Smuggling and illegal trade continue to be a major problems for the country’s economy, says the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI). According to the Business Sentiment Survey issued by UMFCCI in May, illegal trade stands at sixth among the top 10 issues hampering the country’s economy. The survey was […]
Border zone with China to go ahead
July 20, 2018 by
An approval regarding the location of the proposed China-Myanmar border economic zone will be given “soon”, assistant secretary U Khin Maung Lwin from the Ministry of Commerce told The Myanmar Times. The discussions were carried out last week by the implementation body with priority made between Kachin and Shan states as they share the border […]
Gold exports now permitted in Myanmar
January 30, 2018 by
Gold and gold jewelry and accessories have been legally cleared for import and export, the Ministry of Commerce (MOC) said Monday. Traders will now be able to sell gold, which is mined as a natural resource in Myanmar, to buyers overseas. The move is the first step in a government effort to establish a legal […]
Export earnings from natural gas on the rise
September 25, 2017 by
Up to early September, Myanmar’s export earnings from natural gas exceeded US$1.2 billion, up nearly $7.986 million from the same period last year, according to the commerce ministry. U Khin Maung Lwin, the ministry’s assistant permanent secretary said: “Export earnings reached $1.233 billion. Last year, they exceeded $1.226 billion. This is due to an increase […]
Gold Traders Mull Over Plans to Set up Gold Exchange
August 31, 2017 by
The gold industry and the government agreed, in principle, to establish a gold exchange under then-president U Thein Sein’s tenure. Over the last year, the National League for Democracy-led government and industry associations have been seeking to set up an exchange market where gold and metal could be freely traded in one place. In the […]
Domestic Cement Production Reduces Imports This FY
June 16, 2017 by
New foreign competitors in the domestic cement industry have reduced demand this fiscal year for more expensive cement imports into Myanmar, according to a report on Wednesday in Myawady Daily newspaper. Import volume of cement in the past two months declined 60 per cent compared to the same period last year, said U Khin Maung […]
Foreign Firms Allowed to Import Agricultural, Medical and Construction Materials
May 20, 2017 by
The import of seeds, fertilisers, hospital equipment and building materials by foreign businesses will soon be permitted for the first time, U Khin Maung Lwin, assistant secretary from Ministry of Commerce, told The Myanmar Times. Procedures to permit non-Myanmar firms to trade agricultural products and building materials have been ongoing, and negotiations with related ministries are […]
