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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ျပည္သူ႕ လႊတ္ေတာ္ ဥကၠ႒ သူရ ဦးေရႊမန္း စီးပြားေရး လုပ္ငန္းရွင္မ်ားအား ေတြ...

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UK mulls switch to plastic bank notes

               Australia uses tear-resistant polymer bank notes. Photograph: William West/AFP/Getty

The Bank of England is considering introducing plastic bank notes and will release details of its plans later on Tuesday.
Notes made of polymer, a plastic-like material, are thought to be more durable than notes printed on cotton paper, as they are currently in Britain.
Such shinier, non-tear notes are already used in a number of countries, including Canada, the home country of the new Bank of England governor, Mark Carney.
According to the Bank of Canada, they last at least 2.5 times longer than paper notes, "reducing processing and replacement costs and environmental impact".
This will be the second time bank notes have grabbed headlines for Carney since he arrived in July. During his first week in the job he sought to quell a growing row over the lack of female historical figures on British bank notes and later confirmed that the author Jane Austen would appear on £10 notes.
Carney, who introduced the polymer notes during his tenure at the Bank of Canada, has objected to them being called "plastic". In an interview with Britain's Channel 4 at the Austen note launch this year, he said: "We introduced polymer notes in Canada … There's no decision on that. In keeping with transparency and consultation, if we were to consider moving to polymer notes, which have some advantages, if we were to consider that, we would have a public consultation and announce that in due course."

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BEC-Tero plans to build TV studios in Yangon

Watchiranont Thongtep

The Nation

Under its plan to make Myanmar its second television-production base, Thailand's BEC-Tero Entertainment aims to build its own studios in Yangon to respond to increasing demand for TV programmes from broadcasters in that country.

Pongpunt Wongnongteoi, strategic planning director at the company, said that in the remaining months of the year, BEC-Tero would invest in new TV studios, though the cost has not been disclosed. These studios will help its joint venture Forever BEC-Tero co-produce drama programmes and talk shows for Channel 7 in Myanmar. 

Forever BEC-Tero is a JV with Myanmar broadcaster Forever Group, the operator of free-to-air Channel 7 and MRTV-4. The group also runs a number of radio stations and about 70 pay-TV channels, including 10 digital channels and seven high-definition ones.

Pongpant explained that because of the limited capacity at Channel 7's studios in Yangon for production of new TV programmes, the construction of new studios was seen as the solution. The company is looking for the best location for these new facilities. 

He said the company had received requests from the Myanmar broadcaster for more programmes for its TV stations, almost double the current production. 

Under this partnership, BEC-Tero, which is a sister company of Bangkok Entertainment Company, the operator of Thai TV Channel 3, aims to share its expertise in TV and radio production or even event-organising skills with teams in Myanmar.

BEC-Tero aims to use Myanmar as the second base for its entertainment and sports business in the region once the ASEAN Economic Community arrives in two years.

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South Korea to construct natural gas and waste-fired power plant

                                
                             
                                 The project site to build the plant in Yangon (Photo - EMG)

A South Korean company plans to invest between US$500 million to US$700 million to construct 500 Mega watts gas-fired and waste-fired power plant, according to company sources.
The state-owned Korea Western Power Corporation will implement the project in cooperation with Myanmar’s Hexa Group of Companies. The plant will be located in Yangon and is the first foreign investment in the electricity generating sector in line with the Foreign Investment Law.
"Our company will work together with the Korean company as a local partner. We have already signed Memorandum of Understanding (MoU) with Ministry of Electrical Power. We will start implement the project once we finished the deal. Now we are levelling the ground with sand and making ground testing. We will construct the project in 50 acres land plot next to Tharkayta power plant owned by the ministry," said Dr. Sone Han, Chairman of Hexa Group of Companies.
The project is mainly intended to provide electricity to Thilawa Special Economic Zone. Currently the company is in negotiation with the Ministry of Electrical Power and doing its own environmental impact assessment for the project, according to Mr. Lim Soung Tai, Managing Director of the Korean company.
Korea Western Power Corporation is owned by the South Korean government. Myanmar Investment Commission has already allowed Toyo-Thai Corporation Public Company to use Build-Operate-Transfer system to build a natural gas-fired and waste-fired power plant in Yangon in January 2013.

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