TODAY

China and Singapore top investors in electric power projects

CHINA and Singapore made the largest investment in nine electric power projects as of July in this fiscal year 2016-2017, it is learnt from the Directorate of Investment and Company Administration (DICA).

China invested US$1.3billion into five projects in the electric sector. Meanwhile, Singapore invests in four projects with an investment of US$570million, said an official from DICA.

Currently, 39 hydroelectricity projects, five wind power projects and five solar energy project have not yet been implemented. However, the projects are already drawn up to be carried out under Build operate transfer (BOT) and Joint Venture (JV) systems.

To boost the access to electric power in Myanmar, concerted efforts are being made by the Ministry of Electricity and Energy and local entrepreneurs with the use of hydro-power, natural gas, diesel, solar power, other bio products and disposed fuel. Foreign direct investments are being invited to implement these projects, it is learnt.

There were 3.7 million households in Myanmar with access to electricity in the 2015-2016 fiscal year. Electricity access was extended to 1.48million more households accommodating 7.4million people in the past five years. However 6.8million household still have no access of electricity, it is learnt from the above ministry.

Ref: GNLM, 8 September 2016

Standard Chartered Bank to offer course for SMEs jointly with British embassy

U.S based Standard Chartered Bank will offer finance courses for small and medium sized enterprises (SMEs) jointly with the British embassy.

The courses are named E4e (Education for Entrepreneurs), according to an announcement released by the bank. Those who are engaged in SMEs in Magwe, Pyapon, Pyi and Yangon will be offered the courses. The courses in include financial management, budget evaluation, accounting and project planning.

To reduce the poverty rate in Myanmar, the development of the businesses plays a vital role because SMEs can create job opportunities, said the British ambassador to Myanmar. The bank has provided the courses since 2014, which require the ongoing training of trainee teachers. The courses rae conducted in eight cities including Mandalay and Mawlamyine.

This course will be offered in October and December. Over 300 entrepreneurs can attend the courses. Additionally 12 enterprises will be selected to be given advice for three months, it is learnt.

Ref: GNLM, 8 September 2016

Import value expected to reach US$17billion in 2020-2021 fiscal year

 THE total notional import value is expected to reach US$17billion in 2020-2021 fiscal year, according to the Second National Development Plan.

Myanmar expects to reach an import value of US$17,933million with an export value of US$20,224million from trade sector in 2020-2021 fiscal year.

Myanmar mainly exports agriculture products, products from animals, natural products, forestry porducts and importing personal goods and raw goods from over seas.

The values of external trade this financial year amounts to US$10,731million. However the value of the external trade has decreased by US$74.959 compared with the same period last year.

According to central statistical organization data, the trade deficit was US$91.9million for 2012-2013 FY, US$25.55million for the 2013-2014 FY, and US$4,912.559million for the 2015-2016 FY. Myanmar’s trade deficit hit a record high in the 2015-2015 FY at US$5,407.464million.

Ref: GNLM, 8 September 2016