MoC eases import rule of EV permit for seafarers

THE Ministry of Commerce reduced income inward remittance of seafarers to US$50,000 from over
$200,000 per year to grant import permits for electric vehicles (EVs), according to a notification released on 26 October. As per the statement released on 13 October, if those Myanmar citizens including seamen transferred their foreign wages to the local banks, they were entitled to import one EV which value is equivalent to five per cent of the inward remittance worth more than US$200,000 per year. Except for those receiving monthly salary, others were allowed to import electric vehicles or electric motorcycles which is equivalent to five per cent of the remittance if they made inward remittance worth $50,000 per year.

To bolster the growth of the electric vehicle industry and promote environmental conservation
activities, import permits for electric vehicles or electric motorcycles are granted for inward remittance of foreign salary or other wages of Myanmar citizens as a special programme. The ministry changed the inward remittance amount to $50,000 for all Myanmar citizens receiving foreign salaries including seafarers in line with the notification released on 26 October. If an individual’s remittance does not meet the amount of the EV or electric motorcycles, they can import them collectively. This action of EV import permit is effective from 16 October 2023. The following contact phone 0673408433 and email of the ministry can be reached and contacted for further details.

Source: The Global New Light of Myanmar

Myanmar’s H1 trade centred on China, Thailand, and Singapore

Myanmar carried out trade with foreign trade partners through maritime trade and border trade channels.
China, Thailand and Singapore are the leading trade partners with Myanmar in the first half months (April-September) of the current financial year 2023-2024, according to the Ministry of Commerce.
Myanmar’s foreign trade totalled US$16.077 billion in H1, with exports worth $7.623 billion and imports valued at $8.454 billion.
China stood as the main trade partner of Myanmar in H1, with the trade value reaching $4.503 billion, comprising exports worth $1.54 billion and imports worth $2.96 billion, followed by Thailand and Singapore respectively.
The value of trade between Myanmar and Thailand amounted to $3.068 billion, with exports worth $2.035 billion and imports worth $1.833 billion.
The trade value with Singapore hit $1.812 billion, with exports worth $72.356 million and imports worth $1.74 billion.
Myanmar carried out trade with foreign trade partners through maritime trade and border trade channels.

Source: The Global New Light of Myanmar

YCDC collaborates with Chinese experts to reconstruct new Aung San Stadium

The project team from China Architectural Design and Research Institute of Tongji University (Group) Co Ltd met officials from the Yangon City Development Committee to discuss the reconstruction of Aung San Stadium on 25 October.
During the meeting, they discussed Aung San Stadium’s land, building design, water usage, and wastewater disposal. The head of the Engineering Department (Building) and officials stated that the Yangon City Development Committee will ensure compliance with the requirements outlined on the YCDC website, MNBC 2020 standards, and the Yangon City Development Law 2018 for the project team’s review.
Upon the completion of the Aung San Stadium reconstruction, the main stadium will be capable of accommodating over 30,000 spectators, and the indoor stadium can host an audience of 3,000.
The construction of Aung San Stadium commenced in 1906, originally known as BBA (Burma Athletic Association) Ground. It was later renamed Aung San Stadium on 17 October 1953.

Source: The Global New Light of Myanmar

Over 200 investments enter Rakhine State

Rakhine State Chief Minister U Htein Lin said that there are more than 200 new investment companies with 100 per cent investment by Myanmar nationals and foreigners in Rakhine State.
He said this in a speech related to Rakhine economic development at the opening ceremony of the Rakhine Economic Forum at Khaing Thazin Hall in Sittway Township, Rakhine State.
In Rakhine State, most of the foreign investment sank in the oil and gas sector while the local investment is in the hotel and tourism sector.
In addition to the hotels and tourism industry and oil and gas industry, the future economy of Rakhine State has good opportunities to work in maritime trade and cross-country trade.
The Rakhine State Economic Forum 2023 was held for the first time by the Rakhine State government and it was held for the emergence of young entrepreneurs in Rakhine State.
In the economic forum, the future economic prospects of Rakhine State were discussed and roundtable business conversations were held.
In addition to this, IT-related materials, employment opportunities, educational services, branded clothing, and commercial exhibits were also included at the fair.

Source: The Global New Light of Myanmar

Grab EV Taxi service launched in YIA, Nay Pyi Taw Thabyaygon Market on 23 Oct

According to the EV taxi service companies, the Grab EV Taxi service has been operating at Yangon International Airport and Thabyaygon Market (Nay Pyi Taw) since 23 October.
Passengers who want to use the Grab EV Taxi service can book a ride through the Grab Taxi Service Counters at Yangon International Airport Terminal 1 and Terminal 3 during the test run.
The Grab EV Taxi service is not only safe to ride but also helps in reducing carbon emissions, according to Yangon International Airport’s statement that it meets the standards of Yangon International Airport’s commitment to reduce carbon emissions.
Currently, 10 EVs from Chindwin Shan Construction are operating as public taxis based at Yangon International Airport and 10 EVs imported from NPK Motors are operating as public taxis at Thabyaygon Market (Nay Pyi Taw). 

Source: The Global New Light of Myanmar

UMFCCI, YPGCC to bolster Yunnan-Myanmar economic cooperation

Union of Myanmar Federation of Chambers of Commerce and Industry’s officials met a delegation led by the chairperson of Yunnan Provincial General Chamber of Commerce (YPGCC) on 17 October 2023 and exchanged ideas on boosting bilateral economic cooperation and enhancing trade.

Yunnan Province is ranked 37th in the global economy. It plays a pivotal role in the Belt and Road Initiative. It is the commercial and transport hub. Myanmar is the largest trade partner of Yunnan Province and the biggest import sourcing and export market. In 2020, 190 non-financial foreign investment projects were brought into Myanmar.

UMFCCI President U Aye Win gave a remark at the meeting that “Yunnan is the important land port in trade and economic cooperation with Myanmar. Myanmar’s agricultural produce is primarily sent to China. The UMFCCI asked the YPGCC to assist Myanmar businesses to meet China’s import rules and regulations. The federation also invited investments in the power sector and other sectors. The YPGCC plays a key role in the active involvement of private sectors to step up economic cooperation and trade promotion activities.”

Additionally, a Memorandum of Understanding to implement the Myanmar-China Economic Corridor (CMEC) was signed on 7 February 2018.

Dr Gao Feng, chairman of the YPGCC, addressed that the purpose of the visit is to reinforce the MoUs signed between Yunnan and Myanmar, cooperate in the energy and mining sector, disaster mitigation, tourism, poverty alleviation and upgrade the Myanmar-China Economic Corridor. Businesspersons from Yunnan accompanied him during his visit to bolster economic and trade cooperation between Yunnan and Myanmar.

Furthermore, bilateral investment development, communication development for trade promotion, information exchange, reinforcing practical cooperation, port business, rice supply, fertilizer supply, agricultural exports, digital transformation and cross-border trade were also highlighted at the meeting.

The representatives from the two chambers also discussed matters regarding potential cooperation opportunities and opinions on the mining sector, iron and steel, transport, e-commerce, tourism, agriculture, pharmaceuticals, sugarcane, sugar, peanut, vegetable, fisheries, food products, research and agricultural chemicals. 

Source: The Global New Light of Myanmar

Yangon-Nay Pyi Taw, Yangon-Pyay special trains to run in Thadingyut

The Myanma Railways (MR) said they will run Yangon-Nay Pyi Taw and Yangon-Pyay special trains for the convenience of passengers starting on 27 October during the Thadingyut holidays.
The train services of Nay Pyi Taw-Yangon Down Express Train and Yangon-Pyay Up Express Train will operate on 27 October and the Yangon-Nay Pyi Taw Up Express Train and Pyay-Yangon Down Express Train will run on 30 October.
Moreover, plans are underway to prepare special trains for other routes if necessary. The passengers can make enquiries for train schedules and tickets at the respective railway stations, the MR said.

Source: The Global New Light of Myanmar

US$16,551.306 mln earned from foreign trade volume in more than six months period in 2023-24 FY

The trade volume reached US$16,551.306 million in the first six months of the 2023-2024 financial year. From 1 April to 6 October, Myanmar exported $8,712.336 million and imported $7,838.97 million. Imports exceeded exports by over $870 million, resulting in a trade deficit of $873.366 million.
Myanmar exports agricultural produce, livestock products, fishery products, minerals products, forest products, finished industrial products, and other items to foreign countries. Investment goods, commercial raw materials, consumer goods, CMP raw materials, etc. are primarily imported from foreign countries.
To boost Myanmar’s exports, the National Export Strategy (NES) 2020-2025 is currently in effect. The key priority sectors of the NES 2020-2025 include agriculture-based food production, textile and clothing, industrial and electrical, fisheries, forest products, digital products and services, logistics services, quality management, trade information services, innovation and entrepreneurship, among others.

Source: The Global New Light of Myanmar

Shan State Investment Committee greenlights 21 new projects with local, foreign investments

Shan State Investment Committee permitted US$22.785 million and K32,220.744 million worth of 21 new Myanmar citizens’ and foreign investments that can create 1,430 local job opportunities in September, according to U Lay Naing, director of the Directorate of Investment and Company Administration (Shan State).
The committee allowed seven foreign investments worth $16.163 million and 14 Myanmar citizen investments worth K32,220.744 million including $6.158 million in the Shan State and they created job opportunities for 1,362 locals and 68 foreigners.
“The Shan State Investment Committee meeting 7/2023 held on 4 October permitted 14 Myanmar citizen investments and seven foreign investments, totalling 21 investment projects. The approved capital amount is $22.758 million and K32,220.744 million. The projects will generate new jobs for 1,362 locals and 68 foreigners,” he said.
Moreover, they allowed the ongoing businesses including the new investments to increase investment amount and workforce in September alone.
The committee also approved the new local and foreign investment projects as per the law and procedures monthly to provide job opportunities in the region. 

Source: The Global New Light of Myanmar

Mekong-Lancang Fruit Festival 2023 (Myanmar) planned in November

The Mekong-Lancang Fruit Festival 2023 (Myanmar) will be held in Kunming, city of China’s Yunnan Province from 17 to 19 November, where Myanmar fruits will be displayed and sold, according to Daw Naw Mu Takapaw, the Director-General of the Myanmar Trade Promotion Organization under the Ministry of Commerce.
“Since this festival is held in cooperation with the Mekong-Lancang Economic and Trade Development Promotion Centre we will be able to sell more Myanmar fruits to the Chinese market,” said Daw Naw Mu Takapaw.
In the festival, an opportunistic event for Myanmar to penetrate the Chinese fruit market, Myanmar entrepreneurs will display and sell butter, pineapple, macadamia, grapefruit, watermelon, cucumber, mango, mangosteen, rambutan, durian, passion fruit, walnuts, konjac, tea, coffee and black cardamom produced in Myanmar.
Market promotion talks about Myanmar’s potential fruits are scheduled to be conducted followed by a PowerPoint presentation about fruits produced in Myanmar and business-to-business meetings to be able to end up in singing trade contracts.

Source: The Global New Light of Myanmar