Canton Fair welcomes Myanmar entrepreneurs in Oct

by EVENT

The 134th Canton Fair or China Import and Export Fair is scheduled to be held from 15 to 31 October in Guangdong, China. Myanmar entrepreneurs have been invited to join the Canton Fair, according to the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI).
Promotion Conference of the 134th Canton Fair was held at Wyndham Grand Hotel on 22 August. Mr Quyang Daobing, Economic and Commercial Counsellor of the Chinese Embassy to Myanmar and U Aye Tun, vice president of the UMFCCI gave the opening remarks respectively.
Mr Zhang Sihong, vice president of the Chinese Foreign Trade Centre, welcomed the participation of Myanmar companies as the RCEP members and developed countries will join the Canton Fair.
Additionally, a series of forums, product launches and trade talks will be included as well. This Canton Fair will help bolster Myanmar-China trade and create business opportunities.
Central executive Dr Aung Thein of the UMFCCI also shared his experiences of the Canton Fair at the conference.
Moreover, the Online Canton Fair Platform is open to manufacturers and international buyers. This fair serves as a great platform linking international suppliers with buyers and an important channel for China’s foreign trade and open policy. It is the largest trade fair in China.
The 134th Canton Fair will be held on online and offline platforms, featuring quality products with 74,000 booths. In particular, EVs, agricultural products, machines and electrical appliances, household devices and technological gadgets will be showcased. For further details, please visit www.cantonfair.org.cn.

Source: The Global New Light of Myanmar

CBM urges public not to keep foreign currencies without permission

by ECONOMY

THE Central Bank of Myanmar yesterday issued a public notice saying those who keep foreign currencies without permissions or licences will be taken action under the Foreign Exchange Management Law.

The CBM issued a similar notice before in its effort to encourage the people not to keep foreign currencies.

The 20 August notice also referred to Paragraph 15 of the Foreign Exchange Management Rules, issued as Order No 7/2014 by the Central Bank of Myanmar dated 30 September 2014 which states “A resident can possess, for up to six months from the date of receipt, US$ 10,000, or other types of foreign currency in an equivalent amount, if obtained legally by this person.

“If the foreign currency is not used within six months, it shall be sold to, and exchanged by, foreign exchange dealing licence holders at the market price or deposited in a bank account.

” The notice also said under Section 9 of the Foreign Exchange Management Law, purchases and sales of foreign exchange can be carried out only by foreign exchange dealing licence holders in terms of cash and traveller’s cheques.

Source: The Global New Light of Myanmar

Exporters and importers seek a tool to curb skyrocketing exchange rate

by ECONOMY

Myanmar traders involved in export and import business are not happy with skyrocketing exchange rates, said Daw Khaing Khaing Nwe, the secretary-general of the UMFCCI in a meeting held at the Central Bank of Myanmar on 19 August to discuss the dramatic decrease of Myanmar currency value against foreign counterparts.
“The current exchange rate practising in grey market is unreasonable and is much more than it should be. Basically, changes in exchange rate may vary depending on the demand and supply, but we cannot accept the current situation of unreasonable rise in exchange rate,” she explained in the meeting.
Meeting participants discussed the factors that contribute to skyrocketing exchange rate, measures to be taken to bring the exchange rate to normal and the opportunities to cooperate between organizations and traders in pursuit of stable exchange rate.
Some importers are taking a privilege to buy US dollars at the rate of K2,920 offered by the Central Bank of Myanmar, but they mark the commodity prices in reference with exchange rate of grey market, making consumers to suffer. The UMFCCI and its partner organizations will collaborate to eradicate such unethical dealing practices, according to the presentations at the meeting. Illegal trading is gaining momentum, prompting exchange rate to rise uncontrollably and special investigation teams are cracking them down, said an official at the meeting.

Source: The Global New Light of Myanmar

BPI expands freeze-dried anti-snake venom, novel Covid drug production

by COVID

The State-owned pharmaceutical fac­tory (Insein) (BPI) is poised to enhance its pro­duction of novel anti-COV­ID medications while con­tinuing the freeze-drying of anti-snake venom in the upcoming year.

BPI has significantly expanded its pharmaceuti­cal production network, en­compassing branches like the pharmaceutical facto­ries in Ywathagyi, Inyaung, PyinOoLwin, and Sagaing. Other components include the Anti-Snake Venom Pro­duction Branch in Hmawby, the Horse Ranches in My­itchay, Yanpel, and Heho, the Tatmadaw Pharmaceuticals Factory (Hmawby), and the Universities of Pharmacy in Yangon and Mandalay. These enclose the Pharma­ceutical Factory (Insein) and the Research Unit.

Furthermore, BPI has inaugurated a modern freeze-dryer machine and unveiled the BPI Pharma­ceutical Museum on 14 Au­gust, intending to bolster anti-snake venom produc­tion using the freeze-drying system in the coming years. The establishment of the BPI Pharmaceutical Muse­um aims to preserve over six decades of pharmaceu­tical production experience, equipment, methods, impor­tant medical literature, and the legacy of pharmaceutical manufacturing by a Myan­mar State-owned enterprise.

The production of an­ti-snake venom has demon­strated a consistent in­crease. With 60,000 units manufactured last year, the figure has surged to 80,000 this year.

Source: The Global New Light of Myanmar

Myanmar’s power sector leads FDI rankings over past four months

by INVESTMENT

MYANMAR drew foreign direct investments of US$467.793 million in the past four months (Apr-July) of the current financial year 2023-2024, including the expansion of capital by the existing enterprises and the power sector topped the FDI line-ups, according to the Directorate of Investment and Company Administration (DICA).The Myanmar Investment Commission gave the green light to 18 foreign projects from six countries in the past four months, according to the Directorate of Investment and Company Administration (DICA).

Those enterprises from nine foreign countries made foreign investments and also expanded their businesses. Singapore is the top source of FDI so far, investing $335.162 million from four enterprises, followed by China with $124.079 million from ten enterprises. One enterprise each from India, Republic of Korea, Samoa and the USA also made investments this year. The existing enterprises from China (Taipei), China, Hong Kong SAR, Singapore and the UK also increased foreign investments, the statistics released by the DICA indicated. “Myanmar’s power sector attracted $317 million in the past four months. It accounts for the largest share of FDIs in Myanmar this financial year,” said U Thet Paing, director of the DICA.

The agriculture sector drew $1 million from one enterprise. Two enterprises put $317.178 million in the power sector. The manufacturing sector received $48.745 million of FDI, while the transport and communication sector attracted $77.82 million. Over $23 million of FDI was pumped into the livestock and fisheries sector as well. There are a total of 2,404 permitted foreign projects from 52 countries under the Myanmar Investment Law and the Special Economic Zone Law as of the end of July 2023 and Singapore, China and Thailand are the leading investors in the country.

Source: The Global New Light of Myanmar

Singapore leads Myanmar’s FDI rankings over last 4 months

by INVESTMENT

Singapore ranked first in the foreign direct investment line-up in the past four months (April-July) of the current financial year 2023-2024, the Directorate of Investment and Company Administration’s statistics showed.
Four Singapore-listed enterprises pumped in FDI of over US$335 million into the country in the past four months.
Singapore companies mainly put investments into urban development, real estate, power and manufacturing sectors.
China stood as the second largest investor this FY with an estimated capital of over $124 million by 10 enterprises and the existing ones. China is ranked third in the line-up with more than $105 million from 36 businesses and the existing ones.
One enterprise each from India, Republic of Korea, Samoa and the USA also made investments this year. The existing enterprises from China (Taipei), China, Hong Kong SAR, Singapore and the UK also increased foreign investments, the statistics released by the DICA indicated.
Myanmar attracted foreign direct investments of $467.793 million in the past four months, including the expansion of capital by the existing enterprises and the power sector drew the highest FDI. The Myanmar Investment Commission gave the green light to 18 foreign projects from six countries in the past four months, as per the DICA.
The agriculture sector drew $1 million from one enterprise. Two enterprises put $317.178 million in the power sector. The manufacturing sector received $48.745 million of FDI, while the transport and communications sector attracted $77.82 million. Over $23 million of FDI was pumped into the livestock and fisheries sector as well.Singapore stood as the largest foreign investor in Myanmar in the previous years, pulling in the FDI of $1.158 billion in the 2022-2023 FY, $297 million in the 2021-2022 mini-budget period (Oct-Mar), $1.85 billion in the FY 2019-2020, $2.4 billion in the FY 2018-2019, $724.4 million in the mini-budget period (April-September, 2018), $2.16 billion in the 2017-2018 FY, $3.8 billion in the 2016-2017 FY, $4.25 billion in the 2015-2016 FY, $4.29 billion in the 2014-2015 FY, $2.3 billion in the 2013-2014 FY and $418 million in the 2012-2013 FY respectively.
Additionally, Singapore emerged as the second largest foreign investor in the Thilawa Special Economic Zone, after a top investor, Japan.

Source: The Global New Light of Myanmar

MoH Minister tours China-aided Myanmar CDC construction

by CONSTRUCTION

During the visit, officials from the Department of Public Health and CCCC Third Harbouring Co Ltd, responsible for the project’s construction, provided updates on the progress, upcoming stages, and requirements of the project. Director-General of the Department of Public Health Dr Myint Myint Than, shared insights about the installation and utilization of necessary laboratory equipment and the upcoming training of health workers in China.

The Union minister offered instructions, discussed needs, and inspected the construction sites. A fruit basket was presented to officials from CCCC Third Harbouring Co Ltd to mark the occasion. The Myanmar CDC, valued at approximately 400 million yuan, stands as an international disease control hub. It includes a three-storey disease control building with advanced laboratories and systems, as well as a health training building and an administrative building.

The centre can train around 400 individuals, a batch and the health workers assigned to Myanmar CDC will also undergo training in China.

Source: The Global New Light of Myanmar

Forex trading in official markets aims to stabilize commodity prices

by ECONOMY

IN a proactive move to curb soaring commodity prices, Myanmar is actively engaging in foreign currency
trading within legal markets. This initiative is accompanied by a strategic implementation of interest rate and monetary policies, aligned with the nation’s macroeconomic landscape, as highlighted by Central Bank of Myanmar Governor Daw Than Than Swe. CBM Governor Daw Than Than Swe articulated these measures during a recent meeting held in Nay Pyi Taw’s Office No 55 yesterday. The gathering served as a platform to elucidate and deliberate on issues pertaining to foreign trade payments.

Intending to streamline financial transactions and cater to the market’s foreign currency demand, the
Central Bank of Myanmar has taken several steps to ensure exchange rate stability. These measures
encompass the sale of US dollars to entities involved in the motor oil, edible oil, and import sectors through private banks. Furthermore, the institution is harnessing the Back-to- Back SWAP Facility to meet the escalating demand for US dollars.

In a bid to enhance accessibility for importers seeking foreign currency, the CBM Governor underscored
the introduction of an online trading system on 22 June 2023. She also emphasized the establishment of
transparent criteria for fair online trade, reassuring that transactions meeting these criteria will be facilitated. Addressing concerns surrounding foreign exchange rates, she stressed the need for vigilance against the influence of online and social media narratives that might drive unwarranted price hikes and illegal activities, which are not grounded in market fundamentals and data. Subsequently, the delegates at the meeting placed significant emphasis on active participation in online trading, devising comprehensive strategies to stabilize commodity prices, and addressing situations where goods prices surge due to illicit trading practices. The discussions also revolved around topics such as facilitating access to export earnings under stipulated conditions, bolstering trade financing, curbing smuggling, and eradicating illegal trade, all aimed at achieving price stability in the commodities market.

Source: The Global New Light of Myanmar

Kampaiti border trade surpasses US$55 million mark as of 11 Aug

by TRADING

Myanmar’s Kampaiti border with the neighbouring country China amounted to US$55.29 million as of 11 August in the current financial year 2023-2024 beginning 1 April, comprising exports worth $47.139 million and imports worth $8.152 million. The figure increased from $39.75 million recorded in the corresponding period last FY 2022-2023.
The Kampaiti border aims to achieve a trade target of $3 million in August. About $1.088 million worth of trade was carried out at the Kampaiti border as of the second week of August, accounting for 36.27 per cent of the trade target.
Tissue-culture bananas were mainly exported and construction materials, intermediate goods, consumer goods, clothes and fruits were imported.
In the past two weeks of August, the Kampaiti border saw exports of 1,092 tonnes of tissue-culture bananas with an estimated value of $375,101. It imported 1,264 tonnes of compound fertilizer, 19 tonnes of hollow pipe, 14.6 tonnes of iron pipe, 24 tonnes of iron sheet in coil, 51 tonnes of artificial grass, 10.2 tonnes of apple and 7,400 tonnes of ceramic tile plain, apple, tangerine, clothes, construction materials and capital goods.
There is no freight forwarder service running in the Kampaiti border. Companies transport with their own trucks. There are no landslides or road blockages along the Kampaiti-Waingmaw-Myitkyina trade channel and trucks are regularly seen flowing in and out of the Kampaiti border post. 

Source: The Global New Light of Myanmar

Myanmar banks facilitate petty cash exchange for outbound travellers

by SERVICES

The Central Bank of Myanmar has reported that banks with authorized dealer licences (AD-licensed banks) have disbursed petty cash ranging from US$300 to US$500 to each of 2,956 individuals who are preparing to travel abroad. CB Bank, A Bank, and Tun Commercial Bank have communicated through their social media platforms that individuals planning to work, study, or undergo medical treatment abroad can now acquire petty cash in foreign currencies.

With the directive from CBM, the AD-licensed banks have been instructed to provide individuals with petty cash between US$300 and US$500 per person (or its equivalent in other foreign currencies), based on the submission of requisite documents following the specific purpose of their overseas travel.
This initiative was launched on 31 May, and as of 8 August, a total of US$789,806 has been distributed to 2,603 individuals. Furthermore, 2,454,550 Thai baht has been provided to 301 persons, 9,861 Singapore dollars to 27 individuals, 16,738 Malaysian ringgit to 20 individuals, and 1,450 euros to five individuals.
Transactions have been carried out at rates of K2,500 or K2,600 per USD, and K75 to K85 per Thai baht. These rates vary based on the daily average exchange rate prevalent in the market.

Participating in this effort are CB Bank PCL (CB), KBZ Bank, AYA Bank PCL (AYA), Ayeyawady Farmers Development Bank (A Bank), Myanma Apex Bank (MAB), Yoma Bank (YOMA), UAB Bank (UAB), Asia Green Development Bank (AGD), Myanmar Oriental Bank (MOB), Global Treasure Bank (GTB), Tun Commercial Bank (TCB), Shwe Bank, First Private Bank (FPB), Innwa Bank Limited (Innwa), and Myanmar Citizens Bank (MCB). These banks have publicly disclosed the available counters for purchasing foreign currency on their respective websites and Facebook pages. 

Source: The Global New Light of Myanmar