Myanmar Reaches 98% of Foreign Investment Target in FY2020 Despite COVID-19

YANGON—Even as Myanmar struggles to get COVID-19 under control, State Counselor Daw Aung San Suu Kyi announced that the country secured 98 percent of its foreign investment target for this year, adding that the result can be considered a success given the economic disruptions caused by the pandemic. In a televised speech on Monday, the […]

Myanmar, China target illegal crossings after confirmed cases in Ruili

China and Myanmar have agreed on a joint fight against COVID-19 and a crackdown on illegal border crossings after two out of six people who crossed from Myanmar to Southwest China’s Yunnan Province illegally were confirmed to be infected with COVID-19. The illegal border crossings prompted at least eight prefectures and 25 counties that border […]

Foreign direct investments in Myanmar for fiscal 2019-20 exceed target

Myanmar will exceed its foreign direct investment target (FDI) of US$5.8 billion in fiscal 2019-20. said U Thant Sin Lwin, Director General of Directorate of Investment and Company Administration. As at September 7, FDI was more than US$ 5.3 billion. The fiscal year will end on September 30. A total of 234 foreign investments were […]

Myanmar falls short of FDI target this year, but outlook is positive

Despite government efforts to hit its foreign direct investment (FDI) estimate of $5.8 billion during fiscal 2018-19, investors channeled just $4.1 billion into Myanmar, 70 percent of the original target, between October 1, 2018 and September 30, 2019. But U Thant Sin Lwin, director general of the Directorate of Investment and Company Administration (DICA) and […]

Govt sets target for current fiscal year’s timber sales

The government has set a target of earning US$129 million (K192.9 billion) from the combined sales of teak and hardwood for the current fiscal year, says U Khin Mung Kyi, deputy general manager of Myanma Timber Enterprise (MTE). The target figure was due to lower income and reduced timber production in the previous fiscal year, […]

Myanmar’s rubber exports exceed target for 2018-19

YANGON, Sept. 15 (Xinhua) — Myanmar exported 192,980 tons of rubber worth of 247.56 million U.S. dollars in the first 11 months from October to August of the present fiscal year 2018-19 , exceeding the targeted of 170,000 tons, according to the figures of the Ministry of Commerce on Sunday. The rubber exports increased by […]

Anti-smuggling teams to watch Yangon airport

The Ministry of Commerce’s mobile enforcement teams will include Yangon International Airport in their air and sea port investigations set to start on July 2, according to ministry officials. With much of Myanmar’s cross-border commerce thought to be carried out illegally, the teams will target tax evasion and promote legalised trade, which has grown to […]

Interest high in jet fuel tender

Nearly two dozen private companies submitted expressions of interest letters to join a state-owned firm in a joint venture distributing jet fuel, though authorities plan to restrict the tender to international firms only. The successful firm will partner with state-owned Myanmar Petroleum Products Enterprise (MPPE) to import, sell and distribute jet fuel throughout Myanmar. MPPE […]

Rice exports fall short of 2.5 mln tonnes against target

Rice exports are falling short of 2.5 million tonnes against the set target of 3 million tonnes for this fiscal year. “Myanmar exported just over 410,000 tonnes of rice during the last eight months. It is half of the figure of the same period last year,” said Dr Soe Tun, secretary general of Myanmar Rice […]