Last week, three Asian stock exchanges proved more interesting than even the companies trading on them. First, China scrapped foreign investment quotas in ways sure to flood Shanghai and Shenzhen with "buy" orders. Removing the $300 billion cap on overseas purchases is the most impactful opening to date.
Parliament has approved the new National Plan law for fiscal 2019-20, which will be effective from October 1, 2019 to September 30, 2020. The National Plan is expected to help Myanmar’s GDP grow by 7 percent to K95.4 billion during the period compared to 6.8pc in fiscal 2018-19.
To reduce Myanmar’s dependence on imported steel, plans are being made to increase local production with Chinese technology say industry officials.“Local steel consumption relies heavily on imports rather than local production as only 10 percent of what the local market needs is produced locally while the 90 percent is imported,” said U Tin Myint, chief adviser to the Myanmar Steel Association (MSA).
Myanmar exported more than 2.16 million ton of rice and broken rice worth of US$ 650 million in 11 months in current fiscal year, with a decrease by 780,000 tons worth of US$ 350 million, compared with the same period of the previous year, an official of the Ministry of Commerce told the Daily Eleven."From October 1 to August 30 of 2018-2019 FY, Myanmar exported 2.164 million tons of rice and broken rice worth of US$ 653.080 million," said the official of the Ministry of Commerce.
Jade export volume reached US$ 356 million in 11 months in the current fiscal year, decreasing by more than US$ 500 million, compared with the same period of the previous year, said an official of the Ministry of Commerce told the Daily Eleven."From October 1 to August 30 in 2018-2019 FY, Myanmar fetched US$ 356.876 million from 1,548.452 tons jade export," said the official of the Ministry of Commerce.