Myanmar entrepreneurs invited to MoHA construction projects

Private entrepreneurs from Myanmar are invited to carry out necessary construction works for the forces/departments of the Ministry of Home Affairs.
For the financial year 2024-2025, the submission of proposed tenders for the necessary construction work for the forces/departments under the Ministry of Home Affairs is invited to submit proposals and tenders. Regarding the tender forms, the profiles of successful companies are invited to visit the relevant forces/departments (headquarters) from 13 May.
The companies that have to submit the price submission tender form must submit the price proposals according to the construction work groups of the forces/departments at Dekkhinathiri District Fire Station near the Sutaungpyae Monastery, Tawun Yadana Street, Htantabin Kyaukmyat Kwathit, Kyapin Quater, Dekkhinathiri Township, Nay Pyi Taw on 21 May from 10 am to 4 pm.
For more detailed information, interested people can contact the Minister’s Office, the Myanmar Police Force, Bureau of Special Investigation, the Correctional Department, and the Fire Service Department. 

Source: The Global New Light of Myanmar

MoC collaborates withUMFCCI to export maizeand rice, boosting economy

According to reports, a total of 5,400 tonnes of maize were exported from Min Htet Min Port (MHM), along with 2,700 tonnes from Shweme Jetty (SMJ) and 4,850 tonnes of rice from Wilmar International Port Terminal. This export initiative, conducted in collaboration between the Ministry of Commerce and the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI), aims to bolster the country’s economy.
Additionally, on 15 May, further exports included 71,900 tonnes of maize and 6,000 tonnes of rice from Sule Port Wharves (SPW), 53,500 tonnes of maize from Myanmar Industrial Port (MIP), 58,400 tonnes and 12,500 tonnes of rice from Ahlon International Port Terminal (AIPT), 29,500 tonnes of maize from The Myanmar Terminal-TMT, 5,400 tonnes of maize from Min Htet Min Port (MHM), 11,000 tonnes from Yangon International Gateway Terminal (YIGT), and 2,700 tonnes of maize from Myanmar Five Star Line (MFSL). These exports are set to continue.

Source: The Global New Light of Myanmar

Myanma Port Authority: 52 container vessels scheduled to call in May

A total of 52 container vessels will dock at the Yangon Port in May 2024, the Myanma Port Authority announced.
In May, seven container vessels run by Maersk  A/S Line, six each by Cosco Shipping  Line and Samudera Shipping  Line, five each by MSC Line and SITC Shipping Line, four by Ti2 Container Line, three each by BLPL Shipping Line, CMA CGM Line, ONE Line and RCL Line, two each by Evergreen Line, IAL Shipping Line and PIL Line are slated to enter the Yangon Port.
Myanma Port Authority stated that 49 vessels in January, 53 in February, 55 in March and 50 in April arrived at the Yangon Port.
Yangon Port handled 629 container vessels in 2023. Thanks to the draft extension, the international ocean liners can access the inner port for now, according to the Myanma Port Authority’s statement on 22 June 2022.
After the new navigation channel (Kings Bank Channel) accessing the inner Yangon River had been found, the draft extension work was accelerated. Afterwards, the port can now handle larger ships. The container vessel (185.99 metres LOA, 35.25 m Beam, 29,232 GRT and 2,698 TEU) Hong Kong-based SITC Shipping Line docked at Asia World Port Terminal for the first time on 22 June, which is the largest ship that AWPT Port handled.
Since May 2021, the arrival of ships at terminals in Yangon has increased again. To fulfil the seaborne trade requirements, three new container vessels by Maersk Line Myanmar (SeaLand Maersk) started to run in 2021.
Earlier, the larger ships had draft problems preventing their sailing on the Yangon River. With the draft being extended up to 10 meters, the larger ocean liners can enter the Thilawa Port.

Source: The Global New Light of Myanmar

Republic of the Union of MyanmarAnnouncement of Central Committeeon Prevention, Control and Treatment ofCoronavirus Disease 2019 (COVID-19)

IT is necessary to control Coronavirus Disease 2019 (COVID-19) infection continuously. So, it is now announced that public requests, orders, notifications and directives (except for easing restrictions) released by Union-Level Organizations and Union Ministries up to 30 April 2024 have been extended to 31 May 2024 for prevention, control and treatment on Coronavirus Disease (COVID-19).

Source: The Global New Light of Myanmar

Monthly Business Brief, April 2024

Economy

Gold price records hike up to K.4.8 million per tical

Domestic gold price persistently surged to K 4.8 million per tical (0.578 ounce or 0.016 kilogramme). Discussions are underway by Monitoring and Steering Committee on Gold and Currency Market to establish quality criteria and base prices for gold to ensure systematic trading in the gold market. The Committee comprises authorities from The Central Bank of Myanmar (CBM), Yangon City Development Committee, the Department of General Administration and law enforcement agencies.

Banking and finance

Kyat depreciates to K 3,900 against US dollar and CBM interventions

 Kyat weakened to K 3,900 against US dollar at end March at the over the counter market.  The Central Bank of Myanmar (CBM) sold a total of 14 million baht to the export and import businesses via an online trading platform on 27 April. Likewise, the CBM has also sold US$3 million, 2 million yuan and 40 million baht to the export and import businesses on 3 April. CBM revoked the licences of seven money changers and suspended those of 19 money changers for six months in April as they failed to comply with the rules, guidelines and directives.

Trade

Myanmar foreign trade at US$30 billion in FY 2023-2024, $4 billion less than last year

Myanmar total foreign trade in 2023-2024 (April- March) was $30 billion in which $ 14.6 billion for export and $ 15.4 billion import. The trade was $ 4 billion less than $ 34 billion in 2022-23. Share of overseas and border trade in 2023-24 stood 74:26 ratios. Myanmar exported $ 8.8 billion manufacturing goods and $ 3.8 billion agricultural products. Myanmar bagged US$1.48 billion from over 1.76 million tonnes of pulse exports in year 2023-2024. Myanmar’s seaborne trade registered over 1.6 million tonnes of pulse exports worth $1.34 billion, whereas over 157,409 tonnes of pulses worth $141.38 million were sent to the neighbouring countries through border trade. Myanmar shipped fishery products worth US$714.89 million to foreign trade partners in 2023-2024, although it was shrank from $765.94 million registered in the FY 2022-2023. Myanmar exports fishery products to Japan, European countries, China and Thailand through maritime trade channels and also delivers fish, shrimp, prawns, crab and other seafood to neighbouring countries via border posts.

Trade Dept approves container shipping for Myanmar-Thailand border trade

The Trade Department under the Ministry of Commerce released a news bulletin 1/2024 on 11 April that it allows to container shipping to and from Yangon-Kawthoung-Ranong for Myanmar-Thailand border trade. Two jetties in Shwe Pyi Tha Township in Yangon are allowed to provide temporarily for international cargo port services in order to ensure a fast and smooth trade flow.

Investment

Almost US$ 661 million of FDI with 71 projects entered to Myanmar in FY 2023-24 in which power sector shared the top position at $ 375 million with 3 projects followed by manufacturing sector at $ 151 million with 60 projects.

According to PTTEP’s announcement, Chevron, a US company officially withdrew from Yadana Gas project in early April. Chevron share was moved to PTTEP (63% share) and MOGE. Axiata, a Malaysian telecom company sold its shares to  EDOTCO Myanmar with $ 150 million and left from Myanmar. EDOTCO Myanmar is a major business which implements over 3,000 telecommunication towers in Myanmar.

Manufacturing

11 factories produce 8 million tonnes of cement annually

Eleven cement factories produce over eight million tonnes of cement annually. The private sector operates 16 cement factories, while the State sector occupied three. If all factories are operational in full capacity, they can collectively produce over 16 million tonnes of cement a year. Annual local consumption stands at approximately 10-11 million tonnes so that local production can meet two-thirds of the local demand.

Downturn in production eases across Myanmar, but outlook worsens according to PMI

According to Myanmar Purchasing Manager Index (PMI) , the first quarter of 2024 ended with a further deterioration in operating conditions across Myanmar’s manufacturing sector.  However, the downturn across the sector moderated further, as the latest rates of contraction for output and new orders continued to weaken since last December.   As a result, while buying activity remained in retrenchment mode, the downturn here also moderated. AlthoughPMI index in March was 48.3, the highest in last 5 month period, the manufacturing sector is a weaker deterioration due to weak output and falling employment. It is worsen in April due to electricity shortage especially in industrial zones in Yangon where electricity is available only 4 hours a day. Manufacturing firms face high operation cost with generator and are difficult to run the business.

COVID

  • In order to continuously control the infection of COVID-19, the rules and restrictions have been extended until the end of May 2024.