Illegal exports/imports to land jail time in Myanmar

Illegal trade control team inspecting at Warden jetty during the training period (Photo - EMG)

The Myanmar government will apply prison sentences and seizure of goods to any illegal exports/imports.

In the past, illicit traders were merely charged a discretionary fine for their offence. They could later claim back their illegal goods by paying the fine.

However, dishonest exporters and importers will be punished harsher from September 16 onwards in accordance with the new Export-Import Law (2012), the Central Committee for Control of Illegal Trade (CCCIT) recently announced.

Under the new Export-Import Law, confiscation of goods and imprisonment of up to three years will apply if a person is convicted of exporting and importing restricted goods, failing to obtain licenses for those license-required goods, and breaching any license terms.

According to the law, those who either assist or engage in illicit activities will be punished to the same extent.

The CCCIT said they have completed the training period for enforcement of the new law.
Between August 12 and 31, they solved 17 cases in which consumer goods such as cosmetics, food, and construction materials—as well as restricted goods, including beer—were to be illegally imported.

The CCCIT was formed by the President’s Office in December 2012 with the mandate of curbing illegal practices in Myanmar’s border and overseas trades.

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Myanmar’s foreign investment hits US$43 billion

                        Lapataungdaung copper mine project (Photo-Hein Min Htet)
  

Total foreign investment in Myanmar hit US$43 billion in August, according to Myanmar Investment Commission (MIC).

Over 600 foreign businesses invested a total of $43.68 billion in twelve sectors as of August 31, MIC reported.

“Myanmar has foreign investments from 32 countries in four major sectors: energy, oil and gas, mining, and manufacturing,” said an official from MIC.

China is the biggest investor in Myanmar, followed by Thailand, Hong Kong, South Korea, Britain, Singapore, Malaysia, France, Vietnam, and India.

Thailand is the largest importer from Myanmar. As much as 41 percent of Myanmar’s total exports went to Thailand last year, while 15 percent went to India, 14 percent to China, seven percent to Japan, four percent to South Korea, two percent to Malaysia, and one percent each to Singapore and Bangladesh, respectively.

Myanmar imported mainly from China, as usual, in 2012. A total of 37 percent of Myanmar’s imports came from China, while 20 percent came from Thailand, nine percent each came from Singapore and South Korea, eight percent from Japan, four percent from Malaysia, three percent each from India and Germany, one percent from Vietnam, and five percent from other countries.

The International Monetary Fund expects the GDP (gross domestic product) of Myanmar to increase to 5.5 percent in 2013 and 6.2 percent in 2014. The consumer price inflation is also forecast to increase to 7.3 percent in 2013 and 6.6 percent in 2014, respectively.

Myanmar’s total trade volume in 2012 was $25.16 billion. The trade deficit reached $5.76 billion because total exports stood at $9.69 billion and total imports were $15.46 billion.

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