TODAY

Three major carmakers to open factories in Yangon

THREE renowned auto companies Nissan, Suzuki and Ford will open car factories in the Yangon Region, said an official from the Myanmar Automobile Manufacturers and Distributors Association.

Nissan Car Company is slated to open its factory in May, leasing an acre of land in Hlaignthaya Township in Yangon Region while Suzuki Car Company will manufacture auto parts in an old factory owned by the Ministry of Industry, located in South Dagon. Ford Motor Company, based in the US, is reportedly building a factory in East Dagon slated to open in May.

All these three car companies have already received permits to open factories and manufacture auto parts. They will initially produce auto parts and proceed to the manufacturing of entire cars later on, it is learnt.

Ref: GNLM, 29 December 2016

Real Estate Services Law needed

THE formulation of a law concerning real estate services will concerning real estate services will play an important role in the real estate market to raise its head in 2017 and attract more foreign investments, Daw Moh Moh Aung, the general secretary of Myanmar Real Estate Services Association (Central).

Currently, the rental market is the most active in the Yangon real estate market. In keeping with international norms, granting licenses for real estate services are submitted to the government. The conflicts will be minimised in the presence of license which can ensure the security of trade, she added.

A solid law regarding the real estate market is also required and condominium rules are not yet formulated, although a draft law has been instituted causing difficulties for foreign investors.

Ref: GNLM, 30 December 2016

Shan State Investment Fair to be held in February

IN a bid to enhance the economic sector in Shan State, the Myanmar Investment Commission and Japan International Cooperation Agency (JICA) will jointly hold a Shan State Investment Fair on 10^th February, 2017 in Taunggyi, Southern Shan State, said an official from MIC.

Ref: GNLM, 30 December 2016

CMP garment exports up by over US$620million

GARMENT exports using the Cutting, Marking and Packaging (CMP) method as of mid-December attained US$1,157.374million, which is up from US$629.709million in the similar period of last fiscal year, according to the Commerce Ministry.

Japan Plays a key role in Myanmar’s garment industry. Currently, Japan and countries in Europe are placing the largest number of order. The value of garment export to japan fetched over $550million last years. The number of order from European countries is rising significantly. Japan ranked first in the garment exports sector with 33 per cent of exports, followed by Korea and Germany with 25 per cent. Additionally, garment export also go to Chinese and American markets, it is learnt.

There are currently over 400 garment factories in Myanmar with over 300,000 in its labor force.

Ref: GNLM, 30 December 2016

Eleven hotels to emerge in Chin State in 2016-17 FY

ELEVEN hotels will be established in six townships in Chin State next fiscal year, said Salai Isac Khin, Chin State Minister for Municipal Affair, Electricity and Industry.

The local authorities permitted some of them to construct a total of 11 hotels in target towns including three hotels in Haka Township, two hotels in Falam Township, further two hotels in Tiddim Township, one hotel in Khaingkan Townships, two hotels in Matupi Township and one hotel in Paletwa Township.

Apart from Kanpetlet and Mindat townships, there is no hotel-level accommodation facility in other towns in Chin State.

Ref: GNLM, 31 December 2016

First Private Bank to Commence stock on 20^th January

First Private Bank (FPB) is the fourth company to be listed on the Yangon Stock Exchange (YSE) and its stock trading will began on 20^th January, according to an announcement released by YSX.

The base price of FPB will be announced on YSX website before the listing day of 20^th January. Yangon Stock Exchange (YSX) approved First Private Bank for listing after scrutinising submitted application documents and deliberate listing examination on 30^th December.

First Myanmar Investment (FMI), Myanmar Thilawa SEZ Holdings (MTSH) and Myanmar Citizens Bank (MCB) are currently trading shares at YSX.

Ref: GNLM, 2 January 2017

Over Ks350 billion in taxes collected from commercial businesses in Yangon in eight months

A TOTAL of Ks 356 billion of tax was received from commercial businesses in Yangon during the past eight months, and the taxes levied on real estate trading reached Ks 47 billion, according to the Internal Revenue Department.

Ref: GNLM, 2 January 2017

Rice factory to be opened in Kyaitklat

A value-added production factory of rice and rice products is slated to be opened on 2^nd March by the Myanmar Agribusiness Public Corporation (MAPCO) in bid to minimize the wastage from farms to mills.

This factory aims at enhancing Myanmar’s rice business. To build this factory in Kyaiklat Townships, the Myanmar Investment Commission (MIC) approved on 5^th September 2014 a project capital of Ks8,963.9million, it is learnt.

Ref: GNLM, 3 January 2017

Agribusiness Service Center to open across Myanmar

To meet the requirement of local farmers, about 20 Agribusiness Service Centers (ASCs) are planned to be established across the country by the Myanmar Agribusiness Public Corporation (MAPCO), its Director U Aung Win said.

Currently, nine center have been established in Twantay, Maubin, Myaungmya, Thonegwa, Hintada, Shwetaung, Letpadan and Kyaiklat towns, and Nay Pyi Taw, with MAPCO projecting to open 20 more ASCs in target areas.

Some ASCs have started launching services such as mechanized cultivation, supplying of inputs and fertilizers and implementation of a contract farming system to farmer in drying and warehouse services will soon be available, according to the MAPCO.

Ref: GNLM, 3 January 2017