Calls for Yangon Govt to Halt Rising Price of Fish and Poultry

Concerns have been raised in parliament over the rising cost of poultry and fish prices at the market. Speaking during a sitting of the Yangon Region parliament on October 12, U Han Htun, Yangon Region minister for agriculture, livestock, forestry and energy, said research was needed to understand the steep increases in market prices for […]

Government restricts forex to banks

Exporters and importers must use banks for foreign currency transactions, according to new government regulations. The new rules would be another step toward a functioning interbank currency market, but bankers are doubtful they can be immediately enforced. The government amended its 2012 Foreign Exchange Management Law last week to prevent exporters from selling foreign currency. […]

Fishery sales keep slipping away

U YAQOUB says there is no question whether the fish business is in crisis. A 50-year-old resident of Kyimyindaing township, he employs two regular workers to meet local demand for the important protein source. He meets with brokers representing fish farms, negotiates the price and finalises orders. When the fish arrive, they are weighed and […]

Are the doors for foreign firms open too wide?

The Myanmar Investment Commission’s move to open up all but 10 business activities to foreign investment has drawn opposition from some local businesspeople, who say it is a step too far. The MIC released a list of the 10 business areas restricted to Myanmar-only investment as well as defining 64 activities that foreign companies can […]

Myanmar Organic Association Tie Up with Japanese Firm to Boost Organic Farming

The Myanmar Organic Association said it plans to work with Japanese firm EM Company to promote organic farming in Myanmar. The plan is in response to growing demand for organic products in the international market, which Myanmar is poised to enter if it can increase investment and value-added capacity in the country’s large agriculture sector. […]

Sliding scale: Fish exports slip away

Fish industry exports are likely to fall further this year as both over-fishing and under-investment continues to bite, officials from the Myanmar Fishery Federation (MFF) warned. Although the easing of sanctions opened up EU and US markets to exports, the industry cannot make the necessary investments in fish processing and refrigeration that it needs if […]

Central Bank notes caution on foreign banks

Central Bank of Myanmar vice governor U Set Aung appeared to back off a previously discussed timetable to allow foreign banks in to operate in Myanmar, declining to confirm plans to allow foreign banks to begin operations in 2014. Foreign banks will be allowed to offer services in Myanmar eventually but the timeline is still […]

Exchange rate fluctuation smooth as USD falters

Moderate depreciation of the US dollar against Asian currencies over the past three months has resulted in marked improvements for the kyat, which has appreciated as much as 2.42 percent against the greenback since mid-February. According to official exchange rates in Yangon, the value of the kyat against the dollar has grown from K988 on […]

Electricity issues to threaten big industry

With another summer approaching, Yangon industrial estates are again facing the prospect of massive power outages that owners expect will cost industrialists hundreds of thousands of dollars in profit, while hurting the commercial capital’s efforts to bolster an investor-friendly reputation. In the summer months of March to May 2013, factories had as little as three […]