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Myanmar Business News in Brief

Another int’l port terminal goes live in Yangon

A newly-completed international port terminal in Yangon was put into service last week, according to Myanmar Economic Corporation (MEC), which funded the project. The Ahlone International Port Terminal-1 is close to Yangon downtown and located on the eastern bank of the Yangon River. The wharf with a 600-metre bridge and 19.51 hectares of container space allows three vessels with 20,000 tonnes of load, the MEC said. The new facility has a container storage capacity of 13,210 TEU (20-foot equivalent unit), it added. The project started in early 2013 and is one of the six projects being implemented under Yangon port terminals development program.

Budget deficit to persist in 2015-16

Myanmar has forecast a continued budget deficit of 5.22 percent of GDP in the next fiscal year of 2015-16, exceeding the target of 5 percent recommended by the International Monetary Fund (IMF). A consultation workshop on the 2015-16 pre-state budget called for bringing the budget deficit growth under control, state-run media reported. Myanmar’s deficit totalled more than K7.2 trillion ($7.2 billion) in the three previous fiscal years.

Taiwan plans more Myanmar workers

Taiwan is planning on bringing in workers from Myanmar to tackle labour shortages in its manufacturing and agricultural sectors, the director general of the country’s Workforce Development Agency said, according to Taiwanese media reports. In the initial stage of the program, about 100 to 200 Myanmar nationals will be brought to Taiwan to work on a trial basis, Liu Chug-chun said. The experimental program could be implemented by the end of April or early May at the earliest, he added.

Economic zone in Muse goes ahead

A new trade centre at the border town of Muse, part of the Muse Central Economic Zone project in northern Shan state linking China’s Ruili of Yunnan province, is currently under construction, an official report said. The new economic zone, being established on 120 hectares of land at a cost of $51.54 million, comprises 18 estates including jade trading facilities, markets, shops, hotels, restaurants and housing complexes, according to the project plan. The zone is targeted to be completed in 2017.

Vietnam to hold expos in Myanmar, Cambodia

Vietnam will hold trade, services and tourism exhibitions in Cambodia and Myanmar to boost its exports to the ASEAN bloc, exhibition organisers said. Organised by the Ho Chi Minh (HCM) City Investment and Trade Promotion Center, the expo in Myanmar, will take place from May 20 to 24 in Yangon, with over 100 booths displaying products made by 80 companies. The expo in Cambodia, scheduled for April 1-5 in Battambang, will feature 150 trade booths from 90 companies.

Chinese firms seek business link

A delegation comprising business leaders from 40 state-owned enterprises from China’s eastern port of Tianjin last week held a meeting with their Myanmar counterparts to explore businesses and trade opportunities. The Tianjin delegation was led by Li Fuming, chairman of state-owned Assets Supervision and Administration Commission of Tianjin Municipal People’s Government (TJ-SASAC), while the Myanmar delegation was headed by Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) Vice President Dr Myo Thet. UMFCCI has signed a total of 16 MoUs with China including one with Tianjin in a bid to boost business ties between two countries.

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