Bago Region attracts substantial foreign investments, approves additional funding for industrial business

IN November 2023, Bago Region received a foreign investment project worth $1.622 million, as stated by
U Ko Ko Latt, the Director of the Bago Region Directorate of Investment and Company Administration.
“Bago Region Investment Committee allowed a foreign investment valued at $1.622 million in November.
Additionally, the committee approved the currently-operating foreign business to add $7 million to its original investment at meeting No. 7/2023,” said U Ko Ko Latt.

Furthermore, regional authorities are eager to invite external investors to invest businesses related to
manufacturing agricultural machinery and equipment, producing fertilizers, and establishing cold storage
facilities to promote the development of multi-functional agriculture and the manufacturing of farming products.

Relevant departments will provide necessary assistance in line with the law. There were $197.117 million worth of foreign investments and K 75,456.275 million in domestic investments in Bago Region between February 2021 and November 2023, consequently generating job opportunities for more than 11,281 labourers.

Source: The Global New Light of Myanmar

December sees increase in imported edible oil tonnage

ACCORDING to the oil market in Yangon, about 70,000 tonnes of edible oil will be imported from abroad
starting December. In 2022, the average monthly import was only around 40,000 tonnes, but in July, the
maximum was imported with around 58,000 tonnes, and in February and September, only around 32,000
tonnes were imported, according to the statistics.

In the first six months from April to September of this year 294,457 tonnes of edible oil worth US$294.58
million were imported from abroad. In addition, it is reported that 33 companies will import oil in bulk and 27 companies will import ready-packaged consumer oil in December of this year. This week from 20 to 26 November, the wholesale price of edible oil is K4,990 per viss and the retail price is K5,180 per viss in Yangon, K5,600 per viss in Mandalay, K5,500 in Magway, K5,500 in Pathein and in Pyay, and K5,200 in Monywa. In December, local oil sellers are expecting to buy more oil imports from abroad at around the wholesale price in the market. They also wish to have a normal situation where they buy as usual in the market.

The oil market will return to normal if there are systematic actions against selling oil at more than the set price and storing more than the limit. If so, it is expected that the scenes of time-consuming queues for buying edible oil and increasing profit in selling will disappear. According to staff of the shops at the Bayintnaung brokerage, it has been several months since the scenes of crowded people lining up to buy the oil at the depots disappeared.

Source: The Global New Light of Myanmar

38 EV charging stations equipped with 51 chargers in initial stage in Yangon, Yangon-Mandalay Exprassway, Nay Pyi Taw

In a bid to encourage electric vehicles (EVs) use, 38 EV charging stations have installed 51 chargers in the initial stage, said U Zaw Win, Yangon Region Minister for Natural Resources and Environmental Conservation. He gave a remark at the opening ceremony of the EV charging station affiliated with Terminal 202 petrol station in Mingaladon Township, Yangon Region on 23 November.

To reduce the consumption of imported fuel in the transportation sector and air pollution, the authorities are encouraging the use of EVs as a substitute fuel oil. Under the guidance of the National-level Leading Committee on Development of the Electric Vehicle and Related Businesses, as a part of the initial stage, the installation of 51 EV chargers was done at 38 fuel stations; 24 in Yangon, seven on the Yangon-Mandalay Expressway and seven in Nay Pyi Taw, which facilitates the EVs for charging, U Zaw Win elaborated. Myanmar Investment Commission also released a statement on 15 February that electric vehicles and related businesses will be promoted as the priority sector, as per its notification dated 15 February.

In the exercise of the power conferred by Sections 43 and 100 (B) of Myanmar Investment Law, the MIC issued this statement with the approval of the Union government. Enterprises executing installation, manufacturing and restoration services of the EVs, renewable electricity generation, EVs charging service businesses, electric vehicle battery production, EV battery and related service business, electric bus operation services, electric taxi and transportation service businesses and scientific research development business are included in those priority sectors.

During the establishment and ideation phase for incorporation and operations, those businesses can seek permit from the MIC to enjoy tariff relief or zero-customs tariff status and exemption for other taxes levied in the country under Section 77 (A) of the Myanmar Investment Law and income tax exemption under Section 75 (C) of the Myanmar Investment Law for the importations of machinery, essential equipment and accessories, spare parts and construction raw materials that cannot be found in domestic markets. Myanmar has been bringing in electric vehicles (EVs) and EV chargers under the Customs tariff relaxation through seaborne and border trade routes as well as air transport through Yangon International Airport, according to the Ministry of Commerce.

Source: The Global New Light of Myanmar

Commerce Ministry to focus on value-adding in textiles for exports

THE Ministry of Commerce will work together with all the stakeholders in the textile industry to penetrate
international markets with value-added products. Under the support of the Ministry of Commerce, Myanmar exports agricultural produce, livestock products, forest products, minerals, fisheries, finished industrial goods and other goods to external markets.

At present, Myanmar consulates and embassies to the relevant countries are striving for the value-added
products supplied by Myanmar’s SMEs that meet international standards and criteria to enter the international markets. Those interested businesspersons can contact the Myanmar Trade Promotion Organization under the Ministry of Commerce and the commercial attaché of Myanmar’s Consulate in Dubai through the Myanmar Garment Manufacturers Association and Myanmar Textile and Garment Manufacturers Association to penetrate the foreign markets with their value-added products from the garment sector.

Source: The Global New Light of Myanmar

Construction of 2 underpass flyovers planned at Yangon train stations

Two underpass flyovers are planned to be built between Waibargi station and Okkalapa station and Pazungdaung station and Mahlwagon station on the Yangon circular railway, according to Myanma Railways.
This is part of the Yangon Circular Railway upgrading project and tender is being invited to the private sector.
Private businesses can buy tender application forms as of 20 November and applications will be closed at 12:30 pm on 4 December.
The project will include upgrading railroads and stations, constructing overbridges, upgrading level crossings and repairing works along the railways, according to Myanma Railways. 

Source: The Global New Light of Myanmar

Manufacturing sector exports earn US$5.5 bln in Apr-Oct

THE export value from the manufacturing sector hit US$5.55 billion in the past seven months of the
current financial year 2022-2023 beginning 1 April, the Ministry of Commerce’s statistics showed.
The figures in the past seven months indicated a sharp drop of $1.45 billion compared to that $7 billion
recorded in the corresponding period of the 2022-2023 FY.

Garment export is ranked first among the top ten export items including natural gas and minerals.
Myanmar conveys agricultural produce, animal products, minerals, forest products, and finished industrial
goods to foreign trade partners, while it brings in capital goods, intermediate goods, raw materials imported by the CMP enterprises and consumer goods.

Myanmar has been implementing the National Export Strategy (NES) 2020-2025 to bolster exports.
The priority sectors of the NES consist of agricultural production, garment and apparel, industrial and electronic device, fishery business, forest product, digital manufacturing and service, logistic service, quality management, trade information service, innovation and entrepreneurship sectors.

Source: The Global New Light of Myanmar

Myanmar earns US$817 mln from 970,000+ tonnes of pulses exports as of 3 Nov

Myanmar exported more than 970,000 tonnes of pulses, with an estimated value of over US$817 million, to foreign trade partners over the past seven months of the current 2023-2024 financial year beginning 1 April, the Ministry of Commerce’s statistics indicated.
The value of pulses exports by seaborne trade reached $702.572 million (over 840,226 tonnes), whereas over 134,470 tonnes of pulses worth $115.332 million were sent to the neighbouring countries through the border between 1 April and 3 November, totalling $817.9 million from exports of over 974,696 tonnes.
Myanmar’s pulses exports amounted to over $1.47 billion from over 1.9 million tonnes in the previous FY 2022-2023, the Ministry of Commerce’s statistics indicated.
Myanmar mainly exports black grams, green grams and pigeon peas to foreign markets. Of them, black grams and pigeon peas are primarily shipped to India while green grams are exported to China and Europe.
India has growing demand and consumption requirements for black grams and pigeon peas. According to a Memorandum of Understanding between Myanmar and India signed on 18 June 2021, India will import 250,000 tonnes of black gram and 100,000 tonnes of pigeon peas (tur) from Myanmar for five consecutive years from 2021-2022 financial year to 2025-2026 FY. This G-to-G pact will not affect the pulses’ annual quota set by India. Myanmar’s exporters are also entitled to deliver the pulses to India under that annual quota.
The prevailing market prices are K2.865 million per tonne of black gram (urad) and K3.9 million per tonne of pigeon pea (tur).
Black grams which India primarily purchases are commonly grown only in Myanmar, whereas pigeon peas, green grams and chickpeas are grown in African countries and Australia, Myanmar Pulses, Beans, Maize and Sesame Seeds Merchants Association stated. 

Source: The Global New Light of Myanmar

Myanmar pockets US$567m in investments over seven months

Myanmar drew foreign direct investments of US$567.38 million in the past seven months (April-October), including expansion of capital by the existing enterprises, as per the statistics released by the Directorate of Investments and Company Administration (DICA).
Myanmar Investment Commission (MIC) greenlit 42 foreign projects from seven countries in the past eight months. Singapore is the top source of FDI so far with $337 million in the power sector. China is placed as the second largest investor in Myanmar with $205.215 million.
The FDI inflow into Myanmar amounted to $1.74 million from the Republic of Korea, $1.087 million from the USA, $14.559 million from Hong Kong (SAR), $0.6 million from India, $1.3 million from the Republic of the Marshall Island and $1 million from Samoa respectively.
The power sector topped the FDI line-ups with $374.525 million by the permitted enterprises this FY, without capital expansion by the existing enterprises.
The manufacturing sector was ranked second with $88.788 million. The agriculture sector drew over $2.5 million. Meanwhile, the transport and communication sector saw the capital expansion of $77.82 million. An increase of capital worth $23 million was pumped into the livestock and fisheries sector as well. The existing enterprises in the service sector also saw a capital increase (US$0.619 million). 

Source: The Global New Light of Myanmar

Central Bank of Myanmar Announcement

RUMOURS suggesting that the amount of cash withdrawals from bank deposits is being limited and
that some private banks are providing advance salaries to their employees have recently circulated on social media and internet websites. These claims are fake news and false information.

There is no limit imposed on the amount of cash withdrawals from bank deposits. Thanks to the Core
Banking System, banking services are now available at any branch of a bank throughout the nation, as the
deposit account data of customers are readily and conveniently accessible at each branch. Moreover, digital banking services, as well as payments, can be easily made, and all banking services are being provided as usual. Customers of the banks continue to enjoy regular banking services.

Therefore, it is announced that the Central Bank of Myanmar (CBM) is now working in cooperation with
law enforcement organizations to identify those who spread fake news intending to damage the public interests and to impose deterrence punishment against them.

Source: The Global New Light of Myanmar

Mandalay to host International Trade Fair & Investment Forum 2023

THE Mandalay International Trade Fair and Investment Forum 2023 is scheduled to take place at the Mandalay Convention Centre in Chanmyathazi Township, Mandalay Region, as announced by the Mandalay Region Chambers of Commerce and Industry (MRCCI). MRCCI

Chairman U Win Htay stated that entrepreneurs from upper Myanmar and abroad will showcase their products in 262 booths at the forum, scheduled from 20 to 22 December.

“There are over 70 booths from China set to be opened. Indonesia also has a list of booths to participate in. The products that will be displayed include foodstuffs, consumer goods, and agricultural materials,” mentioned U Win Htay.

Additionally, agriculture,livestock, tourism, and energy forums will be incorporated into the event.The Mandalay International Trade Fair and Investment Forum was held in 2019 in Mandalay.

Source: The Global New Light of Myanmar