Exporters and importers seek a tool to curb skyrocketing exchange rate

Myanmar traders involved in export and import business are not happy with skyrocketing exchange rates, said Daw Khaing Khaing Nwe, the secretary-general of the UMFCCI in a meeting held at the Central Bank of Myanmar on 19 August to discuss the dramatic decrease of Myanmar currency value against foreign counterparts.
“The current exchange rate practising in grey market is unreasonable and is much more than it should be. Basically, changes in exchange rate may vary depending on the demand and supply, but we cannot accept the current situation of unreasonable rise in exchange rate,” she explained in the meeting.
Meeting participants discussed the factors that contribute to skyrocketing exchange rate, measures to be taken to bring the exchange rate to normal and the opportunities to cooperate between organizations and traders in pursuit of stable exchange rate.
Some importers are taking a privilege to buy US dollars at the rate of K2,920 offered by the Central Bank of Myanmar, but they mark the commodity prices in reference with exchange rate of grey market, making consumers to suffer. The UMFCCI and its partner organizations will collaborate to eradicate such unethical dealing practices, according to the presentations at the meeting. Illegal trading is gaining momentum, prompting exchange rate to rise uncontrollably and special investigation teams are cracking them down, said an official at the meeting.

Source: The Global New Light of Myanmar

BPI expands freeze-dried anti-snake venom, novel Covid drug production

The State-owned pharmaceutical fac­tory (Insein) (BPI) is poised to enhance its pro­duction of novel anti-COV­ID medications while con­tinuing the freeze-drying of anti-snake venom in the upcoming year.

BPI has significantly expanded its pharmaceuti­cal production network, en­compassing branches like the pharmaceutical facto­ries in Ywathagyi, Inyaung, PyinOoLwin, and Sagaing. Other components include the Anti-Snake Venom Pro­duction Branch in Hmawby, the Horse Ranches in My­itchay, Yanpel, and Heho, the Tatmadaw Pharmaceuticals Factory (Hmawby), and the Universities of Pharmacy in Yangon and Mandalay. These enclose the Pharma­ceutical Factory (Insein) and the Research Unit.

Furthermore, BPI has inaugurated a modern freeze-dryer machine and unveiled the BPI Pharma­ceutical Museum on 14 Au­gust, intending to bolster anti-snake venom produc­tion using the freeze-drying system in the coming years. The establishment of the BPI Pharmaceutical Muse­um aims to preserve over six decades of pharmaceu­tical production experience, equipment, methods, impor­tant medical literature, and the legacy of pharmaceutical manufacturing by a Myan­mar State-owned enterprise.

The production of an­ti-snake venom has demon­strated a consistent in­crease. With 60,000 units manufactured last year, the figure has surged to 80,000 this year.

Source: The Global New Light of Myanmar

Myanmar’s power sector leads FDI rankings over past four months

MYANMAR drew foreign direct investments of US$467.793 million in the past four months (Apr-July) of the current financial year 2023-2024, including the expansion of capital by the existing enterprises and the power sector topped the FDI line-ups, according to the Directorate of Investment and Company Administration (DICA).The Myanmar Investment Commission gave the green light to 18 foreign projects from six countries in the past four months, according to the Directorate of Investment and Company Administration (DICA).

Those enterprises from nine foreign countries made foreign investments and also expanded their businesses. Singapore is the top source of FDI so far, investing $335.162 million from four enterprises, followed by China with $124.079 million from ten enterprises. 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’s power sector attracted $317 million in the past four months. It accounts for the largest share of FDIs in Myanmar this financial year,” said U Thet Paing, director of 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 communication sector attracted $77.82 million. Over $23 million of FDI was pumped into the livestock and fisheries sector as well. There are a total of 2,404 permitted foreign projects from 52 countries under the Myanmar Investment Law and the Special Economic Zone Law as of the end of July 2023 and Singapore, China and Thailand are the leading investors in the country.

Source: The Global New Light of Myanmar