ACCORDING to the interviews in the sandalwood market, Chinese buyers are purchasing as much sandalwood as they can.

There are orders from big local merchants to produce sandalwood sculptures in Myanmar.

“There are orders for sandalwood in the sculpture sector that produces it. Big traders buy it. The Chinese mainly buy it. If the price of Chinese yuan goes up, there is a change in the price. Farmers are growing it in their capacity. Some grow many plantations. China buys as much as they can,” said a sandalwood trader from Pauk Township.

The quality of sandalwood differs depending on its colour.

“There are many varieties. If the core is brown, it is the best. The white core is the second best. And there are pale cores. If there is a fungus in the core, it cannot be sold,” he said. Sandalwood is used in consumer goods such as cosmetics, traditional medicines, furniture, and sculptures.

“If it is over ten years old, it can be cut and used, but if it is more than 15 years, it is better. As far as I know, most of them are planted in Pyin Oo Lwin and Shan State, and they are also grown in upper Myanmar. In Pakokku, Myaing and Pauk of Magway Region, people grow by throwing natural seeds. That is the best way,” he added. —  Thit Taw/ZN

Source- The Global New Light Of Myanmar

The agreement stipulates that ADNOC will make a public offer for all outstanding shares of Covestro at a price of €62.00 per share.

GERMAN chemicals group Covestro said Tuesday it had accepted a takeover bid from the United Arab Emirates state energy company ADNOC, valuing the plastics-maker at 12 billion euros ($13.3 billion).

The agreement signed between the two groups “stipulates that the bidder will make a public takeover offer for all outstanding shares of Covestro at a price of 62.00 euro per share”, Covestro said in a statement.

The takeover offer by the Abu Dhabi National Oil Company (ADNOC) had a “minimum acceptance rate of 50 per cent plus one share”, Covestro said. Covestro, which is based in Leverkusen and has expertise in areas such as chemical recycling, has been a key target for ADNOC as it looks to diversify its operations.

It comes as the German chemicals industry has been gripped by crisis since the Russian invasion of Ukraine, which saw supplies of natural gas to Germany slashed and sent energy prices soaring.

The deal remains subject to a set of “closing conditions, including merger control, foreign investment control and EU foreign subsidies clearances”, the statement said.

The German group said it “welcomes and supports the bidder’s announced takeover offer” and would in all likelihood recommend shareholders accept the terms of the deal. — AFP

Source- The Global New Light Of Myanmar

VIETNAM has so far attracted 3,500 foreign direct investment (FDI) projects in the garment and textile industry with a combined value of US$37 billion, Vietnam News Agency reported Tuesday, citing the Vietnam Textile and Apparel Association.

The FDI accounts for 65 per cent of the sector’s total export turnover, said the report. Many large FDI corporations have poured money into building modern garment and textile factories in Vietnam, according to the association.

Experts said building technical standards and laws pertaining to energy conservation and environmental protection should be given careful consideration. — Xinhua

Source- The Global New Light Of Myanmar

OVER the past 75 years since the founding of the People’s Republic of China, the country’s economic strength, scientific and technological capabilities, and overall national power have significantly increased, and its international influence has greatly expanded, according to a report from the National Bureau of Statistics.

From 1979 to 2023, China’s economic growth averaged 8.9 per cent annually, far exceeding the average global economic growth of three percent during the same period. China’s average annual contribution to world economic growth was 24.8 percent, ranking first in the world, according to the report.

Following are some highlights of the country’s economic achievements over the past 75 years:

— In 1952, China’s GDP was only US$30 billion. In 1978, China’s GDP increased to $149.5 billion dollars, accounting for 1.7 per cent of the world economy. Since the reform and opening up, China’s economic aggregate has continued to expand.

In 2023, China’s GDP reached $17.8 trillion, accounting for 16.9 percent of the world’s total and solidifying its position as the world’s second-largest economy.

— In 1985, the number of invention patent applications in China was 8,558. This number had soared to 526,000 by 2011, making China the world leader in this area. As of the end of 2022, China’s number of accepted applications for invention patents reached 1.619 million, firmly securing its position as the world leader.

— In 1950, China’s foreign trade of goods was only $1.1 billion, accounting for 0.9 percent of the world’s total. In 2013, China became the world’s largest goods trading nation. By 2023, China’s total goods trade had reached $5.9 trillion, accounting for 12.4 percent of the global share, and has consistently ranked first in the world for seven consecutive years.

— Service trade has also undergone tremendous expansions. At the beginning of the founding of the People’s Republic of China, China’s service trade was almost zero. In 2023, the country’s total service trade import and export volume reached $933.1 billion, ranking fourth in the world. —Xinhua

Source- The Global New Light Of Myanmar

STATE Administration Council Member Deputy Prime Minister General Mya Tun Oo, who is Chairman of the Myanmar Investment Commission, attended the 8/2024 commission meeting in Nay Pyi Taw yesterday.

During the meeting, the commission allowed eight new investments in industrial, service, oil and natural gas, transport and communication sectors, including increasing the capital of the ongoing investment activities. The investment amount of these businesses reached US$9.255 million and over K46 billion, creating

1,972 job opportunities.

Electric vehicle assembling projects were included among the permitted businesses.

Among 53 countries and territories that have invested in Myanmar until the end of August 2024, Singapore, China and Thailand are the leading investors in 12 economic sectors, with 28.43 per cent of the total investment in the energy sector, with 24.39 per cent in the oil and natural gas sector and 14.46 per cent in the manufacturing sector. 

The Myanmar Investment Commission verifies and approves the investment proposals submitted by domestic and foreign investors. Investment services for current investors are being provided under the Myanmar Investment Law. MNA/KTZH

THE third Global Digital Trade Expo (GDTE), concluding here on Sunday, has been a vibrant platform for fostering global partnerships in digital commerce and

thus sustainable growth. Held in Hangzhou, a city known for blending ancient charm and modern innovation, the expo featured more than 1,500 enterprises, including

over 300 international companies.

Attendees experienced cutting-edge innovations like AI-driven robots and hydrogen-powered drones and were presented with over 400 new products and tech-

nologies. Kazakh Minister of Digital Development, Innovation, and Aerospace Industry Zhaslan Madiyev highlighted China’s role as a global leader in e-commerce and digital technologies, noting that China is accelerating the digital transformation of marketsworldwide. In a written interview with Xinhua, Madiyev said China’s experience offers valuable insights for countries in the early stages of developing their digital markets, aiding global growth and helping reduce digital inequality. He cited Kazakhstan’s efforts to improve telecommunications and cybersecurity by learning from China.

In addition to cutting-edge technologies, China’s experience in e-commerce also set an example for countries seeking to capitalize on the rapid growth of digital trade.

Kilimall, an e-commerce platform founded by Chinese entrepreneurs in Africa in 2014, has become one of the most popular shopping websites among Africans. It has generated about 10,000 local jobs in logistics, courier services, customer support and regional sales. — Xinhua

Source- The Global New Light Of Myanmar