Sittway, Rakhine State, is set to establish direct trade relations with Kolkata, India, through the deployment of a cargo ship, according to U Aung Aung, General Secretary of the Rakhine State Chambers of Commerce and Industry.
A recent development permits cargo vessels traversing local coastlines to dock at the Sittway Jetty, a significant component of the Kaladan Multi-Modal Transit Transport Project located in Sittway Township.
U Aung Aung elaborated on the current trading scenario in Rakhine State, highlighting that products from various regions within Myanmar are presently exported to Bangladesh via the Maungdaw Kanyinchaung zone and Sittway Shwemingan Port. However, there has been no avenue for exports from Rakhine State to India until now. Consequently, efforts are underway to facilitate the transportation of goods from Sittway to Paletwa via maritime routes as part of the Kaladan Multi-Modal Transit Transport Project. Subsequently, goods will be transported from Paletwa to Mizoram, situated on the Myanmar-India border, via land routes.
In order to streamline trade between Rakhine State and Mizoram State, dedicated jetties have been constructed in both Sittway and Paletwa for maritime transport. Furthermore, reports indicate that the construction of the road connecting Mizoram to Chin State has been successfully completed.
The inauguration of the Sittway Jetty within the Kaladan Multi-Modal Transit Transport Project took place on 9 May 2023, with the presence of officials from both India and Myanmar. The Kaladan Multi-Modal Transit Transport Project, initiated in 2018 as part of the India-Myanmar Friendship Programme, entails an investment of US$484 million by India.
MoHT releases popular destinations for local, and foreign travellers
A total of 14 destinations that domestic and foreign tourists should visit on a priority during the
upcoming open season were released on 21 September according to the Ministry of Hotels and Tourism. The ministry has announced the priority travel areas that should be visited to enjoy the historical pagodas and stupas, ancient buildings and the natural beauty of the forest and water in Myanmar, which are famous for their ancient cultural heritage. Nay Pyi Taw, Yangon, Mandalay, Bagan, Ngwesaung, Chaungtha, Ngapali, PyinOoLwin, Inlay, Kalaw-Taunggyi, Kawthoung, Kyaukphyu, Manaung and PutaO are included in the statement. The descriptions of the tourist attractions and travel options for each region of the above destinations can be found on the website of the Ministry of Hotels and Tourism namely www. tourism.gov.mm and www.tourisminmyanmar. com.
In addition, there are 38 places to visit in Nay Pyi Taw and 10 EV taxis are running there, according to
the EV Net Taxi. Fares must be paid in kilometres according to the distance travelled. Currently, EVs are
starting to run the townships around Nay Pyi Taw.
Source: The Global New Light of Myanmar
Fuel oil prices indicate a three-day decrease of over K100 per litre
FUEL prices showed a three-day decrease of over K100 per litre in the domestic market. Fuel prices
were K2,440 per litre of Octane 92, K2,565 for Octane 95, K2,650 for diesel and K2,725 for premium diesel on 18 September and then, the prices slipped to K2,330 per litre for Octane 92, K2,435 per litre for Octane 95, K2,530 for diesel and K2,610 for premium diesel on 21 September, indicating a decline of 11-130 per litre depending on types of oil. The price index set by Mean of Platts Singapore (MOPS), the pricing basis for many refined products in southeast Asia, weighs on the domestic fuel prices, according to the Supervisory Committee on Oil Import, Storage and Distribution of Fuel Oil. Last August 2022, the oil prices touched the highest of K2,605 per litre for Octane 92, K2,670 for Octane 95,
K3,330 for premium diesel and K3,245 for diesel.
The committee is therefore steering the fuel oil storage and distribution sector effectively so as not to
have a shortage of oil in the domestic market and to ensure price stability for energy consumers. The
Petroleum Products Regulatory Department, under the guidance of the committee, is issuing the daily
reference rate for oil to offer a reasonable price to energy consumers. The reference rate in the Yangon Region is set on the MOPS’s price assessment, shipping cost, premium insurance, tax, other general costs and health profit per cent.
The rates for regions and states other than Yangon are evaluated after adding the transportation cost
and the retail reference rates daily covered on the state-run newspapers and are posted on the media and
official website and Facebook page of the department daily starting from 4 May. The committee is inspecting the fuel stations whether they are overcharging or not. The authorities are taking action against those retailers of fuel stations under the Petroleum and Petroleum Products Law 2017 if
they are found overcharging rather than the set reference rate.
As per the statement, 90 per cent of fuel oil in Myanmar is imported, while the remaining 10 per cent is
produced locally. The domestic fuel price is highly correlated with international prices. The State is steering the market to mitigate the loss between the importers, sellers and energy consumers. Consequently, the government is trying to distribute the oil at a reasonable price compared to those of regional countries. Some countries levied higher tax rates and hiked oil prices compared to that of Myanmar. However, Malaysia’s oil sector receives government subsidies and the prices are about 60 per cent cheaper than that of Myanmar. Every country lays down different patterns of policy to fix the oil prices. Myanmar also levies only a lower tax rate on fuel oil and strives for energy consumers to buy the oil at a cheaper rate.
Source: The Global New light of Myanmar
Myanmar-Bangladesh border trade values cross US$7 mln over past five months
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
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
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
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
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
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
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