Myanmar entrepreneurs invited to 6th Western China International Fair for Investment and Trade

BUSINESSPERSONS and en­trepreneurs from Myanmar are invited to participate in the 6th Western China Interna­tional Fair for Investment and Trade (WCIFIT), scheduled to be held in Chongqing, People’s Republic of China, on 24 May 2024.

WCIFIT is a national-level international event in west­ern China, serving as a crucial platform for diplomatic, trade, and investment collaboration. It plays a key role in enhanc­ing international and domestic cooperation.

According to the report, there will be a discounted price of 1,500 RMB for a 9-square-me­tre standard booth in the main channel and 1,000 RMB for a 9-square-metre standard booth in the second channel, respectively. As experts and businesspeople from western countries will be attending the event, participants will have the opportunity to engage in discussions on trade and ex­pand their market.

Those willing to partici­pate in the event can inquire at the Union of Myanmar Federa­tion of Chambers of Commerce and Industry.

Source: The Global New Light of Myanmar

Myanmar-Thailand border trade values cross US$3.5 bln in 9 months

Myanmar’s border trade with neighbouring Thailand amounted to US$3.566 billion in the past nine months (April-December) of the current financial year 2023-2024.
The figures plunged from $3.95 billion in the year-ago period, indicating a sharp drop of $385.35 million.
Myanmar conducts cross-border trade with Thailand via the Tachilek, Myawady, Kawthoung, Myeik, Hteekhee and Mawtaung borders. The Hteekhee border performed the largest trade worth $2.2 billion in the past nine months. Moreover, the trade values stood at $997.4 million at Myawady border post, $115.9 million at Tachilek, $93 million at Myeik, $136.23 million at Kawthoung and $15 million at Mawtaung.
Myanmar carries out border trade with the neighbouring countries — China, Thailand, Bangladesh and India. It exports agricultural produce, livestock products, fisheries, minerals, forest products, finished industrial goods and other goods. At the same time, it brings in capital goods, intermediate goods, consumer goods and raw materials by the CMP enterprises. 

Source: The Global New Light of Myanmar

Manufacturing sector exports top US$6.8 bln in nine months

The export value from the manufacturing sector crossed US$6.8 billion in the past nine months of the current financial year 2023-2024, the Ministry of Commerce’s statistics showed.
Industrial finished goods exports earned $8.569 billion in the corresponding FY period. The figures reflected a significant drop of $1.7 billion this FY compared to the year-ago period.
Myanmar exports agricultural produce, livestock products, fisheries, minerals, forest products, finished industrial goods and other goods. At the same time, it imports capital goods, intermediate goods, raw materials for CMP garment factories and consumer goods.
Myanmar has implemented the National Export Strategy (NES) 2020-2025 to bolster exports. The priority sectors of the NES comprise 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

62 investments logged in Yangon Region in 2023

According to statistics released by the Yangon Region Investment Commission, 62 local and foreign investments were made in Yangon Region in 2023.
Of these, 46 were foreign investments, three were joint ventures, and Myanmar citizens made the remaining 13. Most investments were in the electricity, service, and industrial sectors.
These foreign direct investments (FDIs) created over 32,000 job opportunities and came from countries such as China, Japan, South Korea, Thailand, and others.
The endorsed enterprises covered a wide range of sectors, including the distribution of electricity from solar energy systems, oil production from grinding peanuts and sunflowers, purification and manufacturing of palm oil, dyeing and printing on fabrics and textiles, garment factories using the CMP system, warehousing and logistics services, hotels and tourism services, rice grinding and polishing, manufacturing various types of electric wires, manufacturing of aluminium, tin, and copper for export, exporting high-value rubbers, producing and selling cardboards in the domestic market, manufacturing various types of shoes with cut, make, and package systems, manufacturing and exporting construction materials, packaging and exporting fruits and vegetables with cold storage systems, manufacturing instant noodles, manufacturing value-added rice, grinding and polishing beans and pulses for export, and manufacturing construction-used grinding stones.

Source: The Global New Light of Myanmar

MSME products showroom launches to promote local entrepreneurs and boost economy

The opening ceremony for the showroom of MSME products on the e-market platform was held yesterday at the MSME Development Centre in Yangon Region. The showroom aims to foster the development of Micro, Small, and Medium Enterprises (MSMEs), expand markets for MSME products, and align with the evolving digital system.
The event was attended by Vice-Chairman of the MSME Development Working Committee, Union Minister for Industry Dr Charlie Than, Patron of the Yangon Region MSME Development Agency Chief Minister of Yangon Region U Soe Thein, officials from the Yangon Region government, and other relevant personnel.
Union Minister Dr Charlie Than stated, “Visitors can view products made with raw materials from respective states and regions in one place. It is designed to be a hub for connecting market networks to promote the country’s economy.”
According to the report, MSME entrepreneurs from states and regions participate in the showroom by showcasing their products. Those interested in selling or distributing these products won’t need to travel to various states and regions. This centralised approach saves time, money, and other opportunity costs since products can be purchased at the centre with the same prices and quality as in the main shops. Foreigners can also observe local products conveniently at the showroom.
The MSME products showroom features 906 products manufactured by 171 MSME entrepreneurs. Following the showroom event, the Union Minister visited a pharmaceutical factory in Insein Township, Yangon. During the visit, he observed the manufacturing processes of tablets, capsules, and caplets and emphasized the importance of continuous manufacturing processes without machine breakdowns. He called for the presence of spare machines and equipment to substitute in case of breakdowns.

Source: The Global New Light of Myanmar

Bagan welcomes 450,000+ domestic tourists

MORE than 450,000 visitors across Myanmar travelled the Bagan Ancient Cultural Zone last year, according to Assistant Director U Myo Min Aung of the Directorate of Hotels and Tourism (Bagan Branch).

The assistant director stated: “From 1 January to 25 December 2023, we received 457,956 domestic tourists. Lawkananda, Shwezigon and Ananda pagodas were among the most visited.”

He noted that even the Sinbyushin Temple, typically drawing limited interest from travellers, had experienced a surge in visitors.

“The temple could be called a Sangha University during the Bagan era, accommodating nearly 4,000 monks in its heyday. U Kyipwe Pond near Culamani Pagoda became popular among visitors, too,” he added.

Bagan is one of Myanmar’s major tourist destinations and remains bustling with visitors across the country year-round, especially during public holidays.

Renowned for its intact ancient religious buildings, Bagan continues to attract both domestic and international travellers. The Bagan Ancient Cultural Zone has 89 hotels, motels and guesthouses, and 24 municipal guesthouses.

Source: The Global New Light of Myanmar

Historic Konbaung era Kway Chaung fort needs base camp for visitors

A base camp at the historic Kway Chaung fort of the Konbaung era kings is necessary for tourist recreation and business opportunities, U Kyaw Myo Win, director at the Ministry of Religious Affairs and Culture (Bagan Division) suggested.

Kway Chaung fort was built in 1860. It took three years to build it and it was a historic site as the British naval vessels had to overcome it difficultly due to its strategic location.

Built a year earlier than near-by Minhla fort, Kway Chaung fort was systematically constructed with a specific location for fighting elephants.

“It is a big Konbaung era fort with a very good architect. It needs a base camp for visitors to rest at a distance from the fort without disturbing the view. From this camp, business opportunities for locals such as gift shops, cold drinks, a rest hall or toilets can be arranged. This will reduce the need for public to eat and relieve oneself inside the fort,” he said.

A fort like Kway Chaung, if it were in Europe, could seek world heritage status and there are many forts that have been designated as world heritage sites.

Source: The Global New Light of Myanmar

350 gem trading licences set to expire in Feb

A total of 357 gem trading licences are due to expire in February, Myanma Gems Enterprise notified.
Under the approval of the Ministry of Natural Resources and Environmental Conservation, those holding available licences (gems and jewellery trading licences, manufacturing licences for finished gems and carvings and rough gemstone and finished products trading licences) issued by the Myanma Gems Enterprise need to proceed to the renewal process three months before the expiry date. They must renew them at least one month before the expiry. Additionally, they can notify Myanma Gems Enterprise of winding down a business with one-month notice before ceasing the operation.
Licence renewal applications can be processed at Myanma Gems Enterprise (Nay Pyi Taw), Gems and Jewellery Museum in Yangon and Mandalay office, mining departments in Mogok, Lonekhin/Phakant, Monghsu and Myitkyina areas, in line with the rules and regulations. Those businesspersons holding expired licences in 2020 and 2021 were urged to reinstate them by the end of December with the relevant departments on 22 September 2023. The licences would get revoked unless it is renewed, Myanma Gems Enterprise notified. 

Source: The Global New Light of Myanmar

Kyat-US dollar exchange rate stable at around K3,450

Kyat value against the greenback has remained unchanged at approximately K3,450 at the Over-the-Counter market since early December 2023.
Meanwhile, the reference exchange rate of the Central Bank of Myanmar is K2,100.
On 5 December, the CBM allowed authorized dealers (private banks) to operate forex exchanges freely as per the market rate determined by the market force of the supply and demand.
Additionally, the CBM notified that outward remittance must comply with the rules and regulations of the Foreign Exchange Management Committee.
The dollar gained to around K4,000 on 19 August 2023.
Under Section 9 of the Foreign Exchange Management Law, only those entities holding foreign exchange dealer licences are allowed to deal in foreign currency and traveller’s cheques. Those holding foreign currencies without valid licences and permits will face legal actions under the law, according to the CBM’s notification released on 21 August 2023.
According to the notification (7/2014) dated 30 September 2014 issued by the Central Bank of Myanmar, affirmingly stating that under clause 15 of the Foreign Exchange Management Law, domestic residents are allowed to keep US$10,000 in maximum or equivalent amount of foreign currencies for six months. If those foreign currencies that have been unused for over six months have to be exchanged in local currency at the market price through authorized dealers or deposited into bank accounts.
Those illegally holding foreign currencies are to face legal actions under the Foreign Exchange Management Law, the CBM warned again. 

Source: The Global New Light of Myanmar

MR to construct warehouses, distribution centres at railway stations

Myanma Railways under the Ministry of Transport and Communications has stated that the Small Warehouses and Distribution Centres will be constructed on the railway sections.
The construction and operation of these centres related to the transport of goods by train will be launched with the principle of a five-year package system at the ten railway stations including the Thilawa-Toegyounggale-Yangon circular train route as well as the railway sections of Yangon-Pyay, Yangon-Mandalay, Yangon-Mawlamyine and Thazi-Myingyan.
Myanma Railways has invited tenders for these projects and those interested can purchase tender forms at the office of the Deputy General Manager (Logistics), Myanma Railways, at Corner of 51st Street and Merchant Street, Botahtaung Township, Yangon, during office hours between 1 and 15 January. The price for a set of tender forms is K500,000 and the deadline for submitting tender proposals is at 2 pm, 1 April 2024.

Source: The Global New Light of Myanmar