Bago Region attracts substantial foreign investments, approves additional funding for industrial business

IN November 2023, Bago Region received a foreign investment project worth $1.622 million, as stated by
U Ko Ko Latt, the Director of the Bago Region Directorate of Investment and Company Administration.
“Bago Region Investment Committee allowed a foreign investment valued at $1.622 million in November.
Additionally, the committee approved the currently-operating foreign business to add $7 million to its original investment at meeting No. 7/2023,” said U Ko Ko Latt.

Furthermore, regional authorities are eager to invite external investors to invest businesses related to
manufacturing agricultural machinery and equipment, producing fertilizers, and establishing cold storage
facilities to promote the development of multi-functional agriculture and the manufacturing of farming products.

Relevant departments will provide necessary assistance in line with the law. There were $197.117 million worth of foreign investments and K 75,456.275 million in domestic investments in Bago Region between February 2021 and November 2023, consequently generating job opportunities for more than 11,281 labourers.

Source: The Global New Light of Myanmar

December sees increase in imported edible oil tonnage

ACCORDING to the oil market in Yangon, about 70,000 tonnes of edible oil will be imported from abroad
starting December. In 2022, the average monthly import was only around 40,000 tonnes, but in July, the
maximum was imported with around 58,000 tonnes, and in February and September, only around 32,000
tonnes were imported, according to the statistics.

In the first six months from April to September of this year 294,457 tonnes of edible oil worth US$294.58
million were imported from abroad. In addition, it is reported that 33 companies will import oil in bulk and 27 companies will import ready-packaged consumer oil in December of this year. This week from 20 to 26 November, the wholesale price of edible oil is K4,990 per viss and the retail price is K5,180 per viss in Yangon, K5,600 per viss in Mandalay, K5,500 in Magway, K5,500 in Pathein and in Pyay, and K5,200 in Monywa. In December, local oil sellers are expecting to buy more oil imports from abroad at around the wholesale price in the market. They also wish to have a normal situation where they buy as usual in the market.

The oil market will return to normal if there are systematic actions against selling oil at more than the set price and storing more than the limit. If so, it is expected that the scenes of time-consuming queues for buying edible oil and increasing profit in selling will disappear. According to staff of the shops at the Bayintnaung brokerage, it has been several months since the scenes of crowded people lining up to buy the oil at the depots disappeared.

Source: The Global New Light of Myanmar