YCDC to publish YGN map book with demographics

by SERVICES

THE Yangon City Development Committee (YCDC) will publish the Yangon Map book, including population statistics, according to U Aye Min Oo, leader of the Yangon Map Publishing Team. The Yangon Map book will feature maps and population data for the Yangon Region, as well as detailed information on the area of each township, main roads, street names, rivers, creeks, lakes, water canals, sluice gates, railways, bridges, and flyover bridges. The team has connected with relevant organizations down to the ward level to ensure accuracy.

“In addition to the map book, detailed data can be easily viewed on a mobile phone. Currently, the first step is to use the QR code system, and the second step will allow the public to download the information,” said U Aye Min Oo. The Yangon Map Publishing Team was set up by the Public Relations and Information Department of the YCDC to produce a new map of Yangon city for the Visit Myanmar Year in 1996. Design Printing Services Company published the Yangon Map book for the 1996 Myanmar Tourism Year. Currently, the Yangon Map Publishing Team, led by the Public Relations and Information Department of the YCDC, is set to publish the Yangon Map book.

Source: The Global New Light of Myanmar

Indonesia leads Myanmar rice imports in H1

by ECONOMY

INDONESIA is the largest importer of Myanmar’s rice, with over 210,000 tonnes in the first half of the
current financial year 2024-2025, beginning 1 April, according to the Myanmar Rice Federation (MRF).
Myanmar conveyed over 217,600 tonnes of rice and broken rice to Indonesia, over 209,000 tonnes to China, over 162,900 tonnes to Belgium, over 72,600 tonnes to the Philippines, over 27,100 to Cameroon, over 26,500 to Mozambique, over 19,500 to Spain, 17,500 to the Netherlands, over 13,900 to Ivory Coast, over 13,300 to Italy and over 12,300 to Poland.

Myanmar’s rice and broken rice exports to foreign countries reached over 930,000 tonnes worth
US$458 million in H1. The federation aims to achieve 2.5 million tonnes of rice exports in the 2024-2025
financial year (April-March). The Ministry of Commerce has been cooperating with departments and institutions concerned to achieve export targets and beyond depending on the supply volume of rice, broken rice, pulses, corn, rubber and fisheries from the respective companies.

Ministry of Commerce is working together with the Union of Myanmar Federation of Chambers of
Commerce and Industry, Myanmar Rice Federation, Myanmar Pulses, Beans, Maize and Sesame Seeds
Merchants Association, Myanmar Garment Manufacturers Association, Myanmar Industries Association,
Myanmar Rubber Planters and Producers Association, Myanmar Fisheries Products Processors and Exporters Association to meet monthly export targets and facilitate exports.

The federation is projected to achieve 2.5 million tonnes of rice export in the FY 2023-2024, generating one billion dollars. However, rice exports fell short of the target with 1.6 million tonnes worth $845 million. The Central Bank of Myanmar’s monetary policy to control export earnings impeded rice exports, hurting exporters financially. The El Nino weather condition also hampered rice export, the chairperson of the Myanmar Rice Federation said. Myanmar exported 2,261,203 tonnes of rice and broken rice to foreign trade partners in the past 2022-2023 FY (April-March), with an estimated value of $853.472 million.

CBM to sell 20M Thai baht to importers

by ECONOMY

THE Central Bank of Myanmar (CBM) announced on 23 October that it would sell 20 million Thai baht to
importers. After that, it injected US$2.5 million and 16.5 million baht into the financial market on that day. It sold over $7.5 million and 150 million baht on 22 October, $2.2 million and 1.5 million yuan on 21 October after it announced to sell $35 million for those engaged in the fuel oil and edible oil sectors as per its notification dated 20 October.

CBM injected $6 million and 200 million baht on 15 October, $730,000 on 11 October, $12.4 million and
38.7 million baht on 10 October, 660,000 yuan on 9 October and over 10 million baht on 7 October into the private sector. CBM also pumped $13.1 million and 288,000 yuan on 4 October, $780,000, 1.2 million yuan and one million baht on 3 October and over 1.2 million yuan and 10.2 million baht into the financial market on 2 October.

CBM also sold over $76 million, 86 million baht and 4.8 million yuan in September. Moreover, CBM sold
over $190 million, 19 million yuan and 79 million baht in August. CBM aims to curb the instability in the foreign exchange market and the currency devaluation. According to CBM’s notification on 15 March, it has been joining hands with law enforcement agencies to combat and prosecute those who attempt to manipulate the currency market under the existing laws. CBM allowed authorized dealers (private banks) to operate online foreign exchange trading freely as per the market rate depending on supply and demand factors, starting from 5 December 2023.

Source: The Global New Light of Myanmar

Automobile trade slows as pricesdrop by 20%

by TRADING

The automobile trade has been slow, and prices have fallen about 20 per cent depending on the type, said Myanmar Automobile Assembler and Distributor Association’s general secretary U Kyaw Swa Tun Myint.
Depending on the exchange rate, some new cars have been traded at lower prices, and medium-grade and old car prices have declined as well, he said.
“At present, prices have declined about 10-20 per cent. It is up to the exchange rate overall. New automobile prices will need to drop to some extent when the exchange rate falls. Because prices were raised when the exchange rate rocketed,” he said.
Automobile prices started declining in August and continued to decline in September and October, and the trade has slowed.
“It doesn’t mean the trade stops completely. People who need cars buy. The trade has slowed down fairly. Cars worth between K50 million and K100 million are being traded now,” he added.
Currently, some vehicles whose prices were raised have been traded at lower prices, and prices are likely to decrease further. He said the auto trade would return to normal over the following months.

Source: The Global New Light of Myanmar

Myanmar’s manufacturing attracts FDI of $81M in H1 this FY

by MANUFACTURING

Foreign direct investments of more than US$81.7 million were pumped into Myanmar’s manufacturing sector from 25 enterprises in the first half of the current financial year 2024-2025, beginning 1 April, as per the statistics released by the Directorate of Investment and Company Administration (DICA).
Chinese companies primarily made investments in the manufacturing sector. The manufacturing enterprises that need a large labour force are prioritized to create job opportunities for the locals.
The Myanmar Investment Commission gave the green light to 30 foreign projects from seven countries (China, Chinese (Taipei), Hong Kong SAR, India, Indonesia, Singapore and Thailand) to make investments of $223 million in the past six months, adding increased capital by the existing enterprises.
The Transport and Communication sector pulled $87.7 million with the capital expansion of $82.66 million this FY. The manufacturing sector drew $81.225 million, and the services sector received $44 million. The power sector brought in an FDI of $8.5 million, while investments of less than one million flowed into the agriculture sector respectively.
Singapore stood as the largest foreign investor in Myanmar, with $87.74 million of FDI in the H1 of the current FY, followed by Thailand and China.
Myanmar’s manufacturing sector is concentrated mainly in garment and textiles produced on a Cutting, Making, and Packaging basis, and it contributes to the country’s GDP to a certain extent.
Myanmar Garment Manufacturers Association (MGMA) is committed to accelerating 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 2023. MGMA also offers an HR management course, an occupational safety and health (OSH) course, and basic and advanced sewing machine operator training to enhance the capacity of the staff.
There are 548 active factories operated under the MGMA as of September 2024, comprising 323 from China, 56 from South Korea, 17 from Japan, 16 from other countries, 63 domestic factories and 25 joint ventures. Forty-eight are temporarily closed for now, according to the MGMA’s monthly Newsletter. 

Source: The Global New Light of Myanmar

Yangon Port handles 460+ container vessels in 9 months

by LOGISTICS

A total of 464 container vessels arrived at the Yangon Port in the past nine months (Jan- Sept) 2024, the
Myanma Port Authority announced. Myanma Port Authority stated that 49 vessels in January, 53 in February, 55 in March, 50 in April, 52 in May, 50 each in June, July and August and 55 in September called at Yangon Port. This month, 52 vessels are slated to enter the port in October.

Yangon Port handled 629 container vessels in 2023. According to the Myanma Port Authority’s statement
on 22 June 2022, the international ocean liners can now access the inner port thanks to the draft extension.

After the new navigation channel (Kings Bank Channel) accessing the inner Yangon River was found, the
draft extension work was accelerated. The port can now handle larger ships. The container vessel MV SITC
Zhaoming (185.99 metres LOA, 35.25 metres Beam, 29,232 GRT and 2,698 TEUs) of Hong Kong-based SITC
Shipping Line docked at Asia World Port Terminal for the first time on 22 June, the largest ship that AWPT Port handled.

Since May 2021, ship arrivals at terminals in Yangon have increased again. Three new container vessels
by Maersk Line Myanmar (SeaLand Maersk) started to run to fulfil the seaborne trade requirements in 2021. Earlier, the larger ships had draft problems preventing sailing on the Yangon River. With the draft being extended up to 10 metres, the larger ocean liners can enter the Thilawa Port.

Source: The Global New Light of Myanmar

YSX share trading plunges in Sept

by TRADING

The grand trading value of the eight listed companies on the Yangon Stock Exchange (YSX) dropped to K920.7 million with 382,286 shares traded in September from a record high of K3.35 billion with over one million shares in August 2024, according to the monthly report released by the exchange.
The equity market registered trading values of K1 billion with 425,102 shares in January 2024, K693 million with 253,178 million in February, K1.34 billion with 560,687 shares in March, K473 million with 177,812 shares in April, and K1.55 billion with 603,906 shares in May respectively. The trading value hit a record high of K1.7 billion, with 593,392 shares traded in June. Then, the value fell sharply to K974 million, with 321,007 shares traded in July.
The trading value in September is K2.43 billion lower than that of August.
At present, shares of eight listed companies — First Myanmar Investment (FMI), Myanmar Thilawa SEZ Holdings (MTSH), Myanmar Citizens Bank (MCB), First Private Bank (FPB), TMH Telecom Public Co Ltd (TMH), the Ever Flow River Group Public Co Ltd (EFR), Amata Holding Public Co Ltd. (AMATA) and Myanmar Agro Exchange Public Co Ltd (MAEX) are traded in the security market.
FPB topped the trading with 255,623 shares worth K466 million, followed by 71,883 shares of MTSH worth over K247 million, 10,092 shares of FMI worth over K89 million, 16,205 shares of MAEX worth over K54 million, 20,235 shares of EFR worth K34.5 million, 5,850 shares of TMH worth over K16 million, 1,891 shares of AMATA worth K8.5 million and 507 shares of MCB worth K4.48 million respectively last month.

Source: The Global New Light of Myanmar

Myanmar’s transport & communications sector tops FDI rankings in H1 this FY

by INVESTMENT

MYANMAR’S transport and communications sector attracted foreign direct investments of US$87.7 million in the first half (April-September) of the current financial year 2024-2025, including the expansion of capital by the existing enterprises, according to the statistics released by the Directorate of Investment and Company Administration (DICA). The Myanmar Investment Commission gave the green light to 30 foreign projects from various countries including China, Hong Kong SAR, India, Indonesia, and Thailand to make investments of $223 million in the past six months, adding increased capital by the existing enterprises.

The transport and communications sector pulled $87.7 million with a capital expansion of $82.66 million this FY. The manufacturing sector drew $81.225 million, and the services sector received $44 million. The power sector brought in FDI of $8.5 million, while investments of less than one million flowed into the agriculture sector, respectively.

Singapore has so far invested $87.74 million of FDI in the H1 of the current FY, followed by Thailand and
China. There are 2,485 permitted foreign projects from 53 countries under the Myanmar Investment Law and the Special Economic Zone Law as of September 2024. Of them, 1,958 from 48 countries are existing projects, with China, and Hong Kong SAR as the leading investors in the country so far.

Source: The Global New Light of Myanmar

Dala Bridge project requires proper vessel and pier waterways clearance

by CONSTRUCTION

Officials need to consider systematically setting the water clearance for vessels in waterways and piers of the Myanmar-Korea Friendship (Dala) Bridge, said Chairman of the State Administration Council Prime Minister Senior General Min Aung Hlaing on his inspection tour of the bridge project yesterday afternoon.
On arrival at the bridge project site, the Senior General heard reports on data about the bridge and its benefits, accomplishment of the implementation of the guidance of the Senior General during his inspection tour of the project in May 2023, completion of the approach bridge on the Dala bank and the main bridge, progress of the mid-stream tower, progress of approach bridge on the Yangon bank, quality control, worksite safety, and environmental conservation measures by Union Minister for Construction U Myo Thant.
In his guidance, the Senior General stressed the need to complete the project on schedule as the construction of the bridge would benefit the people. Emphasis must be placed on strengthening the bridge. He continued that it is necessary to ensure the safety of vehicles running on the bridge. Officials need to take the systematic setting of the water clearance for vessels in waterways and piers into consideration in advance.
The Senior General presented cash awards to project engineers through officials. He inspected the progress in implementing the bridge project.
During the goodwill visit to the Republic of Korea in 2012, President U Thein Sein discussed with officials the implementation of the Myanmar-Korea Friendship (Dala) Bridge project. The project commenced in 2013. It is a cable-stayed bridge. Upon completion, people from Yangon will have easy access to beach areas and Ayeyawady Region via Dala, Twantay, Kawhmu, Kungyangon and Dedaye townships. The bridge will ease traffic congestion in Yangon City to some extent and contribute to the development of social, economic, education, health and transport sectors. The bridge will be a landmark of Yangon City.
The Senior General also inspected the upgrade of the planetarium to the space gallery at the People’s Square and the People’s Park in Dagon Township, Yangon Region.
Yangon Mayor U Bo Htay reported on the history of the planetarium and the facts about the exhibition hall, upgrading process of the planetarium. The Senior General gave the necessary guidance and viewed the constellations.
The planetarium was opened in 1987 in commemoration of the Japan-Myanmar friendship, aimed at enabling students and people to have knowledge about astronomy and to relax. At present, the planetarium is being upgraded to the space gallery.
The Senior General inspected maintenance of the People’s Square and the People’s Park and gave necessary guidance to officials.

Source: The Global New Light of Myanmar

Monthly Business Brief, August 2024

by Business Article

Economy

Speech of SAC Chairman on country security condition SAC Chairman Senior General Min Aung Hlaing gave public speech on the country security conditions on 5 August on TV channels. He expressed attacks of various EAOs, PDFs and insurgent groups in the country since September 2023.  Some foreign countries wish for the existence of armed conflicts and shaping the form of Myanmar as they are providing financial support, food, medicines, modern arms and ammunition, technologies such as drones, rockets and logistic opportunities to armed insurgents and terrorist groups from politically diverse persons, helping malicious media outlets to wage psychological warfare. With regard to the situation of armed conflict areas, members of Tatmadaw and MPF, people’s militia members, wives of Tatmadaw members and family members were dead and wounded in addition to missing. The security forces withdrew their positions by considering the security of current areas and the safety of people. The Armed Forces will be a drive to cease armed terrorism in the country and to develop education, health and socioeconomic life of the people with peace and stability under the rule of law. He informed Myanmar people have to notice that as global affairs are deeply complicated and people have to unite among all to ensure the existence of Myanmar as long as the world. He urged to safeguard the motherland through united strength.

He mentioned on the economic sector that it is necessary to manufacture a large volume of products to boost the state economy, efforts must be made to increase production and export volume continuously. Hence, he pointed out how to leverage productivity based on the agriculture and livestock sectors.

New minimum wage of K6,800 starts 1 August

THE National Committee for Setting Minimum Wages announced on 9 August 2024, through Notification 1/2024, that the new minimum wage of K6,800 will be implemented starting from 1 August. This decision comes after discussions with representatives from various sectors under Sub-section (D) of Section 10 of the Minimum Wage Law 2013.

Finance

US dollar and gold price stable

 Kyat weakened to nearly K 7,000 against US dollar in mid-August but it was stable to K 5,500 at end of August at the over the counter market.  The Central Bank of Myanmar (CBM) sold US$ 190 million to those importing edible oil, fertilizer, pharmaceuticals, and medical devices on online trading platforms and injected 19 million yuan and 79 million Thai Bahts in August. Gold price was stable at over kyat 60 million per tickle.

Trade

Importers must adhere to pre-established reference prices

IMPORTERS need to follow pre-established reference prices starting from 12 August 2024 when seeking import licences and processing customs declarations for imports, according to the Trade Department’s Notification released on 6 August. The Committee on Customs Valuation, which consists of officials of the Myanmar Customs Department and Trade Department, analyzed and established import reference prices for 3,279 items (HS code 373 lines) with the aim of ensuring the right price for imported goods. Import prices will be analyzed and changed accordingly.

Manufacturing

Myanmar and Russia to build foliar fertilizer factory in Nay Pyi Taw

Myanmar and Russia will collaborate to establish a factory in Nay Pyi Taw to produce foliar fertilizer. The two countries have already discussed signing a Memorandum of Understanding (MoU) for bilateral economic and technological cooperation, as well as importing natural foliar fertilizer from Russia. Additionally, they have explored collaboration in investment, agriculture, and mining.

Energy

Increasing electricity bill rates

The Ministry of Electric Power upgrades the power plants and power grids. It also conducts extensions and maintenance works in collaboration with local and foreign investments. In distributing stable power to the public, as the costs for power generation become higher in respective financial years, electricity bill rates must be renewed. Therefore, the ministry reported to the Union Government that it would amend the electricity bill rates. The maximum rates for household uses from K 125/unit to K 300 and Industrial and organization uses are from K 300/ unit to K 500. 2. The amended electricity bill rates will come into force effective from 1 September 2024.

 COVID

  • In order to continuously control the infection of COVID-19, the rules and restrictions have been extended until the end of September 2024.