Thura NewsViews. Myanmar Economics and Politics. Weekly Newsletter. Issue 249, December 29, Politics. Economy
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1 Issue 249, December 29, 2016 Thura NewsViews Politics Myanmar could be removed from LDC list within nine years Myanmar could be removed from the list of Least Developed Countries (LDC) by as early as 2025, a new report by the United Nations Conference on Trade and Development has said. The LDC is a list of countries that show the lowest indicators of development including income, education, life-expectancy and the economy, as ranked by the UN. Myanmar is one of 48 countries currently on the list after it was given the status in The move brought about much embarrassment for the country s citizens and was one of the major triggers for the nationwide anti-government uprising that took place a year later. In a new report, titled Least Developed Countries Report 2016, Mr Thomas Kring, economic advisor to the UN Development Program in Myanmar, said Myanmar is one of 16 countries on the list that could be removed within the next nine years. Ms Renata Lok-Dessallien, the United Nations Resident Coordinator for Myanmar, was quoted by Frontier as saying that coming off the LDC is a historical milestone but it is important to be aware that it is not the ultimate goal. Economy Fall in export earnings from natural gas Myanmar s earnings from the export of natural gas for the first nine months of the financial year are down 40 percent compared to the same period last year, according to reports. A local news quoted U Khin Maung Lwin, joint secretary of the Ministry of Commerce, as saying that, as of December 9, Myanmar had earned US$ 1.82 billion in selling natural gas abroad, compared to US$ 3 billion at the same stage of the financial year. The drop could have a significant impact on the economy, the report said, as natural gas typically accounts for about half of total export earnings in a financial year. In , natural gas provided US$ 3.5 billion in exports. Khin Maung Lwin said the drop in income was mainly due to the lower price of fossil fuels. A local news said the price of benchmark West Texas Intermediate crude oil had fallen from US$ 107 per barrel in 2014 to US$ 29 in February this year, although it had recovered to US$ 52 million as of December 22. There wasn t much difference in amount but there was a huge difference in Thura Swiss Ltd. Economic Research Shwe Hinthar B /2 Miles Pyay Road 11 Qtr. Hlaing Tsp. Yangon, Myanmar Phone +95 (0) Fax +95 (0) info@thuraswiss.com December Highlights Myanmar s garment exports are expected to reach US$ 2 billion by the end of December, according to the Myanmar Garment Entrepreneurs Association. Malaysia s manufacturing sector is facing a labour shortage after the Myanmar government stopped workers going to the country amid a diplomatic row, said the Federation of Malaysian Manufacturers. Eleven Media has apologised to the Yangon Region government after the CEO and chief editor were arrested for allegedly defaming a chief minister.
2 price, said Khin Maung Lwin. Myanmar s two main export markets for natural gas are Thailand and China and yearly agreements are reached regarding volume, the article said. Japan auto firms step up interest in Myanmar market Japanese auto makers are stepping up their operations in Myanmar, a country where they see huge potential for growth, according to Japanese media reports. A report by NHK World said that Suzuki Motor will begin constructing an assembly plant at the Thilawa Special Economic Zone (SEZ) on the outskirts of Yangon before the end of the year. The multi-billion Thilawa SEZ has benefited from significant investment from Japanese companies. Currently, Suzuki produces small trucks and minivans at a plant in Yangon, but is keen to scale up its operations in the country as its economy grows. The report said that Nissan Motor is also planning to construct its first assembly plant in the country, in Bago, 80 kilometres north of Yangon, planning to employ about 300 people and begin production by March Additionally, Honda Motor will open a centre for after-sales services including maintenance and inspection of used vehicles. Japanese cars are by far the most popular in Myanmar, and other companies including Toyota and Mitsubishi have established operations in the country. Myanmar confident of reaching US$ 6 billion FDI target for fiscal year The head of the Myanmar Investment Commission (MIC) has said he is confident that the country will reach its target of US$ 6 billion in foreign direct investment (FDI) in the current financial year, despite it currently being well below its target. U Aung Naing Oo, secretary of the MIC and director-general of the Directorate of Investment and Company Administration (DICA), was quoted as saying that he expects an influx of FDI in the last three months of the financial year, adding that he believes the country could even surpass its target. Aung Naing Oo said the commission is reviewing 52 proposals worth US$ 3 billion and expects to receive more proposals in the months to come, so we are very likely to surpass the target. At a recent meeting, the MIC approved projects from six manufacturing companies operating in Asia, including China, Hong Kong and South Korea five garment factories and one paper manufacturer - that would bring in US$ million in capital and create more than 4,000 jobs. In the financial year, FDI reached US$ 9 billion and Aung Naing Oo said lower FDI this year was to be expected as investors waited to see what economic policies would be set out by the new government, which took office in late March. He added that he expects Myanmar to attract considerable attention from American and European businesses next year. Aung Naing Oo also said that investment zones would be implemented in all 14 states and regions, in a bid to attract investment to areas that are less developed. Myanmar in Figures GDP (PPP): $283.5bn (2015) GDP (official ex.rate): $66.98bn (2015) GDP growth rate: 8.3% (FY proj.) Population: 51.4mn people (2014) Inflation: 11.5% (2015) Foreign trade: $22bn (2015) FDI: $64bn (31/07/2016) International reserves: $9.4bn (Dec 2015) CBM rate Kyat/$ = 1365K/1$ (28/12/16) For advertising with Thura Swiss please contact us by info@thuraswiss.com or by phone +95 (0) Please note that our advertisement contracts are based on a subscription of a minimum of 4 weeks. 2
3 Companies and Investments Myanmar-Japanese joint venture eyes infrastructure development Japan s Mitsubishi Corporation has formed a joint-venture with Myanmar Kaido Company to rent construction and other equipment, in order to take advantage of the country s expected rapid infrastructure development. At a ceremony hosted in Yangon on December 9, it was announced that under the joint-venture, named Diamond Rental Myanmar Company, Mitsubishi will take a 50 percent share, 30 percent will be owned by Myanmar Kaido, and the remaining 20 percent by Mitsubishi subsidiary Nikken Corporation. The event was attended by Yangon Region Chief Minister U Phyo Min Thein, who said that the partnership would bring benefit to on-going development projects in Myanmar, especially in Yangon, which has seen rapid growth in recent years and is cited to develop much further as the country s commercial capital. The companies had been working together under a slightly different arrangement since 2013, according to a report in the Bangkok Post. Honda to open after-sales business in Myanmar As a continued sign of automotive growth in the country, Japanese car manufacturer Honda has announced that it has rolled out its after-sales activities in Myanmar. Local auto company Eastern Nova has taken responsibility to conduct after-sales activities for Honda vehicles as the Japan-based company s authorised after-sales dealer in Myanmar, said a press release published on ACN Newswire. The agreement was reached between three parties, Eastern Nova, Honda Motor Company Limited and Asian Honda Motor Company Limited, the maker s regional headquarters for Asia and Oceania. According to the release, Honda estimates that 42,000 units of Honda cars have been registered in Myanmar since reforms started to the auto sector in First Armani store opens in Yangon As a sign of Myanmar s growing economy, the first Emporio Armani store has opened in Yangon, at the Sule Square Mall in the city s downtown area. The announcement is a signal of confidence among luxury retailers of the spending potential of the country s awakening middle class, growing population of foreign businesspeople and wealthy returning emigrants, said an article published in the local news. The 240-square-metre boutique will offer Emporio Armani s complete range in women s and men s clothing, as well as Armani Jeans, watches, glasses and jewellery. Due to limited options at home, Myanmar s wealthy individuals have until now tended to travel abroad to shop for their luxury brands, but the economy s liberalisation is improving access to such goods within the country. 3
4 Events Name Details Organizer/Ministries Contact Information Myanmar International Franchise & SME Expo Date: January Creative Myanmar +95 (0) Myanmar Oil and Gas Summit Venue: Sedona Hotel, Yangon Date: January 2017 Oliver Kinross Ltd +44 (0) German Education Fair Venue: Rose Garden Hotel, Yangon Date: 04 February 2017 Goethe-Institut Myanmar +95 (0) Mobile Payments & E- Commerce Emerging Markets Date: February 2017 Mobile Money & Agent Banking Venue: Park Royal Hotel, Yangon AAPG, EAGE, MGS Myanmar Oil and Gas Conference Date: February 2017 EAGE Education BuildTech Mandalay Venue: Mandalay City Hall, Mandalay Date: February 2017 Sphere Exhibits Myanmar Investment Conference & Trade Fair Date: February 2017 MiTA Services +95 (0) Myanmar Hospitality and Tourism Conference Venue: Park Royal Hotel, Yangon Date: 15 May 2017 Sphere Conferences Emerging Asia FinTech & Agent Banking Summit Venue: tbc, Yangon Date: May 2017 ASEAN Ports and Shipping Venue: Sule Shangri-La Hotel, Yangon Date: July 2017 Myanmar Banking & Finance Conference Date: July 2017 Transport Events, Myanmar Port Authority Sphere Conferences Compack Myanmar 2017 Date: September 2017 Enterprising Fairs (India), Myanmar Industries Association
5 Tenders Ministry of Electricity and Energy: Open Tender Myanma Petroleum Products Enterprise under the Ministry of Electricity and Energy has invited an open tender for the supply of following items in Myanmar Kyats: Description Quantity Delivery High Speed Diesel 470,000 ± 10% Barrels January 2017 to February 2017 Tender documents are available at the No. 6 Complex, Finance Department, Myanma Petroleum Products Enterprise, Ministry of Electricity and Energy. Tender applications are to be submitted no later than 13:00 on 5 January Further information can be obtained by phone at +95 (0) , , Ministry of Transport and Communications: Invitation for Pre-qualification With a loan from Japan International Cooperation Agency (JICA), the Ministry of Transport and Communications will procure Carrier Grade transmission Equipment (100 Gbps DWDM/ ROADM), Internet Gateway Overhaul & ISP Upgrading for IPv6 (High Capacity Routers, Servers), Power Plant, Air Conditioners, Optical Fiber Cable Laying and Civil Works (110 km-duct installation) covering 27 sites from Mandalay to Yangon as well as 27 exchanges in Yangon Metro in Myanmar including related installation/construction, testing and commissioning. The Executing Agency, MPT, intends to prequalify potential bidders for a bid and is open to all bidders from eligible source countries as specified in JICA Guidelines for Procurement under Japanese ODA Loans (April 2012). Prequalification (P/Q) notice with the following contents: 1. Package/ Project Name Communication Network Improvement Project (CNIP), MY-p9 2. P/Q Document Issuance Time and Venue 3. P/Q Document Fee and Necessaries Between 10:00 to 15:30, from 2nd to 6th January 2017 MPT Office, Ministry of Transport and Communications MMK 600, Submission Deadline 12:00 noon on 17 February Submission Venue MPT Office, Ministry of Transport and Communications 6. Eligibility for Applicant A minimum requirement for qualification is to have successfully carried out similar projects in overseas countries, demonstrating technical capacity and sound financial possibility/ solvency, as it is specified in the instruction to Applicants (ITA) of the P/Q Documents. 7. Contact Person U Myo San (Executive Engineer) MPT Managing Director Office, Office No.2 Ministry of Transport and Communications. Tel: +95(0) , +95(0)
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