FDIs in Myanmar surpass US$651 mln in 2023-24FY

by INVESTMENT

According to the Directorate of Investment and Company Administration (DICA), a total of 63 foreign investments, amounting to US$651.9 million, were recorded in the 2023-24 financial year. The majority of these investments were in the industries and electricity sectors.
China and Thailand were the main contributors to foreign investments, with most investments coming from these countries. In the same financial year, there were 69 Myanmar citizen-owned investments worth K1,287.3 billion, surpassing the anticipated K990 billion.
In the 2022-23 financial year, Myanmar received over $1.64 billion in foreign direct investments, primarily from Singapore, China, and Thailand, as per the statistics. 

Source: The Global New Light of Myanmar

Myanmar-Thailand border trade tops US$4.1 bln in 11 months

by TRADING

The figures plunged from $4.99 billion year on year, showing a sharp drop of $857.145 million.

Myanmar’s border trade with the neighbouring country Thailand totalled US$4.136 billion in the past 11 months (April-March) of the current financial year 2023-2024.
The figures plunged from $4.99 billion recorded in the year-ago period, showing a sharp drop of $857.145 million.
Myanmar conducts cross-border trade with Thailand via Tachilek, Myawady, Kawthoung, Myeik, Hteekhee and Mawtaung. Of them, the Hteekhee border performed the most extensive trade worth $2.5 billion in the past 11 months.
Moreover, the trade values stood at $1.097 billion at the Myawady border, $150.597 million at Tachilek, $132.668 million at Myeik, $199.131 million at Kawthoung and $21.6 million at Mawtaung.
Myanmar conducts border trade with neighbouring countries such as China, Thailand, Bangladesh, and India. It exports agricultural produce, livestock products, fisheries, minerals, forest products, finished industrial goods, and other goods, while it brings in capital goods, intermediate goods, consumer goods, and raw materials from the CMP enterprises.

Source: The Global New Light of Myanmar

Plan underway to provide electricity to 900 villages across nation in 2024

by ENERGY

U Maung Win, Deputy Direc tor-General of the Department of Rural Development, announced that steps are now taken to provide electricity to a total of 900 villages nationwide through small-scale home solar systems at a cost of K20 billion in 2024.
The project commenced in the 2016-2017 financial year to bring electricity to villages located more than 10 miles away from the national grid.
“In implementing the project, priority is given to villages that can contribute a specific amount towards the cost. Currently, approximately 10,000 villages (500,000 houses) have been electrified under the World Bank’s programme between the 2016–2017 financial year and the 2021–2022 financial year,” stated U Maung Win. 

Source: The Global New Light of Myanmar

Exports from manufacturing sector surpass US$8.2B as of 1 March

by MANUFACTURING

The export value from the manufacturing sector amounted to US$8.28 billion as of 1 March of the current financial year 2023-2024, , the Ministry of Commerce’s statistics showed.
The export of finished industrial goods was valued at $10.255 billion in the corresponding period last year.
Therefore, the figures reflected a drop of $1.975 billion compared to that of the year-ago period.
Myanmar exports agricultural products, livestock products, fisheries, minerals, forest products, finished industrial goods, and other goods, while it imports capital goods, intermediate goods, raw materials from CMP garment factories, and consumer goods.
Myanmar has been implementing the National Export Strategy (NES) 2020-2025 in order to bolster exports. The priority sectors of the NES comprise agricultural production, garment and apparel, industrial and electronic device, fishery business, forest product, digital manufacturing and service, logistic service, quality management, trade information service, innovation and entrepreneurship sectors.

Source: The Global New Light of Myanmar

Myanmar participates in International Fair held in Kunming

by EVENT

The Ministry of Foreign Affairs (MoFA) reported that Myanmar took part in the International Fair held at the Kunming International Academy on 9 March in Kunming, the People’s Republic of China.
The fair aimed to showcase the exchange of traditional culture with a total of 16 countries, including Myanmar.
During the fair, traditional foods, costumes, dances, cultures, handicrafts, and sports from the 16 participating countries were on display.
U Thawdar Aung, Myanmar’s Consul-General in Kunming, along with family members of the consulate-general, participated in the event. They showcased Mohinga (Myanma rice noodle soup), Myanma tea, traditional woodcarvings, gemstone paintings, and traditional Myanma dances. 

Source: The Global New Light of Myanmar

Myanmar ships 1.48M tonnes of pulses worth US$1B+ in 11 months

by ECONOMY

Myanmar exported over 1.48 million tonnes of pulses worth over US$1.256 billion to foreign trade partners in the past 11 months of the current 2023-2024 financial year beginning 1 April, the Ministry of Commerce’s statistics showed.
Myanmar bagged $1.131 billion from pulses exports of over 1.338 million tonnes through maritime route, whereas over 143,119.469 tonnes of pulses worth $124.722 million were sent to the neighbouring countries via land borders between 1 April 2023 and 1 March 2024, totalling $1.256 billion from exports of 1,481,772.586 tonnes.
The value of Myanmar’s pulses exports totalled over US$1.47 billion from over 1.9 million tonnes in the previous FY 2022-2023, the Ministry of Commerce’s statistics indicated.
Myanmar mainly exports black grams, green grams and pigeon peas to foreign markets. Of them, black grams and pigeon peas are primarily shipped to India, while green grams are exported to China and Europe.
India has growing demand and consumption requirements for black grams and pigeon peas. According to a Memorandum of Understanding between Myanmar and India signed on 18 June 2021, India will import 250,000 tonnes of black grams and 100,000 tonnes of pigeon peas (tur) from Myanmar for five consecutive years from 2021-2022 financial year to 2025-2026 FY. This G-to-G pact will not affect the pulses’ annual quota set by India. Myanmar’s exporters are also entitled to deliver the pulses to India under that yearly quota.
The prevailing market prices are K3.065 million per tonne of black grams (urad) and K3.95 million per tonne of pigeon peas (tur), stated the Yangon Region Chambers of Commerce and Industry.
On 5 February, the prices hit a record high of K3.5 million per tonne of black grams and K4.197 million per tonne of pigeon peas.
Myanmar’s black gram output is estimated at 400,000 tonnes per year, whereas pigeon pea production crosses 50,000 tonnes.
The Myanmar Pulses, Beans, Maize and Sesame Seeds Merchants Association stated that black grams, which India primarily purchases, are commonly grown only in Myanmar, whereas pigeon peas, green grams and chickpeas are cultivated in African countries and Australia.

Source: The Global New Light of Myanmar

MoI plans to lease its solar & electronic factories to private investors

by ENERGY

SOLAR, electrical and electronic equipment and other industrial product manufacturing factories currently owned by No 2 Heavy Industries Enterprise under the Ministry of Industry will be leased to private investors, according to the ministry.

The ministry is planning to invite expressions of interest (EoI) from domestic and foreign private investors for a long-term lease/venture of No 24 Heavy Industry (Dagon) in South Dagon Industrial Zone 1, Yangon Region, which manufactures solar, electrical and electronic equipment and other industrial products. The industry is currently being operated by the ministry’s No 2 Heavy Industries Enterprise.

Domestic and foreign companies that have a desire to invest should apply and receive an expression of interest form from the Administration Department of No 2 Heavy Industries Enterprise by submitting relevant documents, valid company registration, and company credentials at Office No 41 in Nay Pyi Taw starting 11 March and submit them by 3 pm on 8 April. 

Source: The Global New Light of Myanmar

YPS card, QR services available for 90 YBS bus lines

by SERVICES

YPS card and QR services have been extended step by step, and now they can be used for 90 bus lines and will be continued for the rest of the bus lines, according to Yangon Payment Services-YPS.
These services are currently available on the following bus lines: YBS (55), YBS (13), YBS(57), YBS (63), YBS (42), YBS (65), YBS (22), YBS (64), YBS (111), YBS (133), YBS (134), YBS (84), YBS(135), YBS (142), YBS (130), YBS (136), YBS (138), YBS (139), YBS (39), YBS (21), YBS (131), YBS (80), YBS (81), YBS (132), YBS (85), YBS (76), YBS (27), YBS(66), YBS(79), YBS (12), YBS (14), YBS (25), YBS (30), YBS (38), YBS (117), YBS (128), YBS (100) and YBS (103).
Further bus lines — YBS (19), YBS (40), YBS (35), YBS (61), YBS (68), YBS (137), YBS (62), YBS(87), YBS (108), YBS (88),YBS (37), YBS (43), YBS (96), YBS (104), YBS (109), YBS (72), YBS (89), YBS (24), YBS (28), YBS (58), YBS (113), YBS (36), YBS (116), YBS (11), YBS (115), YBS (60), YBS (29), YBS (17), YBS (141), YBS (145), YBS (26), YBS (114), YBS (15), YBS (10), YBS (7), YBS (112), YBS (8), YBS (4), YBS (59), YBS (2), YBS (3), YBS (110), YBS (32), YBS (78), YBS (93), YBS (94), YBS (118), YBS (97), YBS (143),YBS (23), YBS (144) and YBS (66) — have also started providing the services.
YPS cards and YPS QR services are available at YPS counter one at Sule and YPS counter two at Thakin Mya Park. YPS counter three is at Myanmar Plaza, YPS counter four is at Hledan, and YPS counter five is at the 8th mile (in front of Junction 8).
“We have jointly worked with respective bus lines for cases where some YBS bus lines closed card readers. If passengers take a record of the bus number and bus line number, we will carry out inspections and take action promptly,” YPS announced.
For the use of the YPS QR system, the MPyps+ Application (Android version) can be downloaded from the Google Play Store or Huawei AppGallery, and it can be used after registration.
“Some bus lines don’t open card reader. A QR code is more convenient, though it is not supported for some phones. We want them to be reformed. Some drivers behave impolitely towards passengers, and we want also it to be repaired,” said Ko Pyae Sone, a company employee who uses YPS service every day. 

Source: The Global New Light of Myanmar

MAI to expand Chiang Mai, Vientiane, Dhaka flights in April

by HOTEL & TOURISM

MAI’S acting chief executive officer and chief commercial officer, Mr Tanes Kumar, said during the MAI Flight Forward ceremony that Myanmar Airways International will expand its flights to Chiang Mai, Vientiane and Dhaka beginning in April. According to the MAI Flight Forward ceremony held at Lotte Hotel on 8 March 2024, a total of 21 international flights will be operated, and new flights will be expanded to Chiang Mai, Vientiane, and Dhaka.

MAI’s new routes to Chiang Mai, Thailand, will operate weekly on Wednesdays, Fridays and Sundays starting 3 April 2024. MAI will also operate weekly flights to Vientiane, Laos, on Tuesdays and Thursdays commencing 4 May 2024, and Doha, the UAE, on Wednesdays and Sundays, starting 8 May 2024 and Dhaka, Bangladesh, on Tuesdays and Saturdays beginning on 1 June 2024. MAI will also increase the number of flights to Dubai, Guangzhou and Bangkok’s Don Mueang Airport in Thailand.

Similarly, MAI cargo-only flights run from Yangon to Kunming daily, Bangkok six times a week, and Phuket every Monday. MAI will resume domestic flights to Lashio and Loikaw, Nay Pyi Taw, and Kalay and Khamti and will also operate new routes to Homalin and Mawlamyine. Thus, it will operate 20 domestic flights.

Source: The Global New Light of Myanmar

Pure gold price hits record high of K4 million per tical

by ECONOMY

As the spot gold price leaps to an all-time high above US$2,150 per ounce, the domestic gold price peaked at K4 million per tical (0.578 ounce or 0.016 kilogramme) on 7 March 2024.
Along with a surge in spot gold price, the domestic gold price climbed to K4 million per tical.
Meanwhile, the Yangon Gold Entrepreneurs Association (YGEA) hit K3.7985 million per tical.
There is a price gap of around K200,000 per tical between the YGEA’s reference price and the actual market value.
The YGEA calculated the price depending on the Central Bank of Myanmar’s interbank reference exchange rate, with some addition, in spite of the US dollar gain in the unofficial forex market, causing the price gap to widen to K400,000-K500,000 per tical.
Following the CBM’s liberalization for authorized dealers on online forex trading platforms on 5 December 2023, the YGEA’s reference price and the actual market value are not that different. The kyat-US dollar exchange rate is K3,630 at present.
The US dollar exchange rate, therefore, influences the gap between the domestic gold market value and YGEA’s reference gold price.
The soaring dollar exchanging up to K4,000 drove the gold price up to a record high of K4 million per tical in August 2023.
The YGEA also requested that, on 24 January, its members deal in gold with immediate payment and cooperate to stabilize the gold price.

Source: The Global New Light of Myanmar