TODAY

MoU signed to boost Myanmar-India border trade

INDIAN entrepreneurs are keen to boost cooperation in bilateral border trade, a spokesperson of the country’s biggest economic organization said at a recent signing ceremony.

A memorandum of understanding was inked between the Republic of the Union of Myanmar Federation of Chambers of Commerce and Industry and the Mumbai-based Indo-Myanmar Commerce and Industry on Thursday.

The MoU covers the promotion of bilateral trade and collaboration in related business channels, exchange of information and delegation as well as improved technical cooperation.

India is a major trade partner for Myanmar. The total value of bilateral trade reached US$2billion in 2015-2016 fiscal year. Mr Rohinton, vice president of the IMCCI, said, “Priority will be given to boosting bilateral border trade.”

The IMCCI entrepreneurs include stream engines producers, gold purifying machine manufactures, water purification machine maker, solar machine makers, wood-based furniture makers and agricultural machinery makers.

Till the end of July 2016, India investment in Myanmar reached US$732.649million, according to the Myanmar Investment Commission.

Ref: GNLM, 3 September 2016

Exports of soft-shell crab down 50 per cent on 2015

A decline in the volume of crabs caught in the waterways of Rakhine State’s Kyaukphyu Township has caused the export of soft-shell crabs to slump by fifty per cent on last year’s exports, Myitmakha News Agency has been informend.

Despite an average of 10-12 tons of the soft-shell crustaceans being exported to China every month back in 2015, crab-depletion induced appreciations in the price of the crustaceans, together falling prices on the international market, meant that this March and April saw exports dwindle to just 6-8 tons a month.

There are currently two soft-shell crabs exporters in Kyaukphyu Township who reportedly connect with Yangon export companies to export the crabs across Asia to China, Malaysia, Singapore, Hong Kong, Taiwan and as far east as Japan.

The appreciation in the price of soft-shell crabs have seen a single crab rise in value from Ks1,800 in 2015 to between Ks2,000-2500 this March.

It reportedly takes between 45-50 days to turn hard-shell crabs into those with a soft-shell. A kilo of soft-shell crabs are exported to international market for US$5-10, while last year saw exporters able to sell the same quantity for between US$12-13.

Ref: GNLM, 3 September 2016