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China, Myanmar Firms to Invest $130m in Four Agriculture Centres

China’s state-owned CITIC Construction group, the Myanmar Rice Federation and Myanmar Agribusiness Public Corporation signed a cooperation agreement for the construction of agricultural centres in three key regions. The US$130 million (K197 billion) deal signed in Nay Pyi Taw last week will construct centres in Yangon, Ayeyarwady, Mandalay and Rakhine. “The project intends to upgrade the […]

Govt Promises to Meet Myanmar’s Rising Electricity Demand

Yangon — The Ministry of Electricity and Energy is hoping to expand electricity access to half of the population by December, according to Deputy Minister U Khin Maung Win. Of 10,877,832 households in Myanmar, 5,140,061 – or 47 per cent of the population – had access to electricity by October. The deputy minister told the […]

IFC report recommends alternatives to high-risk Myitsone

A government-sponsored study warned against restarting the highly controversial Myitsone dam and recommended alternatives to develop the country’s hydropower sector. The final version of the Strategic Environmental Assessment (SEA) of the hydropower sector, supported by the energy and environment ministries and authored by the International Finance Corporation, has been published. The SEA involved a range […]

Business confidence in Myanmar sinks as scepticism mounts

More European businesses say they have lost confidence in Myanmar due to concerns about the National League for Democracy-led government’s management of the economy compared to the last two years, a new survey shows. According to the latest survey from the European Chamber of Commerce in Myanmar (EuroCham) published yesterday, a majority of firms (81 […]

What to expect from Myanmar’s top five export sectors

Even though Myanmar managed to bring down its trade deficit by US$500 million to $1.3 billion during the period between April 1 and September 30 from the same period last year, the volatile exchange rate and rising oil prices may well continue to drive up import costs in the coming months. U Yan Naing Tun, […]

Inflation rate hits 4.29 pc in May

The average inflation rate in late May stood at 4.29 per cent, a slight increase compared with 4.12 per cent in late April, according to the Consumer Price Index (CPI) and Inflation Rate by the Central Statistical Organisation. In late May, Mandalay topped the list of inflation with 8.51 per cent, followed by Rakhine with […]

New national agriculture strategy to drive growth, if properly implemented

The Ministry of Agriculture, Livestock and Irrigation (MOALI), with the help of Asia Development Bank (ADB), United Nations Food and Agricultural Organisation (FAO) and Livelihoods and Food Security Trust Fund last Friday launched Myanmar’s Agriculture Development Strategy (ADS) for the next five years. Building on the 2016 Agricultural Development Policy, MOALI, with the support of […]

Average inflation rate hits 4.03 pc in March

The average inflation rate in March was 4.03 per cent, with the highest rates reported in Rakhine and Mandalay and the lowest in the Union Territory, according to the figures released by the Central Statistical Organization. Until March of this year, the average inflation rate in Kachin was 5.27 per cent, 4.21 per cent in […]

IFC, Australia Back Nationwide Study on Myanmar’s Hydropower

AS MYANMAR needs more electricity to realise its development goals during the first civilian government’s term, two ministries have been holding a series of discussions until the third week of January to finalise the countrywide strategic environmental assessment (SEA) on hydropower potential by March. The series of discussions started with a stakeholder meeting in Myitkyina, […]

Illegal paddy exports putting rice mills out of business

In Mandalay Region, which is one of the main paddy producers of Myanmar, almost every rice mill has shuttered due to illegal direct paddy exports, according to the regional Rice Millers Association. In Myanmar, direct paddy exports are not permitted. However, Chinese traders have been exporting paddy directly to China after buying the crops from […]