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From July 2021 to early January 2022, up to 2,200 companies were deregistered according to the Myanmar Companies Law

From July 2021 to early January 2022, up to 2,200 companies were deregistered under Section 430 (f) of the Myanmar Companies Law, according to figures released by the Directorate of Investment and Company Administration. 300 companies in July 2021; 200 companies in August; 400 companies in September and 400 companies in October; 400 companies in November; 40 companies in December; As of January 3, 2022, there are a total of 2,200 companies with 100 companies.

Companies that fail to submit an annual return under Section 97 of the Myanmar Companies Law will be removed from the register under Section 430 (f) of the Myanmar Companies Law (Struck.Off) by the Directorate of Investment and Company Administration from the date of issuance of these notices. Companies registered with MyCO are required to submit an Annual Return (AR). The last date to submit the Annual Return is stated on the company profile, so you have to pay the registration fee of 50,000 kyats before that date. Late Fee of 100,000 Kyats must be paid within 28 days after the date of submission of Annual Return. If the Annual Return is submitted after 28 days, it will be suspended.

The company will be deregistered if the AR is not submitted for six months after suspension. If the company is revoked and wants to revive its name, the company will have to file a 1-5 re-submission on MyCO with a court order. The Department of Investment and Company Administration (DICA) has issued a statement urging special attention to be paid to the annual return report, as the company will be tarnished by the costs of applying for a waiver in the event of a Struck Off listing and failing to comply with the Myanmar Companies Law. Section 97 (a) of the Myanmar Companies Law stipulates that all companies must submit to the Registrar every year at least once a year for two months from the date of its formation and thereafter, but not later than one month after the expiration of the year of incorporation.

Source: Daily Eleven

An employee demonstrates samples of Sputnik Light vaccine against the coronavirus disease (COVID-19) developed by the Gamaleya Research Institute of Epidemiology and Microbiology, in this still image taken from video released May 6, 2021 by the Russian Direct Investment Fund (RDIF). The Russian Direct Investment Fund (RDIF)/Handout via REUTERS

Second batch of Sputnik Light COVID-19 vaccine arrives in Yangon

Officials from the Yangon Region Public Health and Medical Services Department received a total of 512,000 doses of Sputnik Light COVID-19 vaccines purchased from the Russian Federation yesterday morning at the Yangon International Airport.

Myanmar purchased a total of 1 million doses of the Russian-made COVID-19 vaccines, nearly a half of which 488,000 doses were transported to Myanmar in the first batch on 13 January, and this is the second batch.

Sputnik Light COVID-19 vaccine requires only one dose per person and will greatly contribute to the rapid coverage of the COVID-19 vaccine in Myanmar. The vaccines have been stored at the Central Vaccine Store Depot in Yangon and will be distributed to regions and states.

Source: The Global New Light of Myanmar

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CBM sells $50 mln in two weeks

The Central Bank of Myanmar (CBM) sold US$50 million at its foreign auction rate in two weeks, according to the statement of CBM. According to the sales of US dollars in January, the bank sold $15 million each on 7 and 12 January and, 10 million each on 13 and 14 January. The CBM is selling the foreign currency at its auction-rate through banks to the prioritized sectors especially fuel oil, edible oil and pharmaceutical sectors where the dollars are vastly in need.

The CBM is conduction an auction for foreign exchange to reduce the sudden fluctuation of foreign exchange rates Last a few days, the US dollar exchange rate rose to over K2,000 per dollar in the domestic foreign exchange market. The dollar exchange rate against the Myanmar kyat currently stood at below K2,000 per dollar.

Although the exchange rate on the US dollar hit around K1,330 per dollar the last January, the dollar value reached the highest of over K3,000 last September-end. Last year, the CBM sold $429 million to the sectors especially the oil, fuel and pharmaceutical sectors that need US dollars through the banks. Besides, the Central Bank of Myanmar (CBM) issued the instruction on 9 November that the foreign exchange transitions must be carried out within ± 0.5 per cent of the reference rate established by the CBM. Currently, the CBM selling the US dollar at the auction rate of K1,778 on 14 January.

Source: The Global New Light of Myanmar

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YRIC nods over $15 mln, K2.39 bln worth of 10 projects

Yangon Region Investment Committee (YRIC) endorsed eight foreign enterprises and two domestic projects made by Myanmar citizens in the manufacturing sector, with an estimated capital of US$15 million and K2.39 billion, according to the YRIC’s videoconferencing convened at the YRIC office on 12 January. Those businesses will execute production of bridal gowns on the Cutting-Making and Packing basis, production of cotton, mattress and Pu Foam, Virgin Remy Double Drawn Hairs and Wigs production, manufacturing of apparel, electronic appliances production and production of candy.

The estimated capital to be brought in the country are $15.518 million and K2.394 billion and they are expected to create 7,334 local job opportunities. Moreover, they discussed the general issues of the other 18 companies. To simplify the verification of investment projects, the Myanmar Investment Law allows the region and state Investment Committees to grant permissions for local and foreign proposals, where the initial investment does not exceed K6 billion, or $5 million.

The investors can inquire about the investment and submit a proposal by dialling (01-658263, 01-658264) of YRIC located on Kabar Aye Pagoda Road, Yankin Township. The proposals worth above K6 billion can contact the Myanmar Investment Commission located on Thitsar Road, Yankin Township via 01-658102 and 01-658103, YRIC stated. The manufacturing sector has attracted the most foreign investments in Yangon Region, with enterprises engaging in the production of pharmaceuticals, vehicles, container boxes, and garments on a Cutting, Making, and Packing (CMP) basis. To date, foreign investments from China, Singapore, Japan, Hong Kong, the Republic of Korea, Viet Nam, India, China (Taipei), Malaysia, the British Virgin Islands and Seychelles are arriving in the region.

Source: The Global New Light of Myanmar

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Four companies allowed operating Ygn MFN system under BOT system

Four companies have been allowed to operate under the BOT system for the construction of a smart pole/monopole important for the implementation of a Metropolitan Fibre Network system in the Yangon region. The contract signing ceremony for the construction of the telecommunication tower was launched in the Mingala hall of Yangon region government office on 12 January.

The meeting was attended by Yangon Region Chief Minister U Hla Soe, regional ministers and officials. At the meeting, the chief minister delivered a speech that there should be complying with the terms and conditions of the contract, to launch discipline in the construction of the telecommunication infrastructure in the region and to assist by working together to eradicate illegal activities.

Then, region government secretary U Soe Soe Zaw on behalf of the government signed the agreement with officials from four tender winner companies. Regarding the construction of the telecommunication infrastructure in the Yangon region, the tender has been invited since 2019 to implement under the BOT system to construct the communication towers and to prevent illegal installation. In 2021, it is reported that the contracts have been signed with the four companies that won the tender. Nevertheless, the names of the four tender winning companies have not been released, it is learnt. 

Source: The Global New Light of Myanmar

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MoH receives 400,000 doses of Sputnik Light COVID-19 vaccines from Russia

The Ministry of Health received a total of 400,000 doses of Sputnik Light COVID-19 vaccines donated by the Russian Federation at Yangon International Airport yesterday evening. At the handover ceremony, Russian Ambassador Dr Nikolay Listopadov said the vaccines are donated to mark the Myanmar-Russia friendship and to support Myanmar’s efforts to eradicate COVID-19 disease. He said that Russia and Myanmar will continue to cooperate in the fight against the pandemic in a friendly manner.

Union Minister for Health Dr Thet Khaing Win expressed words of thanks. He said the third wave of COVID-19 in Myanmar was under control with the leadership of the the State Administration Council and the efforts of health workers in a timely manner, adding the importance of the vaccine to control the disease transmission and that the donated vaccines will greatly help in controlling the disease in Myanmar. The Union minister also said that Myanmar will cooperate with the Russian Federation in the fight against the pandemic in a friendly manner.

Afterwards, the Union minister concluded the handover ceremony after giving the certificate of honour. Then, matters in connexion with the enhancement of cooperation in the health sector between the two countries were discussed. The Sputnik Light vaccine phial can be administered one time only so as to ensure more coverage of vaccination in Myanmar. A total of 400,000 doses of the Sputnik Light vaccine donated by Russia arrived yesterday and a total of 600,000 doses of the Sputnik Light vaccine purchased from Russia will arrive in Myanmar on 16 January, it is learnt.

Source: The Global New Light of Myanmar

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In the first three months of the 2021-2022 fiscal year (Mini Budget), trade at four Myanmar-China border trade points was just over $ 345 million, four times less than the same period last year

In the three months of the 2021-2022 fiscal year (Mini Budget), the trade volume from the four Myanmar-China border trade points was just over $ 345 million, four times less than the same period last year, according to the Ministry of Commerce. In the three months from October to the end of December of the 2021-2022 fiscal year, the trade volume from the four Myanmar-China border trade points was $ 345.337 million. In the same period of the fiscal year 2020-2021, it received $ 1,747.419 million. Compared to the same period last year, in the first three months of the current fiscal year, it was $ 1,402.082 million less than the same period last year.

In the three months from October to the end of December of the 2021-2022 fiscal year, trade from the Muse border amounted to $ 321.777 million. 0.005 million from Lweje border; 15.398 million from Chin Shwe Haw border; $ 8.157 million from the border with the United States. $ 1,382.928 million from the Muse border in the same period last year; $ 73.558 million from Loije border; 160.491 million from Chin Shwe Haw border; It received $ 130.442 million from the Kanpokti border. Compared to the same period last year, cross-border trade in Muse increased by US $ 1,061.151 million in the first three months of the current fiscal year compared to the same period last year. $ 73.553 million from Loije border; $ 145.093 million from Chin Shwe Haw border; $ 122.285 million less from the border.

During the three months of the 2021-2022 fiscal year (Mini Budget), Myanmar’s exports and imports fell by more than $ 693 million, down from the same period last year, according to figures released by the Ministry of Commerce. From October 1 to the end of December of the 2021-2022 fiscal year, Myanmar’s foreign trade volume was only $ 7.239 billion. In the same period last year, foreign trade reached $ 7.932 billion. In the first three months of the current fiscal year, trade decreased by $ 693.481 million compared to the same period last year.

During the same period, Myanmar exported just over $ 3.705 billion, down $ 318 million from the same period last year. Imports amounted to $ 3.533 billion, down more than $ 374 million from the same period last year. Myanmar exports agricultural products Animal products Fishery products; Minerals; Forest products; It is exporting finished industrial products (CMP) and other products. Imports include investment goods; Business raw materials; Consumer goods Mainly imports CMP raw materials. Myanmar’s annual foreign trade in the 2012-2013 fiscal year was $ 8977.015 million. Imports amounted to $ 9068.914 million and the trade volume was $ 18045.929 million. In the 2015-2016 financial year, exports were $ 11,136.878 million. Imports were $ 16,577.948 million and trade was $ 27714.826 million.

Source: Daily Eleven

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Myanmar foreign trade tops $7.23 bln in half of mini-budget period

Myanmar’s external trade in the first half of the six-month mini-budget 2021-2022 (October-March) period sank to US$7.23 billion, which shows a drastic drop of $693 million as against the year-ago period, the Ministry of Commerce’s data showed. The international trade stood at over $7.93 billion in the corresponding period of the financial year 2020-2021, according to data released by the ministry.

During October-December 2021 period, Myanmar’s export was worth over $3.7 billion whereas, the country’s import was relatively low at $3.53 billion. The border trade dropped owing to the closure of the border post by the main trade partner China amid the coronavirus impacts. However, the maritime trade was registered a significant increase of $369.6 million.

Myanmar exports agricultural products, animal products, minerals, forest products, and finished industrial goods, while it imports capital goods, raw industrial materials, and consumer goods. The country’s export sector relies more on the agricultural and manufacturing sectors. The Ministry of Commerce is focusing on reducing the trade deficit, export promotion, import substitution and market diversification. The external trade stood at $29.58 billion in the 2020-2021 FY, as per the Commerce Ministry’s statistics.

Source: The Global New Light of Myanmar

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Fuel price on gradual rise above K1,400 per litre

All types of fuel oil have been priced at above K1,400 per litre, indicating a steady increase in prices, according to Yangon petrol stations. On 30 December 2021, the prices stood at K1,340 for Octane 92, K1,390 for Octane 95, K1,315 for diesel and K1,325 for premium diesel in Yangon, whereas it jumped to K1,445 for Octane 92, K1,495 for Octane 95, K1,440 for diesel and K1,450 for premium diesel on 11 January 2022. There is a price gap of over K100 per litre within two weeks, according to the local fuel oil market.

The fuel oil price is highly correlated with the exchange rate. At present, the exchange rate stands at around K2,000 in the local forex market. When a dollar was valued at only K1,330 in early February last year, the fuel oil was estimated at K590 per litre for Octane 92, K610 for Octane 95, K590 for diesel and K605 for premium diesel in early February 2021 in the domestic retail market. Consequently, in a bid to steer the dollar rally in the local forex market, the Central Bank of Myanmar (CBM) sold US$15 million at its auction market rate in January this year.

Additionally, the Ministry of Commerce in coordination with the Myanmar Petroleum Trade Association carried out a scheme to distribute fuel oil at fairer rates through the government-sponsored petrol station chains. The total volume of fuel oil that are sold at very cheap rates is equivalent to the amount that the oil importers directly purchased the foreign currency from the CBM. The oil has been distributed at the subsidized rate starting from 22 September. The CBM has directly sold $53.4 million to the fuel oil sector so far. Normally, Myanmar yearly imports six million tonnes of fuel oil from external markets, the Ministry of Commerce indicated.

Source: The Global New Light of Myanmar

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Information release on detection of SARS-CoV-2 Variant Omicron

  1. The Ministry of Health is continuously conducting “COVID-19 Molecular Disease Surveillance”, and releasing information on the detection of SARS CoV-2 Variant Omicron from those who return by relief flights in a timely manner.
  2. The four laboratory samples of the COVID-19 virus of the returnees were sent to the National Health Laboratory and No (1) Defence Services General Hospital (1000-bed) on 9-1-2022 and the SARS-CoV-2 Variant Omicron was found in three laboratory samples.
  3. Three Myanmar nationals had tested positive for Omicron as they returned from India by the relief flight.
  4. The patients are admitted to designated hospitals for medical treatment and the passengers who returned together with them now undergo strict quarantine and lab tests.
  5. Therefore, it is announced that the ministry is stepping up the COVID-19 disease monitoring and containing measures, including disease prevention, control and treatment activities.

Ministry of Health

Source: The Global New Light of Myanmar