Myanmar Business Today - Vol 2, Issue 36

September 11-17, 2014
Myanmar Business Today
mmbiztoday.com
mmbiztoday.com September 11-17, 2014 | V MYANMAR’S FIRST BILINGUAL BUSINESS JOURNAL ol 2, Issue 36
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Contd. P 12...
Inside MBT
Your Myanmar Taxes (Part
IV) – Corporate Tax P-7
6WDWHRI6HUYLFHG2̇FH0DUNHW
in Yangon (Part II) P-23
May Soe San
Tin Mg Oo
Myanmar can ex-port
up to 2 mil-lion
tonnes of
rice this year as it makes
progress on tapping the
rising demand in China
and pushing its giant
neighbour to lift an im-port
ban, industry insid-ers
say.
The Myanmar Rice Fed-eration
(MRF) recently
met with Chinese Embas-
V ṘFLDOV LQ DQJRQ LQ
a bid to start negotiation
regarding legalising rice
imports into China from
Myanmar. The meeting
was prompted by a cam-paign
led by the Chinese
government seizing rice
imported from Myanmar
in the Chinese border
town of Shweli and other
places that nearly halted
rice trade across the bor-der,
hurting rice traders
in Muse, the border town
on Myanmar side.
Rice from Ayeyarwaddy,
Bago, Sagaing, Magwe
and Yangon regions is
mainly exported through
Muse, with an estimated
80 percent of Myanmar’s
total rice exports going to
China. However, while it
is legal for Myanmar trad-ers
to export to China, it is
illegal for Chinese buyers
to import the rice.
“We need an agreement
on health inspection.
Then we’ll try to get a deal
on export quota and tar-
L̆IUHH H[SRUWV´ 8 $XQJ
Than Oo, president of
Myanmar Rice and Pad-dy
Traders Association
(MRPTA), told Myanmar
Business Today.
A Chinese team of four
experts, including the
deputy director general
of the Administration of
Quality Supervision, In-spection
and Quarantine
(AQSIQ) visited Myan-mar
during the last week
of August, and inspected
the production and dis-tribution
chain of the rice
industry as part of the ne-
JRWLDWLRQ IRU ṘFLDO ULFH
exports.
The team said it has
found satisfactory results
and also that rice farm-ers
in Yangon and Bago
regions as well as Nay Pyi
Taw are using a minimal
amount of chemical ferti-lisers
and pesticides.
The agreement to legal-ise
rice exports to China
LV VHW WR EH ¿QDOLVHG ZLWK
the Chinese Minister for
Agriculture during the
ASEAN Agriculture Min-isters
Meeting, which will
be held from September
20 to 26 in Nay Pyi Taw,
according to MRF. After
the agreement is signed,
a yearly export quota will
be agreed on by the two
sides, and exports will fol-low
before the end of the
year.
“We have been export-ing
rice to China so far
based on the mutual un-derstanding
but we can’t
H[SRUW ṘFLDOO XQOHVV
there’s a deal with AQ-SIQ.
Right now we can’t
do anything if they block
exports on the grounds of
low quality,” U Chan Thar
Oo, chairperson of Muse
Rice Wholesale Board,
told Myanmar Business
Today.
Contd. P 12...
Myanmar Summary
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Soe Zeya Tun/Reuters
The “Missing” Nine Million:
Does it Matter? P-4

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Auto association to set up public company
Myanmar Automobile-Makers and Distributors Asso-ciation
will set up a public company with a startup capi-tal
of K5 billion ($5 million), contributed by 50 leading
members, local media reported quoting chairman Soe
Tun of the Association. Soe Tun said the company plans
to raise up to K20 billion ($20 million) through a public
R̆HULQJ
Beans and pulses export reach $399 million
Myanmar garnered about $399.54 million by export-ing
520,000 tonnes of beans and pulses from April 1
to August 15, according to the Ministry of Commerce.
Green gram and green peas, also known as Mung beans,
were the top export items in the category. Export via
sea routes totalled $296 million, while through land to-talled
$102.9 million.
Yangon to increase taxes on liquor makers,
wholesalers
The regional parliament in the commercial city of
Yangon is planning to increase taxes on local manufac-turers
and wholesale distributors of foreign brand liq-uors
by between 200 and 400 percent, a move that will
impact the retail prices of alcoholic drinks, local media
reported referring to industry sources.
Eight companies given the go-ahead to import
LNG
The Ministry of Energy ministry gave permission to
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local media reported. The eight companies are Asia
World, Myanmar LPGG, Universal Energy, Kaung Htet
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Standard Family and Forward General Trading.
MEB to grant collateral-free loans to SMEs
Myanmar Economic Bank (MEB) is planning to dis-burse
loans to small-and medium-sized enterprises
(SMEs) without collaterals, deputy minister for Finance
Dr Maung Maung Thein said. Under directives from the
President, Myanmar Insurance Enterprise also imple-mented
a loan disbursement scheme with private com-panies
over the past two months.
Gap Inc reveals problems with working condi-tions
at Myanmar factories
An audit conducted for American retail giant Gap
Inc at two factories in Myanmar has discovered sev-eral
problems for workers that the retailer says it has
already begun to address. The report was submitted to
the US Embassy in Yangon, where it is posted online,
and conducted by Amherst, MA-based labor organi-zation
Verité. Workers reported abuse by supervisors,
inconsistent rules and enforcement, unpaid or inade-
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health and safety violations, according to Verité. The
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U.S. retailer to begin having clothes made in Myanmar.
South Korea promotes investment in Myan-mar
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Korea and a delegation from Myanmar discussed the
investment potential of the Southeast Asian nation in
Seoul last week. They met organisers from the ASEAN-Korea
Center and the Korea Chamber of Commerce and
Industry at the 2014 Investment and Business Environ-ment
Seminar on Myanmar. South Korea is already
Myanmar’s fourth-largest foreign direct investor with
over $500 million poured into the country as of June.
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mar
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cities – Yangon and Mandalay in early 2015, airline
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of increased business undertakings in the Southeast
Asian nation initiated by most of the Philippine citizens
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lay. In December 2013, Myanmar and the Philippines
signed an agreement on mutual visa exemption for the
two countries’ visitors, updating their 1979 Air Services
Agreement. There is a total of 24 international airlines
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operating domestically.
Myanmar Summary
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Myanmar Summary
Htun Htun Minn
The company formed
by local business-es
to develop the
Kyaukphyu special eco-nomic
zone (SEZ) will
start selling its shares to
the public later this year,
a senior executive of the
company said.
The shares of Myanmar
Kyaukphyu SEZ Public
Holding Co Ltd will be
sold at a price of K10,000
each, U Tin Aung, secre-tary
of the company, said.
However, exact details
including the number of
shares or when they will
be sold were not made
available.
“We are discussing the
sale of shares to the pub-lic
which will be carried
out later this year. Well
into its third year, the
project is attracting pub-lic
attention,” Kyaukphyu
SEZ monitoring commit-tee
chairman U Ba Shwe
Today.
Kyaukphyu SEZ is
planned to be developed
through collaboration
between local and for-eign
private businesses.
Three developers for the
port, industrial and con-struction
projects respec-tively
will be selected in
December, according to
U Myint Thein, chair of
Kyaukphyu SEZ manage-ment
committee, and also
the deputy director of the
Ministry of Rail Trans-portation.
The SEZ public hold-ing
company, which was
given the go-ahead by the
Directorate of Investment
and Companies Admin-istration
(DICA) in July,
will drive the SEZ devel-opment
process through
engaging in construction
and tourism operations,
industrial services, water
infrastructure and resi-dential
development pro-jects
and deep-sea port
construction, according
WR WKH ṘFLDO DQQRXQFH
ment.
The SEZ management
committee has said the
developers must make
sure to submit project
plans and designs by 2015
to carry on with the pro-ject
development.
“Rakhine state has
shortages of water, elec-tricity
and transportation
infrastructure which need
to be developed on a pri-ority
basis,” U Ba Shwe
said.
However, he said as the
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the public is expected to
take a wait-and-see ap-proach
for about four
years.
“They will participate
only when they are con-
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have to see if this project
can pique as much inter-est
as Thilawa SEZ,” he
added.
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Damir Sagolj/Reuters

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mmbiztoday.com Myanmar Business Today
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The provisional re-sults
Contd. P 8... Contd. P 8...
Aundrea Montaño
Htun Htun Minn
of Myanmar’s
2014 census, re-leased
on August 30,
show that Myanmar has
a population of 51.4 mil-lion,
nearly 9 million few-er
than the government’s
long-standing estimate of
60 million.
Most analysis of the pre-liminary
results of Myan-
PDU¶V ¿UVW FHQVXV LQ RYHU
30 years remains focused
on where the “missing” 9
million people are. Ques-tions
and hypothesis,
from mass exodus during
the years of political up-heaval
to the government
overestimating of the
population count, con-tinue
to emerge attempt-ing
to explain the newly
discovered population
GH¿FLW
But does the discovery
that Myanmar’s popula-tion
stands at just over
51 million really matter?
Yes, a little, but in reality
it’s not a devastating blow
to the country and panic
and criticism of the gov-ernment
unwarranted.
Perhaps most interest-ing
– and troubling – is
the high degree of mis-understanding
as to what
a lower population count
means for the country’s
future and economic de-velopment.
“The lower population
calculation will have some
real impact, but mostly it
is an issue that will impact
upon those too ready to
accept data at face value
than anything else,” Dr
Sean Turnell, associate
professor of economics
at Australia’s Macquaire
University and an expert
on Myanmar’s economy,
Today.
Is an increase in GDP
per capita important?
“The increase in per
capita income, due to the
population being fewer
than previous estimates,
PD EH D ¿JXUH WKH JRY-
ernment can brandish
around,” U Phone Myint
Aung, a member of the
upper house of parlia-ment,
told Myanmar
Business Today.
However, this logic ig-nores
that fact that GDP
per capita is an imperfect
measure, and does not
account for income dis-tribution
or inequality,
which plays into econom-ic
measures of consump-tion.
³6XSHU¿FLDOO SHRSOH
will say that it will in-crease
per capita GDP –
by decreasing the denom-inator
of the per capita
GDP equation – that is
aggregate GDP/popula-tion.
“However, the numera-tor
itself is just a very im-perfect
estimate, and one
that is not independent
of the population number
anyway. For instance, one
of the key components of
aggregate GDP, aggregate
consumption, is based
on a representative con-sumption
sample, which
is then extrapolated ac-cording
to the estimated
population number. Like-wise
though, some many
other parts of the aggre-gate
GDP number are
just estimates, including
measures of Myanmar’s
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economy,” Turnell said.
Another top govern-
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under the condition of
anonymity, said that as
GDP per capita increases,
Myanmar may graduate
from the least developed
countries (LDC) status
and enjoy subsequent
EHQH¿WV
However, Turnell said
shedding the country’s
LDC status is much more
complicated than increas-
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ure.
“Myanmar’s status as an
LDC should not change.
The country was very
poor a week ago, and it is
very poor today.”
He said, “In any case,
LDC status is a process
that involves several UN
agencies and the like. So,
even if people shut their
ideas to the country’s re-alities,
it would take a
long time for the status to
change.
It is also unlikely that
there would be any sig-
QL¿FDQW SROLF FKDQJHV
for lending organisations
like the World Bank, the
Asian Development Bank
and the International
Monetary Fund (IMF).
“Myanmar remains
eligible for the IMF con-cessional
lending to low-income
countries,” Yu
Ching Wong, IMF resi-dent
representative in
Myanmar, told Myanmar
Business Today.
“In broad terms, a mem-ber
country is eligible for
ORZLQFRPLQJ¿QDQFLQJLI
its annual per capita GNI
is below the International
Development Association
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RSHUDWLRQDO FXW R̆
[$1,195 in FY 2013] and
they do not have capac-ity
to access international
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durable and substantial
basis,” she added.
Consumption
Some believe the new
SRSXODWLRQ¿JXUHVFDQEH
devastating to the eco-nomic
development of
the country. This is based
on the rationale that if
the population is lower,
then consumption has de-creased
and will detract
from the country’s attrac-tiveness
to foreign inves-tors.
“A lower population can
impact foreign invest-ment
because with fewer
people consumption will
decrease, while a larger
population can contribute
to rapid market devel-opment
and also attract
more foreign invest-ments,”
U Myint Kyaing,
director general of the
Department of Popula-tion
under the Ministry of
Immigration and Popula-tion
told Myanmar Busi-ness
Today.
Another top government
ṘFLDO VSHDNLQJ XQGHU
the condition of anonym-ity,
also said that a lower
population will have the
impact due to decreased
consumption. He said,
“Poverty is fuelled by the
lack of consumption. Low
consumption can lead
to a drop in exports and
foreign investment. A big
population can attract in-vestments
with its spend-ing
power. China’s devel-opment
is largely owed to
its population.”
However, the new
SRSXODWLRQ ¿JXUH KDV QR
impact on Myanmar’s
FXUUHQW FRQVXPSWLRQ ¿J-
ures – the fact is that 51.4
million people were con-suming
before, and those
same 51.4 million people
continue to consume to-day.
Foreign investors
might need to recalculate
to accommodate their
country strategies, but
rest assured Myanmar is
a piece of a larger ASEAN
investment strategy for
most investors – such as
the ASEAN Economic
Community, which is ex-pected
to start to come
online in 2015.
Also, in economic terms
the consumption function
is far more complex than
D SRSXODWLRQ ¿JXUH ,Q
fact, it is well noted that
poor individuals actually
consume more than those
in higher income catego-ries.
This is because to
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individual they must use
the majority, if not all or
XVH GHEW WR ¿QDQFH WKHLU
daily living expenses –
hence they consume more
whereas higher income
people have the luxury to
save and possess dispos-able
income.
The other side of con-sumption
that adds lay-ers
of complexity is the
consumption function
takes into account an in-dividual’s
propensity to
VDYH±RURQWKHÀLSVLGH
their ability to generate
disposable income. So
while it is true that fewer
people are consuming
at a given time in Myan-
PDUH̆HFWLYHSROLFPXVW
ask question why people
consume, and what keeps
them from consuming.
One reason individuals
do not spend is because
they lack security in being
able to pay for emergency
Myanmar Summary
3HRSOHFURVVDEULGJHLQGRZQWRZQDQJRQ
Minzayar/Reuters
“The lower population cal-culation
will have some
real impact, but mostly
it is an issue that will im-pact
upon those too ready to
accept data at face value than
anything else.”
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Myanmar Summary
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Aye Myat
The Myanmar In-vestment
Com-mission
(MIC) has
eased some restrictions
on economic activities for
foreign businesses, re-moving
11 items from the
prohibited list of econom-ic
activities previously de-clared,
according to the
commission.
These economic activi-ties
lifted for foreigners
include jade and gem-stone
prospecting, explo-ration
and production,
small and medium scale
mineral production and
distribution of newspa-pers,
magazines and jour-nals
in Burmese and other
national ethnic languages.
The commission also
cut the list of economic
activities previously al-lowed
only in the form of
joint venture with local
Myanmar citizens from
42 items to 30.
The commission has so
far during this year permit-ted
nearly 30 projects for
investment by local entre-preneurs,
while 60 for in-vestment
by foreigners.
6LQFH -XQH ṘFLDO ¿J
ures show that Myan-mar
attracted investment
from 34 countries, total-ing
$46.71 billion.
Myanmar Summary
Htun Htun Minn
Mandalay Inter-national
Airport
will be upgraded
into a logistics hub, ac-cording
to the Depart-ment
of Civic Aviation
(DCA).
The upgrade is expected
to improve the airport so
that it can provide cargo
and distribution services
for international and do-mestic
goods.
“First, the airport build-ings
and terminals will
be upgraded. This will be
followed by preparation
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service,” said U Win Swe
Tun, director general at
DCA.
Mitsubishi-Jalux, a Jap-
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Myanmar partner, SPA
Project Management, has
been awarded the tender
to upgrade and operate
the airport for a 30-year
term.
“We have sent the pro-posal
for the project to
the Myanmar Investment
Commission. We are sure
it will be approved within
the year,” U Win Swe Tun
said.
The total area of Man-dalay
International Air-port
is 17,544 acres, while
3,682 acres are covered
by runways and buildings.
After the upgrade, the air-port
will have the capacity
to serve 3.5 million pas-sengers
annually. Accord-ing
to DCA, the project is
expected to cost K10 bil-lion
($10.3 million).
The department plans to
conduct upgrades to sev-en
of Myanmar’s airports
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This includes Thandwe
Airport in Rakhine state,
Tachileik Airport, Naung
Mon and Maisat Airports
in Shan state, Loikaw Air-port
in Kayah state, Kalay
Airport in Sagaing region
and Koe Koe Island Air-port
in Yangon region.
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Myanmar Summary
Htun Htun Minn
The Ministry of La-bour,
Employment
and Social Security
ZDV DEOH WR ¿QG ZRUN IRU
only 40 percent of unem-ployed
individuals regis-tered
with the ministry for
job placement assistance
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minister said.
Over this period, the
ministry registered on
average 75,000 people
for employment assis-tance
every month, with
the government able to
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30,000 individuals per
month, union minister for
labour U Aye Myint said.
During the same period,
the government recorded
that over 3 million My-anmar
citizens worked
abroad, with the ministry
¿QGLQJ HPSORPHQW IRU
only 5,000 of those indi-viduals.
“You have to try yourself
to land a decent job over-seas.
The government’s
overseas job opportuni-ties
are mostly for basic
workers and are not avail-able
for skilled labor,” Ko
Yan Paing who is working
in Singapore, told Myan-mar
Business Today.
“Strong connections are
required to access skilled
job positions abroad,” he
added.
Despite the relative in-crease
in job opportuni-ties
in recent years, many
people without a network
must increasingly rely
on employment agen-
FLHV ZKLOH RWKHUV ¿QG
work based on the recom-mendation
of family or
friends.
Therefore, many people
looking for job are in need
of government guidance
in terms of skills training,
one banking manager ob-served.
Six out of 10 young peo-ple
in Myanmar are facing
unemployment, accord-ing
to a report released by
the Myanmar Youth As-sociation,
which calls on
the government to quickly
address the many chal-lenges
facing the coun-try’s
youth.
The report was prepared
based on surveys conduct-ed
targeting local young
adults within the age range
of 16 to 35 from Yangon
and Ayeyarwaddy regions,
with data covering the
years of 2012-2014.
“We saw many unem-ployed
people during the
survey period. If this con-tinues,
the future of the
country will not be that
encouraging,” Ko Zwe
Yan Naing, chair of the
Myanmar Youth Associa-tion.
“A high unemployment
rate will be a drag on the
economy. The poverty sit-uation
in the country will
deteriorate further com-pared
to other countries
in the region,” he added.
Socioeconomic short-comings
such as issues
of land grabbing, poor
transportation and lack
of information are help-ing
to drive the high un-employment
rate among
young people. Young
people who are trying to
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situation are met with in-creased
risks like human
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illicit trade, according to
the report.
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Phyo Thu
Three large whole-sale
commodity
markets are to be
established in Yangon
and Mandalay, the two
commercial cities of My-anmar,
and Muse, the
country’s biggest border
trading hub, a minister
said.
The Ministry of Com-merce
is working towards
setting up the commod-ity
markets before 2015,
when the ASEAN Eco-nomic
Community (AEC)
ZLOO FRPH LQWR H̆HFW DF-
cording to U Win Myint,
union minister for com-merce.
“A total of 52 whole-sale
markets have been
opened so far. We are try-ing
to develop these mar-kets
as well as to help spe-cialised
companies,” he
said at the annual event
of the Union of Myanmar
Federation of Chambers
of Commerce and Indus-try
(UMFCCI).
The ministry is also
planning to establish an
international trade center
in cooperation with the
state and regional gov-ernments,
which will help
increase trade volume by
linking the country with
global trade networks.
When the AEC is imple-mented,
local businesses
will be able to access the
over 600 million popula-tion
of the ASEAN mar-ket,
but will also have to
SUHSDUHIRUVWL̆FRPSHWL-
tion from other business-es
in the region, U Win
Myint said.
“The government needs
to deliver on its promises.
Although they are tout-ing
changes, we are not
seeing them take shape.
7UDGHÀRZVDUHQRWJDLQ-
ing speed and a major ob-stacle
is that it takes too
long to engage with gov-ernment
departments,”
said U Zaw My0 Aung
from the Myanmar Inter-national
Freight Forward-ers
Association.
Although licensing pro-cessing
is getting faster,
the Department of Com-merce
and Customs De-partment
are apparently
not coordinating in the
process of establishing
prices and making sepa-rate
decisions, he added.
Yangon, Mandalay and
Muse are chosen as po-tential
places for whole-sale
markets as the places
have a wide reach to both
sea and land trade chan-nels,
and the potential for
increasing cross-border
trade, experts say.
Myanmar Summary
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Myanmar Summary
James Finch
Kyaw Swa Myint
We’re sometimes
contacted by
entrepreneurs
who want to start a busi-ness
in Myanmar. Often
WKHSODQLVWRÀLQWRDQ-
gon, and without any con-tact
with the Myanmar
government, get a hotel
room and start operating
a business out of it. The
UHDOLWLVPXFKGL̆HUHQW
In fact, the Myanmar
authorities don’t allow
you to start a business in
Myanmar without a cor-porate
presence. Your
options for this are quite
simple:
‡ $ 0DQPDU FRPSDQ
owned by its shareholders
and operated by its board
of directors.
‡ $ EUDQFK RI D IRUHLJQ
company, which is just a
locally registered address
of a foreign company.
‡ $ UHSUHVHQWDWLYH ṘFH
which is similar to a branch
but is not expected to pro-
GXFH D SUR¿W $W SUHVHQW
foreign banks and insur-ance
companies are limited
WRUHSUHVHQWDWLYHṘFHV
The procedures for reg-istering
all of the above
are similar. For foreign
investors they take several
months to create, but are
allowed to operate on a
temporary basis pending
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delay easier to work with.
Let’s assume your ob-
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so you don’t want a rep-
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do you choose between a
branch and a company?
This decision is largely
based on the tax rate. For
FRPSDQLHVQHWSUR¿WVDUH
taxed at 25 percent while
branches are taxed at 35
percent.
Given the higher tax
rate, why would you ever
want a branch? Branches
are easier and cheaper to
operate. With a branch
you don’t have to have
an annual general meet-ing.
Additionally, the gov-ernment
never expects a
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so it could show a loss or
break even for as long as
you want it to.
If you want to enter
the market and have a
presence in the country
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in Yangon.
without the expectation
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propriate to register as a
branch. For example let’s
say you want to maintain
a presence in Yangon and
hire a sales team. If your
sales team meets with
customers but those cus-tomers
are buying direct
IURP DQ R̆VKRUH ṘFH
rather than the Yangon
ṘFHWKHEUDQFKUHJLVWUD-
tion can be used to facili-tate
this by allowing you
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ṘFHDQGJHWRXUH[SDW
VDOHVVWD̆VWDSHUPLWV
Keeping in mind the 10
percent lower tax rate for
companies, if you want
WR KDYH UHDO SUR¿WV RX¶OO
want to register as a com-pany
and not a branch.
Also, for any kind of a
big operation –manufac-turing,
infrastructure or
telecoms operation, for
example – the Myanmar
government may require
you to have a company
rather than a branch.
There is another con-sideration.
You’ve prob-ably
heard of the Foreign
Investment Law of 2012
(FIL). Under this law
WKHUH LV D ¿YHHDU WD[
holiday, which means that
if you register under this
law your business doesn’t
SDWD[HVIRUWKH¿UVW¿YH
years of its operation – if
it’s the kind of investment
WKDWTXDOL¿HV
The FIL doesn’t explic-itly
mention branches or
UHSUHVHQWDWLYH ṘFHV EXW
the rules to the FIL men-tion
that all registrants
must have companies.
In practice the Myanmar
Investment Commission
“MIC” allows some indus-tries
such as oil and gas
to operate under the FIL
as branches. The taxes af-
WHU WKH ¿YHHDU WD[ KROL-
day are the same for other
companies under the FIL
±SHUFHQWRIQHWSUR¿WV
Now every industry is
DOORZHG WR WDNH WKH ¿YH
year tax holiday. The
MIC has just issued a no-
WL¿FDWLRQ WKDW WKHUH DUH
business activities which
won’t be allowed to claim
the tax holiday. Here’s a
sample of the barred in-dustries:
any company
that is involved with the
production or selling of
alcohol and cigarettes;
companies that sell gaso-line,
diesel oil and fuel;
natural resource extrac-tion
(excludes oil and gas
exploration and drilling);
and building construction
for resale.
Doing business in My-anmar
is not a simple
process, and you should
carefully consider your
options before entering
the Myanmar market.
James Finch is a part-ner
at DFDL Myanmar
Limited, resident in Yan-gon.
Kyaw Swa Myint is
an advisor at DFDL My-anmar
Limited’s Yangon
Tax Business Unit.
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Myanmar Summary
From page 4...
From page 4...
May Soe San
Traders have sent a
request to the Min-istry
of Commerce
(MOC) to facilitate in re-moving
a Chinese ban on
¿QH JRDWVNLQ OHDWKHU H[-
ports from Myanmar to
Yunan province in China,
U Tun Lin Soe, general
secretary of Muse-Nant-kham
border trading hub,
said.
The request for an ex-port
licence for the prod-uct,
which has been sub-mitted
in May, has not
met with any responses
so far, while the govern-ment’s
support is essen-tial
to lift the Chinese ban
on the product, U Tun Lin
Soe said.
“This product has
EHHQ ṘFLDOO H[SRUWHG
through the border chan-nel
in the past. But later
it was banned by the Chi-nese
central government
on the grounds of bacte-rial
contamination and
foot-and-mouth disease,”
said U Htay Oo from the
border trading hub.
Fine leather products
are at risk of containing
germs and also chemicals
which are used to make it
last longer, according to
U Toe Aung Myint, direc-tor
general of the Depart-ment
of Export Promo-tion
from MOC.
The ban from China
claiming it contains food-and-
mouth disease risks
can be lifted only through
negotiations between the
two sides, he added.
³:H KDYH ¿QH OHDWKHU
products ready to export
to Yunnan, but we haven’t
received an export licence
HW VR ZH ZDQW WKH Ṙ-
cials to take the problems
of traders into account,”
U Tun Lin Soe said.
Rough goatskin, pro-duced
by mixing goat-skins
with salt, has been
exported to China in the
past through the coopera-tion
between the govern-ment’s
now dissolved Ag-ri-
business Department
and private companies.
China is a major market
for goatskin leather, but
UHTXLUHV D FHUWL¿FDWLRQ
clarifying the product is
clear of germs that cause
foot-and-mouth disease
RUELUGÀXIURPWKH/LYH-
stock Breeding and Vet-erinary
Department in
Myanmar.
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expenses, such as a trip to
doctor, loss of income or
DQ RWKHU XQH[SHFWHG ¿-
nancial burden – causing
them to save for a rainy
day, which decreases the
potential for disposable
income. If the Myanmar
government wants indi-viduals
to consume more,
WKHQHHGWRFUHDWHH̆HF-
tive social safety nets that
increase certainty in an
individual’s overall well-being.
This might include
schemes for health and
unemployment insur-ance.
Also, developing a
functioning and trusted
¿QDQFLDOVVWHPLVYLWDOWR
individual security.
While it is true that
China’s population is a
factor in its development
prospects its rapid devel-opment
has never been
a function of domestic
consumption, rather it
LVGXHWRWKHH̆RUWVRIDQ
aggressive export-orient-ed
growth strategy. Get-ting
China’s population
to consume continues to
be a complex mix of ap-propriate
social and eco-nomic
policy combined
with increased capacity
in domestic governance –
the same will be true for
Myanmar.
If Myanmar wants to
increase consumption to
a level that will have real
economic impact, then fo-cus
must be diverted away
IURP SRSXODWLRQ ¿JXUHV
and placed on increasing
incomes.
So what does matter?
If GDP per capita and
consumption are not im-portant
factors, then what
does matter in calculating
the economic future of
Myanmar? Productivity.
In order for productivity
to increase – and hence
incomes – the govern-ment
should focus their
H̆RUWV RQ GLUHFWLQJ LQ-
vestment to sectors that
will have high impact –
namely the agriculture
sector, which according
to the CIA’s World Fact
Book employees over 70
percent of the popula-tion,
and manufacturing,
which is a vital sector
needed to absorb the in-crease
in city populations
due to rural-urban migra-tion.
In order to do this, more
priority should be placed
on the development of
appropriate legislation to
create a friendly business
environment that attracts
foreign investment from
a broad base of countries
– this includes making
H̆RUWVWRLQFUHDVHLQYHVW-
ment from western coun-tries.
Moving forward
At the end of the day,
the revelation that Myan-mar’s
population is nine
million people fewer than
estimates once provided
has virtually no impact
on the country’s pros-pects
for development. If
anything, the census of-fers
more legitimacy in a
country that for the past
50 years has produced
virtually no statistical
data.
The results of the 2014
population and housing
census, especially given
the long lag since the last
census was conducted in
DUH VLJQL¿FDQW LQ
providing important in-formation
to form a more
accurate snapshot of My-anmar
today. Accurate
and timely social-eco-nomic
data are essential
inputs to policymaking
and monitoring develop-ment
progress,” Yu Ching
Wong said.
The government has the
opportunity to now use
WKLV GDWD WR FUHDWH H̆HF-
tive economic and social
policy that to create a
PXOWLSOLHU H̆HFW WKDW LQ-
creases productivity, con-sumption
and long-term
economic growth.
Yu Ching Wong said:
“Foreign investors will
continue to be attracted “ Myanmar’s status as
an LDC should not
change. The country
was very poor a week
ago, and it is very poor to-day.”
by Myanmar’s long run
growth potential, which
remains substantial with
its rich natural resources
and low labour costs. In-vestors
will generally be
more attracted to and
FRQ¿GHQW WR RSHUDWH LQ D
country with macroeco-nomic
stability and a con-ducive
climate for doing
business.”
Reuters
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LOCAL BIZ 9
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Myanmar Summary
Htun Htun Minn
The Yangon regional
government said
it plans to collect
data on the earnings and
expenses of labourers liv-ing
in townships that con-tain
industrial zones in a
bid to set up a minimum
wage.
The data collection will
be completed within one
month, and will empha-sise
basic information
such as household income
and the number of house-hold
members, U Zaw Aye
Maung, Rakhine ethnic
minister of Yangon re-gional
government told a
session of Yangon region-al
parliament.
“We will collect data on
how high the living cost is
LQVSHFL¿FDUHDVRIDQJRQ
and how much the labour-ers
earn. Later the data
will be submitted to the
national assembly, which
will use this to establish
a minimum wage,” U Zaw
Aye Maung explained.
Yangon regional gov-ernment
and the Ministry
of Labour, Employment
and Social Security will
work together to collect
data in 14 townships of
Yangon that have indus-trial
zones, he added.
The minister revealed the
plan to collect data, in his
response to the question
of U Soe Win, a member
of the regional parliament,
over the conduct of the re-gional
government to solve
labour issues including se-curing
compensation and
taking legal actions.
“Adopting a minimum
wage standard is very
important. Many people
have to work hard for
very little returns. Many
factory workers earn only
K 1,000 ($1.1) a day and
some earn even less,” U
Htay, an attorney work-ing
for the rights of work-ers,
told Myanmar Busi-ness
Today.
The minimum wage law
was enacted on March
22 last year with the by-laws
laid down on July
12, 2013. The Ministry
of Labour, International
Labour Organization and
other Non-Government
Organizations, employers
and labour union lead-ers
are frequently hold-ing
meetings regarding
the adoption of minimum
wage and committees are
also being formed.
The ministry has es-tablished
a temporary
minimum salary stand-ard
of K56,700 ($58) per
month for industrial zone
workers, along with the
workers’ right to enjoy
additional bonuses such
as general allowances
and no-leave bonus. The
labourers have asked for
a minimum wage of K
7,000 ($7.2) per day.
Daw San San Nwe, Yan-gon
regional minister
IRU ¿QDQFH UHTXHVWHG D
budget of K5.506 million
for the allowances, trans-portation
and document
fees for the data collec-tors,
K798,000 for train-ing
and K6.59 million to
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relating to the issue.
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LOCAL BIZ 10
3DUDPL(QHUJ6LJQV'HDORQ
7ZR2QVKRUH2LO%ORFNV
May Soe San
Parami Energy
Group has signed
production sharing
contracts for two onshore
oil blocks with the Myan-mar
Investment Commis-sion
(MIC), the group’s
FKLHIRSHUDWLQJṘFHUDS
Kwong Weng said.
Parami Energy group
will enter into a partner-ship
with Pakistan’s Pe-troleum
Exploration (Pvt)
Limited (PEL) and UK-based
Siren Exploration
and Production as a local
partner to operate on the
oil blocks where Parami
will have 30 percent stake
DQGWKHSDUWQHU¿UPVZLOO
hold the rest.
“Our company will con-duct
EIA (Environmental
Htun Htun Minn
High quality taro
being cultivated
in Chin state has
the capacity to accom-modate
up to 200,000
WRQQHVRISURGXFWWRIXO¿O
the increasing demand in
countries such as Japan,
Korea, China and Thai-land,
a minister said.
Taro, native to Southern
India and Southeast Asia,
is a common name for the
corms and tubers of sev-eral
plants in the Araceae
family. Of these, Coloca-
Impact Assessment) and
SIA (Social Impact As-sessment).
There won’t be
any complication in get-ting
the locals’ consent.
But we have to be extra
careful as a foreign com-pany
is involved,” U Ken
Tun, founding chairman
DQGFKLHIH[HFXWLYHṘFHU
of Parami Group said.
The cost of the project
is estimated to be 20 per-cent
higher than previ-ous
projects as it aims to
settle the concerns of the
locals prompted by the in-
FOXVLRQ RI D IRUHLJQ ¿UP
he added.
The two oil blocks are
PSC O, which is located
near Pathein, capital of
Ayeyarwaddy region, and
PSC J, which stretches
from the town of Mudon
in Mon state to Pha-An,
capital of Kayin state.
Founded in 2014, the
JURXS KDV ṘFLDOO H[-
panded its business into
oil and gas industry in
2009 and currently focus-es
on oil and gas, energy
and construction sectors.
KLQ6WDWH¶V7DUR+DV
%LJJHU([SRUW3RWHQWLDO0LQLVWHU
sia esculenta is the most
widely cultivated.
Due to low demand, the
taro produced in Chin
state is not exported to
India or other regions
within Myanmar. There-fore,
local traders should
connect with the Myan-mar
Fruit, Flower and
Vegetable Producers and
Exporters Association
LQ RUGHU WR ¿QG VXLWDEOH
markets for the product,
U Ohn Than, deputy un-ion
minister for agricul-ture
and irrigation, said.
“The Agriculture De-partment
should promote
cultivating high-quality
variety taro as a means to
commercialise the prod-uct,
he said.
Production costs for one
acre of taro ranges from
K300,000 to K500,000,
while earnings from one
acre can range from K1
million up to K1.5 million
depending on the yield.
“It’s not only taro, but
we are having a hard time
selling other crops be-cause
of scarce demand,
which is worsened by the
low incomes of the poor
and hard-to-access trans-portation
networks,” said
Ko Victor, a farmer from
Htantalan township in
Chin state.
Total Taro cultivation
area in Chin state dur-
LQJ ¿VFDO DUHD
stood at 315 acres in Te-dim
township, 1,162 acres
in Tonzan, 150 acres in
Kyeekha township, 235
acres in Htatalan town-ship,
65 acres in Phalam
township, 10 acres in
Reed Kawda township, 99
acres in Hakha township
and 28 acres in Kanpatlat
township.
The total taro cultiva-tion
area is 2,562 acres in
the state according to the
¿JXUHV IURP WKH 0LQLVWU
of Agriculture and Irriga-tion.
Myanmar Summary
Among them, 1,687
acres were planted solely
with taro while in the oth-er
875 acres taro is grown
along with other crops
in a multiple cropping
method, according to the
ministry’s data.
Due to an archaic or-dinance
issued in 1967,
where the land tax rate
is charged at only K1 per
acre of farmland in Chin
state, only K1,687 in tax
revenue is collected per
year from the 1,687 acres
RIWDUR¿HOGV
People of Chin state pri-marily
participate in the
subsistence farming of
taro, sweet potatoes and
some varieties of yams –
providing ample opportu-nity
for the commerciali-sation
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of agriculture in
the state.
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Myanmar Summary
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jrefrmEdkifiHtwGif;Sd tjcm;wdkif;
a'oBuD;^jynfe,frsm;odkY wifydkY
mwGiftqifrajyrIrsm;Sdaeonf/
Reuters

LOCAL BIZ 11
1LJKW0DUNHWIRU)RRG9HQGRUV(HV7RXULVWV
Tin Mg Oo
Anight market is to
be set up in Ma-habandoola
Park
street in a bid to promote
small food vendors and
restaurants and attract
foreign tourists, U Khin
Aung Tun from Myanmar
Tourism Federation.
“Yangon regional gov-ernment
has agreed to
our proposal for a night
market in Mahabandoola
Park street. It aims to pro-vide
hygienic and healthy
food to locals and foreign-ers
and also help basic
food vendors who sell at
night.
“Foreigners can have
Myanmar foods, buy
souvenirs or sit and read
books there. It will con-tribute
to the tourism in-dustry,”
he said.
A total of 14 small res-taurants,
two each from
the seven downtown
townships, will be se-lected
on the criteria set
by Myanmar Restau-rant
Owners’ Association
(MWRA) from the pool
of restaurants that ben-
H¿WIURPWKHDVVRFLDWLRQ¶V
help.
“Those that have disci-
pline, can meet quality
requirements and satisfy
the customers will be ap-proved
to run stalls at the
night market. We have
studied the factors con-tributing
to the success
of night markets in other
countries,” U Kyaw Myat
Moe, general secretary of
MWRA said.
Currently, MWRA is
working on helping small
restaurants and will select
14 based on the folowing
criteria: how much they
understand the goals of
the association and are
willing to cooperate with
it, whether they are do-ing
business in places
allowed by the City De-velopment
Committee, if
they are popular choices
of the diners, and if they
meet hygiene standards
and are willing to undergo
inspections.
“Many current food
stalls have low hygiene
practices and unattrac-tive
settings, so a well
organised night market
can change that. The food
doesn’t have to be cheap
and as long as the food
and the packing are clean
and of good quality it will
work,” said Daw Ohnmar
Oo, sales director of Gold-en
Orbit Travel and Tours
company.
“The stalls that don’t
follow rules should be pe-nalised
and will be shut
down,” she added.
“Neighboring countries
also have night markets.
Thailand in particular
boasts a two-mile long
night market in Chiang
Mai. The market, which
is open from 6pm to 2am,
does not litter the place
leaving it clean after it is
closed in the morning,”
she said, adding that if
such practice is applied
here, the night market
will be a success.
Myanmar has launched
an E-Visa system on Sep-tember
1, part of a cam-paign
to prompt tourist
arrivals. Last year’s travel
season recorded an annu-al
increase of 50 percent
in tourist arrivals and 3
million foreign tourists
are expected to enter the
country this year, accord-ing
to Myanmar Tourism
Federation.
“We appreciate support
like this. We have almost
always been having clashes
with YCDC. We are allowed
to set up shop only after
3pm,which is not a good
time for selling food,” told
a vendor selling steamed
rice downtown.
,PSRUWHG7LPEHUV.HIRU:RRG3URFHVVLQJ,QGXVWU
Phyo Thu
The growth of My-anmar’s
timber-processing
industry
will rely more on timbers
imported from abroad
than those produced do-mestically,
industry insid-ers
say.
Despite heaving logging
inside Myanmar, raw tim-ber
from outside of the
country will ensure more
SUR¿W IRU WKH WLPEHUSUR-
cessing plants, which have
increasingly received for-eign
investment, said U
Bar Bar Cho from the My-anmar
Timber Merchants
Association.
“Timber-processing pla-nts
are not allowed to set-up
near forest areas. So if
you compare the quality
of local raw timber and
the transportation costs,
LWLVPRUHSUR¿WDEOHWRXVH
teak and other hardwoods
from abroad.
“In the future, the in-dustry
will rely more and
more on timber imports.
We have asked the gov-ernment
to issue the re-quired
documents for
timber imports in the
near future,” he told My-anmar
Business Today.
After the export of tim-ber
logs were banned at
the start of the current
¿VFDO HDU WKH H[SRUW RI
processed timber prod-ucts
has increased. How-ever,
links to major mar-kets
remain weak even
though Indian investors
are planning to construct
two timber-processing
factories and the govern-ment
is negotiating with
the European Union for
approval to freely export
timber products.
Weak access to markets
and poor quality over-shadows
the progress
made in the industry and
will remain a hindrance
for the foreseeable future,
local wood processing in-dustry
insiders say.
Processed timber is
used in making of lo-cally
produced furniture;
however, the design and
quality of timber-based
products in Myanmar are
of poor quality, while pro-cessed
teak and its acces-sories
also remain sub par
to meet demand.
If the country can in-crease
its quality and
export prospects, it will
support the goals of the
National Export Strategy,
given that timber prod-ucts
are expected to be a
major export for the My-anmar.
Myanmar Summary
Myanmar Summary
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Reuters

LOCAL BIZ 12
)DUPHUV7LH8SZLWK-DSDQHVH)LUPWR
%RRVW2UJDQLF)DUPLQJ
Myanmar Summary
From page 1...
From page 1...
Kyaw Min
The Myanmar Or-ganic
Association
said it plans to
ZRUN ZLWK -DSDQHVH ¿UP
EM Company to promote
organic farming in Myan-mar.
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 agricul-ture
sector.
Local farmers have
formed a temporary as-sociation
for comprehen-sive
development in the
organic farming industry,
which will cooperate with
WKH -DSDQHVH ¿UP ZKLFK
has extensive knowledge
and technical skill in or-ganic
techniques, U Hnin
Oo, spokesperson of the
association, said.
Currently, the local base
practicing organic farm-ing
is too small to even
meet local demand. The
association will help lo-cal
individuals interested
in introducing organic
farming techniques and
incorporating new tech-nology
into their practices
so that they can gain in-ternational
accreditation,
to quench demand both
domestically and interna-tionally.
Even though the form-ing
of an association and
a partnership with EM
Company will bring great
value to the organic farm-ing
industry, more sup-port
is needed from the
government to ensure its
competitiveness and suc-cess.
“Locals who want to in-troduce
organic farming
techniques do not have
enough land, while those
who have land are not in-terested
in the practice.
So the government should
provide organic farmers
with land and funding,”
said U Hnin Oo.
Myanma Agricultural
Enterprise has issued in-ternationally
accepted
accreditations to only 43
farmers, while Myanmar
only has 1,500 acres of or-
JDQLFULFH¿HOGV
“If we introduce organ-ic
farming methods and
receive international ac-creditation,
we will have
better export options. But
In 2013, Myanmar ex-ported
about 746,000
tonnes of rice to China
through informal border
channels. Rice exports
to China have increased
by about 125 times since
2011, according to a June
World Bank report.
“China has a high de-mand
requiring 4 to 5
million tonnes of rice eve-ry
year. This year’s rice
export can reach up to 2
million tonnes,” said U Ye
Min Aung, secretary gen-eral
of MRF.
However, relying too
much on a single market
can create risks as any
ÀXFWXDWLRQ LQ WKH PDUNHW
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pact on the export coun-try,
he said, adding that
it is necessary to diversify
the industry and its mar-ket
opportunities.
“Currently the major ex-port
destination is China
followed by Africa. But
exports to Africa dip dur-ing
the monsoon season.
As for new markets, Eu-rope
is providing good
prospects as Myanmar
has received GSP status,”
Dr Soe Tun, joint secre-tary
of MRF said.
Myanmar was able to
export over 1 million
tonnes of rice for three
years in a row from 2011
and 2014 and expects to
export 4 million tonnes by
2019-20. Currently Muse,
the northern border town
is seeing annual exports
of 700,000 to 800,000
tonnes of rice across the
border. After a bilateral
agreement is reached, of-
¿FLDOH[SRUWVWRKLQDZLOO
be no less than the cur-rent
volume. Vietnam and
Thailand are exporting
over 1 million tonnes of
rice to China every year.
Myanmar has exported
1.2 million tonnes of rice
GXULQJ¿VFDOHDU
and has set a target of ex-porting
up to 3 million
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for success, we will also
need to address the issues
of land and capital,” a
farmer from Hlegu town-ship
in Yangon said.
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cal. According to the Min-istry
of Commerce, Myan-mar
earned $196 million
from April 1 to August
15 by exporting 530,000
tonnes of rice, up 41 per-cent
from $138 million
exported during the same
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year.
Regional rivals Vietnam
and Thailand are each ex-porting
around 10 million
tonnes every year. Myan-mar
Rice Federation is
also planning to do work-shops
with Myanmar Rice
and Paddy Traders As-sociation
and Myanmar
Rice Millers’ Association
to ensure quality stand-ards
in each stage of pro-duction
and export.
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REGIONAL BIZ 13
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Myanmar Summary
$YHQGRUVHOOVJDPHFRQVROHVLQFOXGLQJ;ER[2QHDQG6RQ
V36LQ6KDQJKDL
Myanmar Summary
Michael Martina
Foreign companies
are increasingly
concerned they are
being targeted by Chinese
regulators, a U.S. business
lobby said, as a Chinese
antitrust agency defended
SUREHV LQWR ¿UPV VXFK
as U.S. chipmaker Qual-comm
Inc.
The American Chamber
of Commerce in China is
the latest business lobby
to air its grievances over
a series of investigations
scrutinising at least 30
IRUHLJQ ¿UPV DV KL-
na seeks to enforce a 2008
anti-monopoly law.
There are growing per-ceptions
that multina-
WLRQDO ¿UPV DUH XQGHU
“selective and subjective
enforcement” using “legal
and extra-legal approach-es”,
the Chamber said in a
report.
A survey of 164 mem-bers
showed 49 percent of
respondents felt foreign
companies were being
singled out in recent pric-ing
and anti-corruption
campaigns, compared to
40 percent in a late 2013
survey of 365 members.
7ZHQW¿YH SHUFHQW VDLG
they were uncertain, or
did not know, and 26 per-cent
said no.
Chamber Vice Chair-man
Lester Ross told re-porters
the major expan-sion
of enforcement was
welcome in principle, but
regulators were using “ex-tra-
legal” means to con-duct
investigations.
“They have taken what
are, in many instances,
YDJXHRUXQVSHFL¿HGSUR-
visions in the law and
moved to enforce them,
and sought to enforce
those means through pro-cesses
that do not respect
the notion of due process
or fairness,” Ross said.
In an April letter to
Secretary of State John
Kerry and Treasury
Secretary Jacob Lew,
the U.S. Chamber of Com-merce
urged Washington
to get tough with Beijing
on its use of anti-compe-tition
rules.
China had seized upon
competition law to ad-vance
industrial poli-cies
that nurture domes-tic
companies, the U.S.
Chamber, based in Wash-ington,
said in the letter.
The European Union
Chamber of Commerce
in China in August ex-pressed
its concern over
the antitrust investiga-tions,
saying China was
using strong-arm tactics
and appeared to be un-fairly
targeting foreign
¿UPV
Xu Kunlin, director gen-eral
of price supervision
and the anti-monopoly
bureau at the National
Development Reform
Commission (NDRC),
reiterated that local and
foreign companies were
being treated equally by
the agency.
“Such accusations are
groundless and baseless,”
;XWROGWKHṘFLDOKLQD
Daily newspaper.
“Some of the NDRC
monopoly investigations
involve overseas multina-tionals,
but that does not
mean that we are target-ing
them,” Xu said in an
interview with the paper.
“Some business opera-tors
in China have failed
to adjust their practices in
accordance with the anti-monopoly
law,” he added.
“Others have a clear un-derstanding
of the laws,
but they take the chance
that they may escape pun-ishment.”
Xu said the NDRC, one
of China’s three anti-trust
regulators, was also
handling cases involving
VWDWHRZQHG ¿UPV DQG
Chinese private sector
companies.
The automotive indus-try
has been in focus for
the last two or three years,
Xu said. Last month, the
NDRC slapped a record
¿QHRIPLOOLRQRQ
Japanese automakers it
said had engaged in price
manipulation.
The NDRC is investi-gating
Qualcomm’s local
subsidiary after it said
in February the com-pany
was suspected of
overcharging and abus-ing
its market position in
wireless communication
standards, accusations
that could lead to record
¿QHVRIPRUHWKDQELO-
lion.
Another antitrust regu-lator,
the State Adminis-tration
for Industry and
Commerce, said on Mon-day
it had given Microsoft
Corp 20 days to reply to
queries on the compat-ibility
of its Windows op-erating
system and Of-
¿FH VRIWZDUH VXLWH DPLG
its probe into the world’s
largest software compa-ny.
Reuters
7KDLRQVXPHURQ¿GHQFH5LVHV'HVSLWH
3RRU(FRQRPLF)LJXUHV
Orathai Sriring
Kitiphong Thaich-areon
CRQVXPHU FRQ¿-
dence in Thailand
rose for a fourth
straight month in August,
suggesting consump-tion
may improve now
that three months have
passed since a military
coup which halted Bang-kok
street protests and re-duced
political tensions.
7KH FRQVXPHU FRQ¿-
dence index of the Univer-sity
of the Thai Chamber
of Commerce rose to 80.1
in August, its highest level
since July last year, from
78.2 the previous month.
Through April, the index
fell 13 straight months,
reaching a trough of 67.8.
From November, the de-clines
were fuelled by
prolonged unrest, which
battered economic activ-ity
and tourism.
“The consumer con-
¿GHQFH LQGH[ KDV ULVHQ
VWHDGLO HVSHFLDOO FRQ¿-
dence in the future econ-omy,
suggesting people
still have hope,” Thana-vath
Phonvichai, an eco-nomics
professor at the
XQLYHUVLWWROGDEULH¿QJ
³%XW FRQ¿GHQFH LQ WKH
current economy is still
not that good, weighed
down by lower commod-ity
prices.”
The unrest, together
with weak exports, caused
Southeast Asia’s second-largest
economy to con-tract
0.1 percent in the
¿UVWKDOIIURPDHDUHDU-
lier, though it avoided
a technical recession in
April-June.
Exports, equal to more
than half of the economy,
have been sluggish this
year, while imports have
slumped and factory out-put
has fallen for more
than a year, showing that
economic engines remain
wobbly.
%HQH¿WVFRPLQJ
later?
The military govern-ment
has settled delayed
payments to rice farm-ers
and is trying to get
on track long-dormant
spending plans, including
infrastructure projects.
%XW WKH EHQH¿WV DUH QRW
expected until next year
or later.
Private consumption
rose in July from June but
investment fell again, ac-cording
to the central bank.
Tourism, which ac-counts
for about 10 per-cent
of the economy, is
not back to normal yet.
Foreign arrivals dropped
11 percent in July from a
year earlier, an improve-ment
from June’s 24.4
percent slump. Reuters
Peter Parks/Getty Images
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Caroline Ng
There’s an eerie si-lence
at night in
Sentosa Cove, the
man-made island resort
billed as Singapore’s an-swer
to Monte Carlo and
the only place in the coun-try
where foreigners can
buy landed property.
Dozens of houses -
complete with their own
private yacht berths and
multiple swimming pools
- sit empty while few
lights are on in the apart-ment
blocks overlooking
the marina, a few kilome-tres
away from Sentosa’s
giant casino.
Prices in the gated com-munity
fell around 20
percent in the past year
as lending restrictions
and taxes on foreign
buyers burst a bubble in
WKH 6RXWKHDVW $VLDQ ¿-
nancial hub’s luxury real
estate market.
Investors could see the
value of their assets fall
even further with devel-opers
and investors still
struggling to sell even af-ter
the recent price falls.
Real estate websites list
KXQGUHGV RI ÀDWV DQG
bungalows for sale, yet
just 12 apartments and
one house have changed
hands all year on Sentosa,
according to data from
the Urban Redevelop-ment
Authority (URA).
“The way prices have
fallen in Sentosa, it’s as if
WKHUH LV D JOREDO ¿QDQFLDO
crisis,” said Alan Cheong,
head of Singapore research
DWSURSHUW¿UP6DYLOOV
That could mean a tough
2015 for the city state’s
banks unless policy restric-tions
are eased soon. But
that looks unlikely because
government-imposed
curbs are having the de-
VLUHG D̆HFW RI NHHSLQJ WKH
broader market in check
after private house prices
rose more than 60 percent
between 2009 and 2013.
Estate agent Knight
Frank’s analysis of prop-erty
prices in 32 cit-ies
around the world
found Singapore’s prime
residential market, de-
¿QHG DV WKH SULFLHVW
percent of properties,
performed the worst in
WKH¿UVWKDOIRIZLWK
prices falling 7.3 percent.
For the luxury sector,
the government meas-ures
have led to a sharp
drop in foreign buyers,
who accounted for over
half of Sentosa sales be-tween
2010 and 2014.
That means the number
of distressed investors is
expected to rise.
“Some of the earlier
buyers are likely to have
bought at prices 20 to
30 percent above current
prices,” said Christine
Li, head of research at
property consultancy Or-angeTee.
“The rental can’t even
cover the mortgage for
these high-end invest-ments
- they want to of-
ÀRDGEXWWKHUHDUHQRWDN-
ers.”
Distress Signals
United Overseas
Bank, Singapore’s third-biggest
lender, last month
reported a doubling in its
bad debt charges for the
second quarter, saying
a group of investors was
struggling to service high-end
property loans.
The number of residen-tial
properties being put
up for sale at auction by
banks after buyers de-faulted
on mortgages,
known as mortgagee
sales, quadrupled to 64 in
WKH ¿UVW KDOI RI WKLV HDU
from 16 in the second half
of 2013, according to real
estate agency Colliers.
³7KLV LV GL̆HUHQW IURP
previous years, when
owners’ sales dominated
auctions,” said Joy Tan,
head of auctions at DTZ.
“The tables have turned
and we expect more mort-gagee
sales on the way.”
Some in the luxury
property industry fear
foreign buyers have gone
for good.
City Developments
Ltd, Southeast Asia’s
second-largest residential
property developer, said
in its latest results state-ment
that foreign buyers
have “shifted and are still
shifting their investments
to markets outside Singa-pore”.
Reuters
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Khettiya Jittapong
Top Thai energy
¿UP 377 3FO VDLG
it would make a
proposal to the Vietnam-ese
government to build
DELOOLRQUH¿QHUDQG
petrochemical complex,
revised down from an ear-lier
project discussed two
years ago.
State-controlled PTT
will meet with Vietnam’s
prime minister this
month to present its pro-ject
proposal, PTT Chief
Executive Pailin Chuchot-taworn
told reporters.
The complex has been
designed to help meet Vi-etnam’s
domestic demand
for oil products and boost
its exports.
PTT has studied the
possibilities of investing
in central Vietnam for
over two years. The value
of the project was reduced
from a previous estimate
of $28.7 billion after the
Vietnamese government
issued a licence for a new
UH¿QHULQQRUWKHUQ9LHW-
nam. The planned capaci-
WRI377¶VRLOUH¿QHUKDV
been cut by 40 percent
from an initial 660,000
barrels per day.
The project, which re-quires
investment of
about 600 billion baht
($18.8 billion), now in-cludes
a 400,000 bpd
UH¿QHU DQG ROH¿QV DQG
aromatic petrochemical
plants, Atikom Terbsiri,
PTT senior executive vice
president, said.
The construction of the
UH¿QHU LV VFKHGXOHG WR
be completed by 2021,
and most of products will
serve domestic demand
in Vietnam, Atikom add-ed.
The petrochemical com-plex
will have an annual
production capacity of 2.9
PLOOLRQ WRQQHV RI ROH¿QV
and 2 million tonnes of
aromatic products, and
most of the petrochemical
products will be exported.
'HPDQG IRU UH¿QHG RLO
products in Vietnam is
expected to rise by 5-6
percent a year from about
300,000 bpd now, Atikom
said, adding that PTT will
hold about 40 percent of
the project, while the rest
will be owned by strategic
partners. Reuters
Myanmar Summary
Myanmar Summary
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Myanmar Business Today - Vol 2, Issue 36

Myanmar Business Today - Vol 2, Issue 36

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Myanmar Business Today - Vol 2, Issue 36