Foreign banks’ branches are to grant loans to local businesses in local currency and fix the loan interest rates based on a 10-per-cent reference rate fixed by the central bank, said Win Thaw, Director General of the Governor’s Office of the Central Bank of Myanmar.

The central bank granted foreign bank branches to provide wholesale banking services to foreign corporate, local and foreign financial institutions and local corporate in partnership with local financial institutions on last week.

In order to promote local corporate’s access to finance, the CBM issued this directive to permit foreign banks’ branches to provide banking services (i.e. any financing and other banking services) to local corporate.

Source: Eleven Myanmar

The Mandalay Business Forum 2018 was held at the Mandalay Convention Centre (MCC) in Mandalay which aims at boosting trading sectors and investment enterprises.

The Mandalay Business forum 2018 Trade Fair, which was co-organized by Mandalay Region Investment Committee, Myanmar Investment Commission, The Directorate of Investment and Company Administration (DICA), Ministry of Commerce and New Starlight Group of Companies.

At the forum, Chairman of the Myanmar Investment Commission U Thaung Tun, Mandalay Region Chief Minister Dr. Zaw Myint Maung, Mon State Chief Minister Dr. Aye Zan, Deputy Commerce Minister U Aung Htoo, ministers from the Mandalay Region government, regions and state ministers for Planning and Finance, departmental heads, ambassadors, officials from INGOs, foreign investors, business organizations and business personnel from Mandalay attended.

A total of 120 participants, including ambassadors, officials from different embassies, representatives from companies and business enterprises, joined the discussion of the Mandalay Business forum 2018 Trade Fair, together with some 200 participants from different countries attend it.

Source: The Global New Light of Myanmar

The framework agreement on Kyaukphyu Special Economic Zone Deep Sea Port Prject was signed by the Kyaukphyu SEZ Management Committee and CITIC Consortium at the Ministry of Commerce in Nay Pyi Taw.
At the ceremony, Myanmar Special Economic Zone Central Body Chairman, Union Minister for Commerce Dr. Than Myint and Ambassador of People’s Republic of China to Myanmar, Mr. Hong Liang, delivered the opening speeches. CITIC Group Chairman Mr. Chang Zhenming, and Kyaukphyu Special Economic Zone Management Committee Chairman and Deputy Minister for Planning and Finance U Set Aung delivered messages of thanks.

The framework agreement aims to implement the Kyaukphyu Deep Sea Port project, according to international norms. The Special Economic Zone is being set up for the economic development of Rakhine State, to create job opportunities for local residents, and to support the development of transportation and production.

Source: The Global New Light of Myanmar

Foreign investors from Singapore, Hong Kong, Malaysia, South Korea, China and Japan invested more than US$640 million to manufacture car brands such as Ford, Daewoo, Suzuki and Scania with Singapore being the biggest investor in the automobile sector, according to Directorate of Investment and Companies Administration (DICA).

Suzuki (Myanmar) Motor Co. Ltd invested US$7 million to manufacture and sell Suzuki branded cars in South Dagon Industrial Zone in Yangon Region.

Khaing Khaing Sang Da Group Co. Ltd from China invested US$2 million to build automobile factory in No.3 and 4 Thadukan Industrial Zone in Shwe Pyi Thar Township. The factory is a partial foreign investment.

Tan Chong Motor (Myanmar) Co. Ltd from Malaysia invested US$560 million to manufacture Nissan brand new cars in No.1 Hlaingthayar Industrial Zone and industrial zone in Bago Region with full foreign investment.

A Singaporean company SC Auto (Myanmar) Co. Ltd with partial foreign investment is manufacturing and giving maintenance of Scania passenger buses in Mingalardon Township, Yangon region.

A joint-ventured company, Capital Motors Limited from Singapore, is manufacturing Ford cars in East Dagon Township industrial zone. A joint-ventured company Gold AYA Motors International Group Co. Ltd from Hong Kong invested over US$15 million to manufacture cars and motorcycles in Mandalay Region. Another Singaporean company, Shwe Daehan Motors Co. Ltd, invested about US$10 million to manufacture cars and motorcycles in Thadukan Industrial Zone.

A joint-ventured company, Go Excellent (Myanmar) Co. Ltd, put in US$7 million to manufacture automobiles in Shwelinban Industrial Zone in Yangon Region.

A Korean company, Daewoo Bus (Myanmar) Co. Ltd, with a partial foreign investment spent US$5 million to manufacture and repair passenger buses in Mingalardon Township, according to the DICA.

Source: Eleven Myanmar

The Department of Highways and the Neighboring Countries Economic Development Cooperation Agency (NEDA) signed the Record of Discussion (ROD) in a ceremony for conducting a survey and detailed design project for the two-lane highway linking Dawei Special Economic Zone in Myanmar with Thailand.

Union Minister for Construction U Han Zaw spoke at the ceremony and said the signing of the ROD will bring in technological assistance for building the highway. He said the project will be undertaken with loans provided by NEDA.

NEDA President Mr. Perames Vudthitornetiraks addressed the ceremony and said the project is mutually beneficial and equally important for both Myanmar and Thailand. He expressed his hope for the project to be quickly implemented successfully and then thanked organizations from both countries involved in the project.

Afterwards, Director-General U Ohn Lwin from the Department of Highways and the NEDA President officially signed the ROD.

Source: The Mirror

EU has signaled that Myanmar’s livestock fish will be able to be exported to its market starting from December, according to an official form the Myanmar Fishery Products Processors and Exporters Association (MFPPEA).

News of EU’s change of regulations came after a delegation of experts from the EU and the US inspected facilities in Myanmar earlier this year.

In Europe, Myanmar exports catch fish to Germany, France, Italy, Spain and Britain. China and the Middle East are the biggest markets for Myanmar’s catch fish exports, according to statistics from the MFPPEA.

Source: Myanmar Alinn

Myanmar has outlined a new auto import policy for 2019, saying that only vehicles with left-hand drive can be imported to suit the country’s traffic route direction, according to an announcement of the Supervisory Committee for Motor Vehicles Importation.

Starting on January 2019 new car import policy, all Myanmar’s second-hand car sale centers are likely to close down by next year as these kinds of cars are mostly right-hand drive which will be no longer allowed.

At present, vehicles imported under a system of vehicle assembly, known as Completely Knock-Down (CKD) or Semi Knock-Down (SKD), are on the upward trend with the U.S. dollar exchange rate appreciation and Myanmar currency depreciation and cars installed locally are expected to get more market share in 2019.

China and Myanmar signed a memorandum of understanding (MoU) on Monday to conduct feasibility study of a railway linking Muse, a border town in Myanmar’s northeastern Shan state, with Mandalay, the country’s second largest city in the north.

Under the MoU, inked between China Railway Eryuan Engineering Group Co. Ltd and state-run Myanma Railways, the feasibility study will be conducted within two years covering environmental and social impact assessment.

The project is expected to reduce transportation cost, contribute to socio-economic development while conforming to environmental conservation, Myanmar Transport and Communication Minister U Thant Zin Maung said during the signing ceremony.

Speaking at the signing ceremony, Chinese Ambassador to Myanmar Hong Liang said the railway project will inject new energy into the development of China’s Belt and Road initiative and the China-Myanmar Economic Corridor. The railway extends 431 km with a designed speed of 160 km per hour. It will run through important towns in the country’s north and some economic hubs.

Source: The Mirror