MoC to lease approximately 1,200 apartments in first phase of Thukha Dagon Public Rental Housing Project

by CONSTRUCTION

The Department of Urban and Housing Development, under the Ministry of Construction, has announced the commencement of renting for approximately 1,200 apartments, constituting the first phase of the Thukha Dagon Public Rental Housing Project in Dagon Myothit (South) Township.
Retired employees, civil servants, and individuals facing living challenges in Yangon Region will have the opportunity to apply for a five-year residence permit at the newly completed 1,200 apartments in the initial phase of the Thukha Dagon Public Rental Housing Project.
Interested applicants can obtain residence permit forms from the respective township administration offices, complete the required details, and submit the forms to the relevant township administration offices by the latest deadline of 31 July.
The housing project spans 171 acres of land near the intersection of No 2 Highway and No 7 Highway, encompassing 194 buildings with 3,104 apartments currently being constructed in the first phase. For this phase, the Myanmar Construction Entrepreneurs Federation (MCEF) and the Myanmar Licensed Contractors Association (MLCA) have allocated 97 buildings each for construction purposes.

Source: The Global New Light of Myanmar

Central Bank of Myanmar issues press release

by ECONOMY

The Central Bank of Myanmar will issue a new type of “twenty-thousand-kyat” banknote starting from
31 July 2023, and in commemoration of the completion of the Maravijaya Buddha Image, which was built to show the brightness of the Theravada Buddhism firmly shining in Myanmar, for Myanmar to be a focal point of Theravada Buddhism and to bring peace to the country and the world, and in celebration of the one-year birthday of a white elephant, “Rattha Nandaka,” born on 23 July 2022. Such a banknote will be issued in a limited number and will be distributed only by exchange of the same value with various types of old banknotes that should not be appropriate for circulation in Myanmar. Initially, old banknotes will be exchanged for “equal value” at the Central Bank of Myanmar in Nay Pyi Taw, the Yangon branch, and the Mandalay branch. Current valid currency notes and changes will continue to stand as official currency.

Source: The Global New Light of Myanmar

China (Kunming) Import & Export Fair invites Myanmar businesspersons

by EVENT

China (Kunming) Import & Export Fair welcomes Myanmar businesspersons, according to the Republic of the Union of Myanmar Federation of Chambers of Commerce and Industry.
This 7th China (Kunming) Import & Export Fair, organized by the Ministry of Commerce and the government of Yunnan Province of the People’s Republic of China, will be held between 16 and 20 August at Kunming Dianchi International Convention and Exhibition Centre. Myanmar businesspersons were invited in June.
Mr Xie Ming Gui, chair of the Yunnan Chamber of Commerce in Myanmar and officials of the UMFCCI led by vice president Dr Win Si Thu discussed matters on 17 July for Myanmar’s entrepreneurs from the respective sectors to participate in the fair.
Additionally, famous businesspersons will join the fair. Therefore, Mr Xie Ming Gui invited Myanmar’s businesspersons to showcase Myanmar’s products. Business forums and talk shows will be included in the fair as well.
The fair will be held both online and offline, covering an area of 150,000 square metres with 15 halls. The three-square-metre booth will be charged 6,500 Yuan. 

Source: The Global New Light of Myanmar

Myanmar ships US$2.74 mln worth of goods to Bangladesh as of 7 July

by LOGISTICS

Myanmar exported goods worth US$2.749 million to Bangladesh through Sittway and Maungtaw borders between 1 April and 7 July of the current financial year 2023-2024, the Ministry of Commerce’s statistics indicated.
Myanmar shipped goods worth $0.95 million to Bangladesh through the Sittway border post and goods valued at $1.84 million via Maungtaw border post as of 7 July this FY.
The value of border trade with Bangladesh over the past three months was $3.678 million, which plunged from $36.113 million in the corresponding period last FY.
Next, Myanmar’s exports to Bangladesh via Sittway and Maungtaw amounted to over $1 million in the second week of July.
Tamarind, plum and fresh ginger were mainly exported via the Sittway border, while the main export items through Maungtaw were agricultural products, fisheries and manufacturing goods. The PVC pipe and PVC tanks were imported via Maungtaw.
Yangon-Sittway Road has a capacity of only 12-wheel and 6-wheel trucks. Despite the distance of 70 nautical miles between the two countries, climate conditions in the rainy season sometimes hinder water transport.
Myanmar conducts cross-border trade with Bangladesh via Sittway-Buthidaung-Maungtaw and Sittway-Angumaw-Maungtaw trade channels, mostly from Kanyinchaung Economic Zone in Maungtaw.

Source: The Global New Light of Myanmar

Myanmar’s producers/exporters benefit from preferential tariffs through RCEP CO Form

by TRADING

THE Ministry of Commerce’s Trade Department has announced that producers and exporters in Myanmar
can now take an advantage of preferential tariffs through the Certificate of Origin (CO) Form RCEP. This form is available for products originating in Myanmar and intended for export to Cambodia, Thailand, Brunei, Laos, Singapore, Malaysia, and Indonesia. Authorized traders will be able to enjoy the benefits of preferential tariffs. To obtain the CO Form RCEP, interested parties can apply at the relevant export and import offices and border checkpoints under the Trade Department, as per the established rules and regulations. The Regional Comprehensive Economic Partnership (RCEP), a free trade agreement between the ten member states of ASEAN, Australia, China, Japan, the Republic of Korea, and New Zealand, came into effect in January 2022.

In addition, for manufacturing-related products, traders can obtain approved exporter status through the Online CO Application System (https://onlineco.myanmartradenet.com). Membership in RCEP comes with several trade benefits. The agreement provides tariff incentives based on the development status of each state. Specifically, Cambodia, Laos, and Myanmar have been granted access to preferential tariffs, while Viet Nam receives moderate tariff benefits. Furthermore, the least-developed countries will enjoy additional exemptions as outlined in the United Nations charter supporting the Least-Developed Countries (LDCs).
For example, the agreement grants preferential tariffs to Cambodia, Laos, and Myanmar over other states.
According to the agreement, RCEP members have to grant a 65 per cent customs tariff exemption. However, Myanmar, Cambodia, and Laos are only entitled to give a 30-per-cent tax-exempt to other entities a 30 per cent tax to other entities. Furthermore, ten years after the agreement’s implementation, members are obligated to grant an 80 per cent tax exemption. Myanmar, however, has been given a transition period of up to 15 years for its trade sector. Moreover, the agreement takes into consideration the needs of LDCs and aims to implement commitments while providing customs duty relief. This approach seeks to stimulate trade and investment opportunities, as well as promote participation in regional and global trade and value chains.
Being a member of both RCEP and ASEAN, Myanmar will have access to significant opportunities for
enhancing its international standing. This includes the ability to amend laws, policy frameworks, and regulations to support trade and investment promotion, as well as strengthen the capacities of governmental and private institutions. Additionally, Myanmar’s exports will benefit from expanded access to foreign markets, particularly those in developed and technologically advanced countries such as Japan, the Republic of Korea, Australia, New Zealand, and Singapore. This agreement is expected to attract responsible and accountable large-scale investments into the country.

Source: The Global New Light of Myanmar

40 electric vehicles arrive at Yangon Port

by ENERGY

WITH the approval of the Steering Committee on National-level Development of Electric Vehicles and Related Industries, a total of 40 electric vehicles ( including 20 Neta U models and 20 Seres 3 models) imported by Grand Sirius Co Ltd and Asia Pacific Automaker Corporation Co Ltd arrived at Yangon Port. They were allowed to be claimed following Customs procedures on 17 July. The import of battery electric vehicles (BEVs) is exempted from Customs duties.

Source: The Global New Light of Myanmar

Online businesses identified as important services

by ECONOMY

ACCORDING to the online vendors, there is particular concern among online businesses over the
upcoming taxation and directive orders after the designation of the businesses as essential services. In accord with Section 4 and Subsection (c) of the Essential Goods and Services Act, online sales activities have been declared as essential services starting from 4 July. The Ministry of Commerce has been empowered to issue prohibition orders, regulatory orders, supervision orders, protection orders, and necessary actions related to this service. “Since the Ministry of Commerce has been given the authority to issue orders, tax issues may continue to arise. Some sell online, but I see that commercial sellers and self-owned sellers may suffer more.
There is no problem with charging those who sell diamonds and gold jewellery items, but if the tax rate is the same for online sellers who sell just one a day, a minority may suffer,” said U Myint Swe, a resident of Mingala Taungnyunt Township. Most online sellers are worried about the regulatory issues related to business licences and taxes. “Domestic online sales have been strong again during the period of Covid-19, so I think that the officials have responsibility for handling the tax issues and controlling over the products. Taxes are paid wherever transactions are conducted. This kind of online sales is a form of tax avoidance. This may be done because of the loss of taxes for the country,” said U Aung Gyi, a retired employee. Some of the traders have been selling local and foreign products including food, clothing and cosmetics online, but now some are selling housing and building materials, mobile phones, cars, lands, apartments and gemstones online. According to the Essential Supplies And Services Law enacted in 2012, if goods are identified as important goods, the ministry authorized by the Union government may regulate or prohibit import, sale, possession, storage, transportation, distribution, etc.

This is done in order to restrict and prevent goods and services that may harm the interests of citizens, and to prevent the domestic transportation of goods and animals that may cause dangers, epidemics and
unacceptable problems. Violation of the law is punishable by a minimum of six months to a maximum of three years in prison and a fine of not more than K500,000, according to the law.

Source: The Global New Light of Myanmar

Year 2022 earns champion status in exporting industrial products, textiles, and clothing items

by MANUFACTURING

General Secretary of the Myanmar Garment Manufacturers Association (MGMA) and Secretary-General of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI), Daw Khine Khine Nwe, stated that 2022 is the year when the highest exports of industrial products, textiles, and clothing items can be made.
The statement was made at the coordination meeting over increasing the export of industrial products, textiles, and clothing items held at the UMFCCI on 8 July.
The association has adopted a 10-year strategic plan for 2015-2025, and targets such as the number of factories, export value and employment were set and it met the target until the pre-Covid-19 period.
She also unveiled that in order to increase exports abroad, it is necessary to obtain a large number of garment orders, build trust with the workers, and improve working relations.
For the export development of the garment sector, in cooperation with the Ministry of Science and Technology’s TVET Department, discussions have started to deliver a Diploma in Fashion Technology in the garment training sector.
In 2017, the association also introduced Myanmar’s garment sector (Made in Myanmar) at the Texworld (Messe, Frankfurt, and Paris) held in France.
In addition, the association is working to deliver necessary courses, clarify and teach laws for responsible businesses, and increase working relationships.
At the meeting, deputy chairmen, general secretaries, and business representatives from the MGMA discussed raw materials for export, conditions and difficulties encountered in the import and export of goods, the difficulties and conditions of raw materials required to be able to manufacture and export with the FOP system, allowing workers in the garment sector to work more night shifts, the development of local weaving industries, and ways to facilitate the production and export of local traditional textiles at a high level.

Source: The Global New Light of Myanmar

An opportune time: raise tourism services in Myanmar

by HOTEL & TOURISM

The tourism industry is a lucrative sector that generates income through the provision of services to both local and foreign travellers. However, this industry is not immune to various challenges such as pandemics, financial crises, natural disasters, and terror attacks, all of which can have a significant impact on its operations. The success of businesses in the tourism industry hinges on their ability to overcome these obstacles.
The Covid-19 pandemic, which erupted in 2020 and persisted into 2021, had a profound effect on the tourism industry worldwide, including in Myanmar. The pandemic resulted in the suspension of international flights and imposed restrictions on the tourism sector. However, as the infection rate declined from April 2022, international flights gradually resumed, allowing Myanmar to welcome foreign travellers under Covid-19 protocols. This contributed to the revival of the tourism industry in the country. In 2022, more than 230,000 foreign travellers visited Myanmar, although this figure remains lower than that of neighbouring countries.
Local authorities are facilitating the smooth entry and exit of travellers, adopting measures similar to those implemented by neighbouring countries. The government has taken steps to simplify the e-Visa process and has introduced tourist incentive plans, such as special discount programs and tax refund schemes, to enhance tourism services. Additionally, attractive tourist sites must be promoted through online platforms and digital marketing.
Myanmar boasts a wealth of outstanding tourist destinations, including religious landmarks, natural caves and waterfalls, resorts and beaches, ancient cultural heritage sites, and the diverse costumes and customs of its ethnic communities. These remarkable attractions have the potential to captivate the interest of domestic and international travellers alike.
To further promote tourism in Myanmar, it is essential to host tourism shows, trade expos, and relevant fairs that will enable international media to explore the diverse tourism services and potential travel destinations in the country. Collaboration between tourism companies and marketing agencies is crucial. Moreover, efforts should be made to ensure smooth transportation for travellers, encompassing aviation services, road transport, and waterway transport. Providing safe and secure transportation options will undoubtedly leave a positive impression on visitors.
In the near future, Yangon will host the Let’s Go VACS Yangon Travel Fair 2023, with the participation of travel writers and media representatives from Russia. This event presents an excellent opportunity for Myanmar’s tourism entrepreneurs to enhance their services, generate income, and enhance the country’s image on the international stage. By leveraging its unique tourist destinations, organizing promotional events, and ensuring seamless transportation, Myanmar can position itself as an attractive and safe destination for travellers worldwide.

Source: The Global New Light of Myanmar

DPM MoTC Union Minister inspects Yangon-Mandalay railway upgrade project, installation of road signs on Nay Pyi Taw-Yangon expressway

by CONSTRUCTION

State Administration Council Member Deputy Prime Minister Union Minister for Transport and Communications Admiral Tin Aung San inspected the Yangon-Toungoo railway section of the Yangon-Mandalay railway upgrade project and installation of road signs on Nay Pyi Taw-Toungoo expressway and Bago-Yangon Union Highway sections yesterday.
During the inspection tour on the installation of road signs, directions and signals along the highway, the chief engineer reported on the installation processes along the highway and at Milepost 167 for the road safety of the public as per the rules and instructions.
At the briefing hall of Bago-Nyaunglebin (CP-102) of Yangon-Toungoo railway upgrade project phase 1 in Pyuntazays of Nyaunglebin Township, the Managing Director of Myanma Railways and respective engineers explained the progresses in Yangon-Toungoo railway section of Yangon-Mandalay railway upgrade project phase 1 and coordination to complete the operations within the fixed period.
Then, the Deputy Prime Minister stressed the need to cooperate with the departmental officials, project advisory board and contractors to accelerate the work processes as the accurate design, quality construction materials and skills of labours are the key role and implement the prioritized plans to develop the railway transportation sectors. He also gave foodstuffs and fruits to the project officials.
He also inspected the 380 feet long Yenwe Creek Bridge (No 116-B) between DaikU and Einchaylayse railway stations and Level Crossing No 51 on the DaikU-Sittoung road section and provided foodstuffs to the labourers at work sites.
On arrival at the briefing hall of the junction of Yangon-Mandalay highway and Bago inner road in Bago, the director of the Bago Region Highways Department reported on the installation of road signs and signals in the region to ensure road safety for the public. Then, the Deputy Prime Minister offers instructions.
The Admiral and party proceeded to the Dry Port of Myanma Railways in Ywathagyi of Dagon Myothit (East) Township in Yangon Region and inspected the Ywathagyi Dry Port.

Source: The Global New Light of Myanmar