Myanmar to send commercial attaches to more countries

IN A BID to boost trade with foreign countries, Myanmar will appoint new commercial attaches in more countries in the coming months, said a government official. Khin Maung Lwin, assistant secretary and spokesperson of the Ministry of Commerce, said the ministry is currently training some officials to be sent to foreign countries which have strong […]

Border trade between Myanmar and India reaches USD 87 million

Border trade between Myanmar and India has reached 87 million U.S. dollars as of Sept. 21 during the six-month transitional period which started in April this year, according to Myanmar’s Commerce Ministry on Sunday, Xinhua reported. Myanmar has changed its fiscal year period from original April-March to Oct-Sept beginning 2018-2019, producing a six-month transitional gap. […]

Change in fiscal year insufficient to address shortfalls in budget process

While seen as positive, Nay Pyi Taw’s proposed change of fiscal year alone cannot address the lack of flexibility in the annual budgeting process, according to businesses. The adoption of multi-year budgeting should be implemented instead. Lawyers, investors and financiers told The Myanmar Times that while changing the fiscal year could bring some advantage to […]

Yangon looks to cut rice production

Military-appointed First Vice President Myint Swe meets business leaders in Yangon. The Yangon regional government is holding discussions with the Ministry of Agriculture, Livestock and Irrigation about growing other crops in 1.2 million acres of paddy fields, said the region’s Chief Minister Phyo Min Thein on September 23. “We are drafting a master plan for […]

Over US$9 billion worth of goods imported this year

More than US9 billion worth of goods has been imported this fiscal year (FY) including automobiles and the volume is more than US$2 billion than last year, according to the Ministry of Commerce. From April 1 to October 24 of 2014-2015 FY, total volume of imports including cars was US$9295.681 million. During the same period […]

Ayeyawady contributing largest timber revenues

Ayeyawady Region is the largest contributing state for timber revenues to the central government in the fiscal year 2013-14. The government received Ks 400.57 million of Ayeyawady’s timber earnings, according to the study on natural resources, regional governments and wealth sharing in Myanmar. The study, under the title “Natural Resources and Sub-national Governments in Myanmar: […]

Manufacturing funds to double

Foreign investment into the manufacturing sector this year has already more than doubled all of last year, said director general U Aung Naing Oo of DICA, the Directorate of Investment and Company Administration. From April through September, nearly US$1.8 billion has flowed into the country, of which nearly $1 billion has gone to manufacturing, compared […]

World Bank bullish on growth picture in Myanmar

MYANMAR has achieved a high economic growth rate of 6.5 per cent this year and the momentum is expected to continue building in the next few years, according to the Word Bank. “In our view the Myanmar economy is doing very well. Myanmar has strong economic growth prospects. It has grown by 6.5 per cent […]