Myanmar-Bangladesh border trade values cross US$7 mln over past five months

by TRADING

Myanmar conducted cross-border trade worth US$7.865 million with neighbouring Bangladesh via Sittway and Maungtaw posts over the past five months of the current financial year 2023-2024 beginning 1 April, the Ministry of Commerce’s statistics showed.
Export ($6.89 million) outperformed imports ($0.966 million) in Myanmar-Bangladesh border trade as of 8 September.
Trade via Maungtaw is valued at $5.287 million, while the value of trade via Sittway was estimated at $1.61 million over the past five months.
Myanmar carried out border trade worth $0.58 million with Bangladesh via Maungtaw between 1 and 10 September. The Maungtaw border is aimed to reach a trade target of $1.54 million for September. It achieved 37.73 per cent of the trade target in the first 10 days. Agricultural produce, fisheries and manufacturing goods are the main export items and no import is recorded.
The goods are supplied to the Maungtaw border through the Sittway-Buthidaung-Maungtaw and Sittway-Angumaw-Maungtaw routes. Mostly, goods flowed into the border via the Sittway-Angumaw-Maungtaw route. They are shipped to Bangladesh via the Kanyinchaung Economic Zone.
The Customs Department’s statistics indicated that Myanmar’s export to Bangladesh via the Sittway border was valued at $0.034 million between 2 and 8 September. Tamarind, jujube, fresh ginger and plum jam were sent to Bangladesh.
Although there is only 70 nautical miles distance between the two countries, the cargo vessels are operated depending on the weather conditions in monsoon season.

Source: The Global New Light of Myanmar

Myanmar seeks Chinese investment in promising industries at Mandalay Region Trade, Investment, and Tourism Promotion Conference

by INVESTMENT

UNION Minister for Commerce U Aung Naing Oo, currently in Nanning, Guangxi Zhuang Autonomous Region in the People’s Republic of China, addressed the Mandalay Region Trade, Investment and Tourism Promotion Conference yesterday.

In his speech, the Union minister said the Mandalay Region is strategically located for the China-Myanmar railway project, China-Myanmar Economic Corridor (CMEC) project, East-West Economic Corridor and South-West Economic Corridor of GMS. Therefore, it was selected as the City of Charm at the China-ASEAN Expo.

As Mandalay is situated at the junction of regional trading routes of economic corridors, the Chinese business people should invest in promising businesses such as food production, garment industry, finished gems and jewellery business, renewable energy and logistics sectors.

At the event, relevant officials also presented matters related to the Mandalay Myotha Industrial Zone project, Amarapura Tourism project, Mingala Mandalay project, Yetaguntaung City project, and fruits and vegetables of Myanmar.

Moreover, they signed five agreements including the Cooperation Agreement of the Luban Workshop Operation Project in Myanmar, two MoUs on economic cooperation, cooperation agreements on trading and supply and honey trading at the event. 

Source: The Global New Light of Myanmar

Electric motorbikes arrive at Yangon Port

by ENERGY

AIM electric motorbikes that were imported by Myanmar Arr Thit Man Motor Co Ltd, with the approval of the Steering Committee on National-Level Development of Electric Vehicles and Related Industries, arrived at the Yangon Port yesterday, and they were allowed to be claimed as per procedures. The import of these motorbikes is exempted from Customs duties.

Source: The Global New Light of Myanmar

Myanmar’s manufacturing sector attracts FDI surpassing US$63.5 mln in April-August

by MANUFACTURING

MYANMAR’S manufacturing sector attracted more than US$63.5 million from 26 enterprises in the
past five months (Apr-Aug) of the current financial year 2023-2024, including capital expansion by the existing enterprises, as per the statistics released by the Directorate of Investment and Company Administration (DICA). Chinese companies primarily made investments in the manufacturing sector. The Myanmar Investment Commission gave the go-ahead to 31 foreign projects from seven countries in the past five months, with an FDI of US$484.155 million, including expansion of capital by the existing enterprises, and the power sector topped the FDI line-ups with $317.178 million from two enterprises.
The agriculture sector drew over $2.5 million from three enterprises. The transport and communication
sector saw a capital expansion of $77.82 million. An increase of capital worth $23 million was pumped into the livestock and fisheries sector as well. The manufacturing enterprises that need a large labour force are prioritized to create job opportunities for the local community.

Myanmar’s manufacturing sector is largely concentrated in garments and textiles produced on a
cutting, making, and packing (CMP) basis, and it contributes to the country’s GDP to a certain extent. Following H&M Group phasing outsourcing from Myanmar, the Myanmar Garment Manufacturers Association (MGMA) will accelerate its effort to keep improving Myanmar’s garment sector, joining hands with international brands and partners, as per the MGMA’s statement on its commitment released on 25 August. The MGMA has implemented a Voluntary Labour Compliance Assessment (VLCA) from February
2020 to evaluate the compliance of the factories in line with the national labour laws and international labour standards. To beef up the assessments and expand enrolment, the online version was launched in November 2022. More than 220 factories have accomplished the assessment so far and over 100 are still under scrutiny.

Source: The Global New Light of Myanmar

Myanmar uses yuan to pay for Russian oil products

by ECONOMY

MYANMAR uses the yuan to pay for supplies of Russian petroleum products, Minister of Investment
and Foreign Economic Relations of Myanmar Dr Kan Zaw told Sputnik, adding that the parties are preparing an agreement on the mutual conversion of national currencies.
“We are using yuan and not (paying) with roubles at this moment. But we are trying to make the kyat-
rouble agreement (on the mutual conversion) … (the agreement) is going (to be signed) very soon,” Dr Kan Zaw said on the sidelines of the Eastern Economic Forum (EEF) in Vladivostok.

In addition, Dr Kan Zaw expressed hope that Myanmar would conclude an agreement with Russia on
tourism on the sidelines of the EEF.Last September, Myanmar’s Prime Minister Senior General Min Aung
Hlaing told Sputnik that the country had begun purchasing Russian petroleum products.
Myanmar will begin accepting cards from the Russian Mir payment system in October, Dr Kan Zaw
said. “Mir cards could be used starting from October, I hope,” he said on the sidelines of the Eastern
Economic Forum (EEF) in Vladivostok, adding that an agreement on this issue was signed between the central bank and six commercial banks. The eighth EEF is taking place on the campus of the Far Eastern Federal University in the Russian city of Vladivostok from 10 to 13 September. RIA Novosti is the official media partner of the forum.

Source: The Global New Light of Myanmar

Construction of four flyover bridges integral toYangon circular railway upgrading project

by CONSTRUCTION

Myanma Railways will construct four flyover bridges, which are a part of the Yangon circular railway upgrading project, in this FY, according to No 7 Division of Myanma Railways (MR).
It also invited tender for the construction of four flyover bridges, said U Thaung Htike, superintendent of Yangon Railway Station.
“We invited tender for upgrading projects including the construction of four overpasses at four locations along Yangon circular railway line,” he added.
The four flyovers will be at Paywetseikgon-Kyaukyedwin stations, Baukhtaw-Tamway stations, Kyaukyedwin-Tadakalay stations and Yegu-Tadakalay stations.
Currently, the Yangon circular railway upgrading work such as upgrading of railways, stations, level crossings are being conducted.
Moreover, it will also upgrade the seven railway stations — Aung San, Kamayut, Okkyin, Phawkan, Thamine, Tamway and Kyaukyedwin- along the Yangon circular line starting this year using the allocated budget of respective FY. Similarly, the Okkalapa and Thamine Myothit railway stations will be reconstructed this year.
The Yangon circular line upgrade, once completed, would provide a chance to run express trains that can carry about 240,000 passengers daily.

Source: The Global New Light of Myanmar

MNA unveils new cargo plane in grand welcoming ceremony

by Business Article

A ceremony to welcome the Boeing 737-400 cargo aircraft from the state-owned Myanmar National Airlines, was held at Yangon International Airport yesterday. The cargo plane (Aircraft No 9M-POS and Flight No 3G087) departed from Kuala Lumpur, Malaysia, and arrived at Yangon International Airport at 2 pm.
The plane will be able to carry up to 18 tonnes in tonnage, and it will also be able to transport cautious goods that cannot be carried on a regular flight.
Based in Yangon, it has planned to run trips to cities in the People’s Republic of China, Kuala Lumpur of Malaysia, Singapore, Hong Kong and India.
As a commemoration of the 75th Diamond Jubilee of Myanmar National Airlines, Boeing 737-400 (Aircraft No 9M-POS and Flight No 3G087) cargo aircraft has been brought to Yangon, and with this aircraft, Myanmar National Airlines will be able to expand its cargo flights. 

Source: The Global New Light of Myanmar

MoC Union Minister leaves for China-ASEAN Construction Ministers’ Meeting

by CONSTRUCTION

The Myanmar delegation led by Union Minister for Construction U Myo Thant left Yangon for China yesterday evening to attend the China-ASEAN Construction Ministers’ Meeting to be held in Nanning, capital of Guangxi Zhuang autonomous region, from 15 to 17 September.
The meeting will be attended by the Chinese Minister for Housing and Urban-Rural Development and invited ministers of ASEAN countries. 

Source: The Global New Light of Myanmar

Myanmar entrepreneurs invited to World Food India 2023

by EVENT

Businesspeople in Myanmar have been invited to participate in World Food India 2023, scheduled to be held in New Delhi from 3 to 5 November, as announced by the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI).
The event will feature participation from food manufacturers, equipment manufacturers, logistics companies, cold storage operators, entrepreneurs, and retailers from various countries.
The exhibition will offer opportunities for mutually beneficial partnerships, with discussions focused on various topics and countries. Moreover, participating food manufacturers and suppliers can explore opportunities in India’s agriculture and food production sectors through their involvement in the exhibition.
For those interested in joining as a partner country, a booth covering at least 400 square metres is required. Meanwhile, those participating as a focus country must have a booth covering at least 200 square metres.
Organizations affiliated with UMFCCI and entrepreneurs interested in participating in World Food India 2023 can enquire with the Committee on Exhibitions, the UMFCCI office, the Membership Department, and the Exhibition Department for further details.

Source: The Global New Light of Myanmar

Myanmar opens doors with visa-on-arrival for Chinese and Indian tourists

by HOTEL & TOURISM

Myanmar will give Visa on Arrival (VOA) to Chinese and Indian travellers, according to the Ministry of Immigration and Population in Nay Pyi Taw.
Starting from the effective date, the ministry will carry out a one-year trial run of VOA service for Chinese and Indian tourists in line with the COVID-19 rules and regulations.
They can take out VOA applications at International Airports in Myanmar free of charge. They will be charged a visa-on-arrival fee and the application attached with two acceptable photos must be presented. Only a visa on arrival for tourist purposes is permitted so far.
Travellers need to hold a passport with at least six months of validity. They will get deported on the same flight if the passport’s validity is below six months.
They need to abide by the existing laws of Myanmar and they are allowed to visit all sites apart from restricted areas for security concerns.
They can depart through any international exit. The effective date of arrival visa for Chinese and Indian tourists will be announced soon.

Source: The Global New Light of Myanmar