These measures
encompass the sale of US dollars to entities involved in the motor oil, edible oil, and import sectors through private banks. Furthermore, the institution is harnessing the Back-to- Back SWAP Facility to meet the escalating demand for US dollars.

In a bid to enhance accessibility for importers seeking foreign currency, the CBM Governor underscored
the introduction of an online trading system on 22 June 2023. She also emphasized the establishment of
transparent criteria for fair online trade, reassuring that transactions meeting these criteria will be facilitated. Addressing concerns surrounding foreign exchange rates, she stressed the need for vigilance against the influence of online and social media narratives that might drive unwarranted price hikes and illegal activities, which are not grounded in market fundamentals and data. Subsequently, the delegates at the meeting placed significant emphasis on active participation in online trading, devising comprehensive strategies to stabilize commodity prices, and addressing situations where goods prices surge due to illicit trading practices. The discussions also revolved around topics such as facilitating access to export earnings under stipulated conditions, bolstering trade financing, curbing smuggling, and eradicating illegal trade, all aimed at achieving price stability in the commodities market.

Source: The Global New Light of Myanmar