siam-commercial-bank-opens-in-myanmar

Siam Commercial Bank opens in Myanmar

by SERVICES

Siam Commercial Bank, the only Thai bank allowed to operate a wholly-owned subsidiary bank in Myanmar, is opening “Siam Commercial Bank Myanmar” in Yangon, according to a press release. SCB Myanmar will leverage its digital banking expertise and strength to elevate financial products, services, and payment systems in Myanmar to fulfil the business requirements of the ASEAN group. The move will open up new capabilities and allow SCB Myanmar to meet the needs of every customer group in Myanmar to the fullest extent possible, whether large corporations, SMEs, or retail customers. SCB Myanmar will also capitalize on SCB’s branch network by bridging regional trade and investment relations among the CLMV+2 countries.


Siam Commercial Bank President SarutRuttanaporn said that the Bank will support the development of financial infrastructure and payment systems even further by offering solutions critical for Myanmar’s businesses and digital finance, in line with the increasing popularity of Myanmar’s digital banking trend. The Bank is now studying the market so as to create satisfactory financial experiences for the people of Myanmar. Their tasks will start from the development of digital payment systems, both a corporate portal for businesses and mobile banking for retail customers. Services expected to be available in 2022, which will help support business payments and reduce cash usage and management costs in the country.

SCB was granted a banking licence to operate Siam Commercial Bank Myanmar by the Central Bank of Myanmar. This development is an important jigsaw piece in SCB, accomplishing the strategic expansion of its overseas network in the CLMV+2 countries over the past several years. With its increasing importance as a regionally strategic country, Myanmar has become one of the top destinations attracting investors from around the world. The country’s strategic location links Asia’s two regional powers, China and India. According to a World Bank forecast, Myanmar’s GDP will resume its former 6 per cent level in 2021, up from the 1.5 per cent level predicted for 2020 due to impacts of the COVID-19 pandemic. 

Source: The Global New Light of Myanmar

myanmar-india-health-virus-084510

1.5 mln doses of India’s Covishield vaccine arrive in Myanmar

by COVID

A total of 1.5 million doses of the Covishield vaccine manufactured by Serum Institute of India (SII) arrived at the Yangon International Airport yesterday. On the government-to-government basis, the first batch of COVID-19 vaccines from India was transported to Myanmar by Air India.
Indian Ambassador Mr Shri Saurabh Kumar handed over the 1.5 million doses of the Covishield vaccines to Director-General from Medical Research Department Professor Dr Zaw Than Tun at the Yangon International Airport.

Regarding the assistance to Myanmar, the Indian Ambassador said that India is providing the home-made vaccines to the partner countries, including Myanmar. He also quoted the Prime Minister of India as saying that India’s vaccine would be useful for fighting the pandemic. Deputy Director-General of Yangon Region’s Public Health Department Dr Tun Myint said that it is still necessary to be careful of COVID-19 after being vaccinated the first time. Prevention guidelines are still required to be abided by until the second dose of vaccine is received to avoid the waste of valuable medicines.

The vaccines need to be stored in the room temperatures of 2 to 8°C. As some of the previous vaccines were stored in the cool chain room, it is not a problem for the COVID-19 vaccine. The vaccines will be transported to the central cool chain room and distributed to regions and states. The government of India donated the first batch of the COVID-19 vaccines to Myanmar in enhancing Myanmar-India relations and helping Myanmar in the fights against the pandemic. Second batch of the vaccines will soon arrive in Myanmar.

Source: The Global New Light of Myanmar

Employees clean and wash farmed fish at Hlaing Htate Khaung Cold Store in Yangon, Myanmar on August 29, 2018. Photograph: Taylor Weidman/Bloomberg

China allows Myanmar fishery products only with COVID-free certificates

by TRADING

Department of Animal and Plant Quarantine of the General Administration of Customs of China-GACC informed the Embassy of the Republic of the Union of Myanmar in Beijing that China has allowed import of Myanmar fishery products only upon production of COVID-free certificate. The GACC mentioned in a statement that to ensure the safety and effective prevention of the spreading of the COVID-19 on the goods plays an important role, to set up an effective safety system by the companies registered to export edible aquatic animals to China following these guidelines, to implement the protection system, to give specific guidelines to check COVID-19 in edible aquatic animals exported to China. Besides, the companies registered to export edible aquatic animals to China need to halt the import process immediately and need to inform China when they found the suspected COVID-19 patients in their companies or if there is a risk of COVID-19 infection in the export products.

The suspended companies should resume the export process to China after confirming that they are safe. Also, China urges companies to work together for security and convenience regarding the export of edible aquatic animals to China. Therefore, the COVID-19 free certificates essential to fishery exports to China must be issued at as soon as possible because it can cause disturbance on trading, said General Secretary U Win Kyaing of the Myanmar Fisheries Federation (MFF). Since last October, China authorities have given a permit for fishery exports only upon production of COVID-19 free certificates on products. Consequently, fishery exports, including frozen fish, prawn, eel and crabs, cannot be exported to China via the land border. Although China earlier allowed Myanmar to export fishery products without having any certificates through regular trade, China did not allow importing without the COVID-free certificates.

However, MFF is not clear about which department is responsible for issuing COVID-19 clearance certificate for fishery products. It is a new order for the COVID-free certificates on fishery products. They are not clear as to who are legal authorities. Also, there are no guidelines to check the COVID-19 on the export products. The Federation has already submitted a report to the Ministry of Agriculture, Livestock and Irrigation through the Fisheries Department to screen fishery products and receive the COVID-19-free certificates. On 21 January, a coordination meeting was held in the meeting hall of the Ministry of Agriculture, Livestock and Irrigation in Nay Pyi Taw to respond to the impact of COVID-19 on the fisheries sector. At the meeting, Union Minister for Agriculture, Livestock and Irrigation Dr Aung Thu said that coordination would be made between the governments to engage the fishery products to the potential foreign markets.

The ministry will also call for coordination with the relevant departments, including the Myanmar fisheries federation, to issue the COVID-free certificates on Myanmar fishery products. China is the second-largest buyer of Myanmar’s fishery products. During the previous financial year 2019-2020, Myanmar shipped over US$850 million worth fishery products to external markets and among them, $254 million worth exports flowed into China. The Federation expects to reach fishery export target of $1 billion in the current FY. Myanmar has earned $278.378 million from the export of fishery products over three and a half months of this financial year between 1 October 2020 and 15 January 2021. The same period of the last FY saw $301.958 million. So, this year’s amount plunged into $23.580 million, according to official data of the Ministry of Commerce. Myanmar’s marine products mainly go to more than 45 countries, with Thailand being the largest exporter followed by China.

Source: The Global New Light of Myanmar

logoWithText1

Relief cash fund of Social Security Board given to insured workers, employees

by COVID

The Social Security Board is providing its COVID-19 fund to the insured employees from the private owned factories, workplaces and businesses. As the 1st Wave of COVID-19 fund , the number of (825,106) insured workers and employees are given K20,763.866 million as the benefit from social security fund from 13-5-2020 to 19-1-2021. For the 2nd Wave, the number of (704,652) insured workers and employees are given K44,574.801 million from 2-10-2020 to 19-1-2021.

Moreover, for (796) insured persons in quarantine centre have received K67.586 million from 28-3-2020 to 19-1-2021. Besides, (3,620) insured pregnant employees have received K555.515 million from 22-4-2020 to 19-1-2021. In total, the Social Security Board has given a total of (1,534,174) insured workers and employees to K65,961.768 million.

Source: The Global New Light of Myanmar

rtak9kpTURBXy8xYzYwNTNjZjc4MzhiNmE1NTFhMmU3MzhjNmI0YTE1MC5qcGeSlQM0AM0CuM0BiJMFzQMUzQG8gaEwAQ

In November 2020, the second wave of COVID-19 closed car showrooms and car factories, leaving no brand new car sales and production

by MANUFACTURING

In November 2020, the second wave of the COVID-19 epidemic closed car showrooms and manufacturing plants in Myanmar, leaving no brand new car sales or production, according to regional car sales and production data released by the ASEAN Automotive Federation. The ASEAN market as a whole saw sales of 256,158 new cars in November 2020, down 13.9 percent from the same period last year, with Myanmar down 100 percent. In 2017, 8225 brand new cars were sold in Myanmar, more than 97% more than in 2016. In 2018, there were 9,299 vehicles compared to the same period in 2017. Sales increased by 113% to 17,524 vehicles in 2018.

In the Myanmar market, 4,392 vehicles were sold in 2019 compared to 2018, with 21,916 new cars (an increase of 25.1%). In January 2020, 2034 new cars; In February, 2,286 vehicles; 1979 were sold in March, and showrooms closed in April due to the first wave of COVID-19. 1253 in May; 1985 in June; 2258 vehicles in July; In August, 2,238 vehicles were sold. Due to the second wave of COVID-19, only about half of the showrooms opened in September, selling only 1,112 units, and closed again in October and November. In 2016, 4,168 new cars were sold in Myanmar. In 2018, more than 17,000 new cars were sold, and in 2019, nearly 22,000 new cars were sold. 

Myanmar is an emerging market for the sale and production of new cars, and growth is expected to continue year on year. Despite the continuous growth of new car production in Myanmar, as well as the growth of new car sales, car assembly production declined during the COVID-19 period. In January 2020, 1,459 vehicles; 1388 in February; In March, 1214 units were produced, and in April, the first wave of COVID-19 shut down car factories. 703 in May; 1313 vehicles in June; In July, 1,438 vehicles; In August, 1,558 vehicles were produced. Due to the second wave of COVID-19, the plant was operational for about half a month in September, producing only 1,587 units, and in October and November, the second wave of COVID-19 shut down car factories. 

Six ASEAN countries, including Myanmar, are involved in the production of new car assemblies. Myanmar will increase by more than 320% in 2017; In 2018, it will be close to 150 percent. In 2019, it increased by more than 24%. The Asean market as a whole saw 325,242 new car assemblies in November 2020, down 4.6 percent from the same period last year, and Myanmar was down 100 percent from the same period last year. The number of new cars assembled in Myanmar in 2017 was 4,930, an increase of 3,788 units from 2016, an increase of 328%. In 2018, 12,292 cars were assembled, an increase of 7,362 from the previous year, an increase of 149%. In 2019, 15,496 cars were assembled, an increase of 3,204 from the previous year, an increase of 26%.

Source: Daily Eleven

myanmar_c

Chinese traders buying Myanmar cattle on black market

by TRADING

According to the Mandalay Region Cattle Exporters Association, China has been purchasing cattle from Myanmar on the black market. Chinese traders are buying cattle on black markets (Lweje, Chinshwehaw and Wa border areas). However, about 15,000 heads have stranded in Muse for shipment to China through a legitimate route. Chinese traders keep purchasing cattle through illegitimate channels via Lweje, Chinshwehaw and Wa border areas. They do not want cattle in Muse, which is a legitimate trade route. This action is like supporting the black market instead confirmed by the Chairperson of the Mandalay Region Cattle Exporters Association.

Around 2,000 heads of cattle are daily traded on black markets, he continued. As a result of this, some traders brought the cattle from Muse back to their home owing to the burden of high feedstuff cost and labour wages. However, some are still waiting for a positive outcome from the bilateral negotiation on cattle export, which will be held in January-end. Moreover, some intentionally stated that they would return to the original designated place but conduct illegal trade in border areas. Some traders from Muse turn to black-market instead of going back to home. Regarding cattle exports via Muse, the trading system needs to be changed. Failure to do so cannot avoid a similar event in future. Price manipulation and financial fraud problems will keep arising, said by Myanmar Livestock Federation’s vice-chair.


Such kind of problems will happen as they are carrying out trade in the border area without having trade agreement. They should have made the deal in advance like goat exporters. This can avoid the scam and goods stuck in the border area. The trade hub should have been in Mandalay or Shan State rather than Muse border. It’d be better if the department concerned grants licence for delivering goods to the border after trade deal. About 15,000 heads of cattle, owned by 150 companies, are now stranded in Muse border as China stopped purchasing cattle. The labour wages and feedstuff cost burden them. It costs K400,000-600,000 to take care of 100 heads of cattle every day. For legitimate trade, China permits live cattle import only after ensuring the cattle is free from 20 diseases including Foot and Mouth Disease, along with vaccination certificates, health certificates, and farming registration certificates.

Therefore, the officials concerned from the two countries are negotiating this. Earlier, 1,500-2,000 heads of cattle were daily traded through Muse border. China halted cattle trade with China stepping up border control as precautionary measures for the COVID-19 and other reasons, the association stated. Additionally, Myanmar’s live cattle export relies heavily on the China market due to a reasonable price. However, Myanmar has other external markets such as Laos, Thailand, Malaysia, and Bangladesh.
The Ministry of Commerce grants a permit to each company for 100 cattle export, and the pass is valid for three months. The companies can be taken legal actions if they do not sell the cattle during a three-month period.
Live cattle export was allowed in late 2017, to eradicate illegal exports, creating more opportunities for breeders and promoting their interests.
Myanmar can yearly export around 500,000 heads of cattle beyond domestic consumption, the association stated.

Source: The Global New Light of Myanmar

Myanmar’s first-ever Yangon Waste to Energy Plant generates 760 kW of electricity daily

by ENERGY

Myanmar’s first-ever Yangon Waste to Energy Plant has been built with minimal environmental impact, and the plant generates 760 kilowatts of electricity per day, according to the Yangon City Development Committee (YCDC). In May 2015, the Pollution Control and Cleaning Department of YCDC cooperated with the JFE Engineering, which is commissioned by the Tokyo Metropolitan Government, to build the plant. The plant is located on 15 acres of land near Hlawkar Road in Shwepyitha Township, Yangon, and the project cost US$16 million. The plant uses the heat generated by burning the garbage (waste) to generate electricity. Since 7 April 2017, the plant received about 60 tonnes of waste from Mingaladon Township. It incinerated the waste, generating 760 kilowatts of electricity daily.

Out of the 760 kilowatts, about 400 kilowatts of electricity have been used to operate the plant and the remaining 360 kilowatts are fed into YESC’s National Grid. The Yangon Waste to Energy Plant employs 91 workers including officials, engineers and garbage collection workers. For annual maintenance, the plant usually stops its operations for about 40 days a year, said by a member of the YCDC. It is the first-ever Waste to Energy Plant in Myanmar, and air pollution will be kept to a minimum. The air pollution indicators are in line with international air pollution standards. The Waste Yard can handle about 200 tonnes of waste in three days. However, the plant can only incinerate 60 tonnes of waste a day. Hence, the plant handles only 60 tonnes of waste from Mingaladon Township.

In fact, Yangon produces about 2,500 to 2,700 tonnes of garbage daily, so we are working hard to build more Waste to Energy Plants to generate more electricity. They wanted to send their engineering staff to Japan to receive technological training there. But it would be more expensive to send our staff to Japan. So, they brought in Japanese experts to work in the plant and to help their staff gain technological knowledge. Over the past four years, the skills and knowledge of their staff have improved significantly. Garbage collection workers are always on duty in the stinking factory environment, so they are constantly encouraging them to be motivated. Only then, they will be able to work in the plant for the long term. Up to 90 per cent of the waste can be disposed of at the Yangon Waste to Energy Plant, and 10 per cent of the waste is properly disposed of at Kyu Chaung Cemetery in Shwepyitha Township, according to YCDC.

Source: The Global New Light of Myanmar

MoEE, TPMC company sign power purchase agreement for LNG to Power Project

by ENERGY

MINISTRY of Electricity and Energy signed a power purchase agreement in Nay Pyi Taw for the 365 MW LNG to Power Project to be implemented by TTCL Power Myanmar Co., Ltd in Ahlon Power Plant, Yangon Region, yesterday afternoon. Union Minister U Win Khaing, Deputy Ministers U Khin Maung Win and Dr Tun Naing, Permanent Secretary U Than Zaw and departmental officials attended the ceremony. President & CEO for TTCL
Power Myanmar Co., Ltd. Mr Hironobu Iriya, Managing Director Ms Suratana Trinratana and officials, attended the ceremony through videoconferencing. The Union Minister said his Ministry is making efforts
to generate more electricity from all available sources from the country, including imported LNG, as the electricity demand increased.

The Ahlone LNG to Power Combined Cycle Power Plant project, invested by TTCL Co., Ltd is one of the three major projects that the Ministry issued Notice to Proceed (NTP) to companies. The Ahlone LNG project was launched in 2018 and TTCL Co., Ltd carried out the feasibility study, environmental impact assessment, LNG feasibility and gas pipelines, including land ownership for the project during the two-year preparation period. The Union Minister added the coordination with companies and all stakeholders for the PPA contract due to the nature of the project that is different from other conventional projects. According to the schedule in the PPA contract, TTCL Company will need to complete the commercial operation of the project within the next three years. The company has extensive experience in Japan with LNG power generation and the construction of an inland LNG Terminal and Regasification Unit.


The Union Minister said that necessary equipment such as natural gas pipeline and transmission line would be built in Yangon area and the company needs to follow not only international rules and regulations but
MoEE, TPMC company sign power purchase agreement for LNG to Power Project also domestic rules and regulations at all stages of construction and operation. Managing Director for Electric Power Generation Enterprise (EPGE), Ministry of Electricity and Energy U Than Naing Oo and Managing Director for TTCL Power Management Co., Ltd Ms Suratana Trinratana
signed the Power Purchase Agreement (PPA). This is the first long-term
LNG project in Myanmar using inland LNG Terminal and Regasification Unit, and it is a reliable project due to its stable LNG supply. With the use
of Combined Cycle Technology, electricity generation can be improved, and the environmental impacts can be minimized. Upon successful completion of this project, according to the PPA, it will be able to supply and distribute electricity to the Yangon Region, especially to provide more stable electricity.

Source: The Global New Light of Myanmar

DSC_0682-72-720x477

YRIC endorses $12.7 mln worth seven proposals in four months(Oct-Jan)

by MANUFACTURING

The Yangon Region Investment Committee (YRIC) has endorsed four foreign enterprises from China, Japan, Singapore and Hong Kong SAR in the manufacturing sector, with an estimated capital of US$12.7 million, in the four months (Oct-Jan) of the current financial year 2020-2021. Additionally, one domestic enterprise is also given the go-ahead, with the capital of K2.9 billion. Those enterprises are to create over 3,700 jobs.

They will execute manufacturing of bags, footwear, underwear and garments on a Cutting, Making, and Packing (CMP) basis and production of pulses and beans, and production and distribution of fish sauce, YRIC stated. Between 1 October and 30 September of the previous financial year 2019-2020, Yangon Region attracted FDI of $308.768 million from 137 foreign enterprises. The manufacturing sector has attracted the most foreign investments in Yangon Region, with enterprises engaging in 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 arrive in the region. 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. The initial investment does not exceed K6 billion, or $5 million.

Source: The Global New Light of Myanmar

Dr-Aung-Thu-1

Groundbreaking ceremony of Agricultural Marketing Centre held in Nay Pyi Taw

by TRADING

The groundbreaking ceremony of the Agricultural Marketing Centre was held in Pobbathiri Township, Nay Pyi Taw yesterday morning. The ceremony was attended by the Union Minister for Agriculture, Livestock and Irrigation Dr Aung Thu, Deputy Minister U Hla Kyaw, Nay Pyi Taw Council member U Aye Maung Sein, Amyotha Hluttaw Representative U Maung Maung Swe, Ambassador of the Republic of Korea to Myanmar Mr Lee Sang-hwa, Chief Representative of KOICA Myanmar Ms Lee Youn Soo, the Permanent Secretary, Directors-General of the ministry and other relevant officials.

At the ceremony, Union Minister Dr Aung Thu said that the agricultural sector is a key factor in Myanmar’s economic development process. Establishing the Agricultural Marketing Centre and the Agricultural Products Processing Centre will benefit both agriculturalists and consumers, according to the Union Minister, who said that the cooperation among the government, private sector and agriculturalists is expected to greatly enhance the opportunities to compete in the international market.
During the ceremony, Ambassador Mr Lee Sang-hwa also delivered a congratulatory speech and KOICA Myanmar representative Ms Lee Youn Soo expressed thanks to all stakeholders.

The Agricultural Marketing Centre project, jointly carried out by the Korea International Cooperation Agency (KOICA) and the Ministry of Agriculture, Livestock and Irrigation, was begun in 2018 with US$8.37 million in financial aid from Korea. The Agricultural Marketing Centre will be built in Pobbathiri Township in Nay Pyi Taw and the Agricultural Product Processing Centre will be built in Heho in Shan State. The objective of establishing the two centres is to improve the market for agricultural products in major agricultural production areas, said Director-General Dr Ye Tint Tun. The centres will be able to provide efficient agricultural market information, and another benefit is that the agriculturalists’ organizations will be strengthened. They will help strengthen agricultural infrastructures and will work for issuance of certification. So, the centres will help fulfil the Agriculture Development Strategy (ADS).

Source: The Global New Light of Myanmar