AS there are orders for the production of PyinOoLwin ginger wine, there is demand in the local ginger market.

At present, although the price of ginger is slightly down, there are producers and sellers of ginger wine in PyinOoLwin, so there is demand in the ginger market.

“The price of ginger is falling, and the yield of ginger is still low. Sales depend on the season. The price of ginger will recover around June. The demand will depend on ginger wine. Some produce ginger wine in PyinOoLwin, and they order ginger for wine production,” said a ginger trader in PyinOoLwin Township.

“It’s the dry season in the country. So, sales are good. They sell them on festival days. They make ginger wine all year round. Every year, when ginger is plentiful, they buy ginger and make ginger wine and sell it. The market is not bad. It’s a market that people from all walks of life can buy and drink,” he continued.

At present, because the export of ginger is less, they have to rely on the domestic market. Despite the fall in ginger price, there is only a slight increase in wholesalers’ purchasing price, the farmers said. — Thit Taw/ZN

Source- The Global New Light Of Myanmar

Senior General Min Aung Hlaing underscored that Myanmar-Indian relations benefit technological cooperation and all economic sectors of both countries.

Chairman of the State Administration Council Prime Minister Senior General Min Aung Hlaing delivered a speech at the ceremony to mark the 60th Anniversary of India Technical and Economic Cooperation 2024 at the Myanmar International Convention Centre II (MICC II) in Nay Pyi Taw yesterday afternoon.

A video clip on India Technical and Economic Cooperation was screened at the ceremony.

First, Indian Ambassador to Myanmar Mr Abhay Thakur explained the progress of India’s Technical and Economic Cooperation and expressed thanks to the Senior General and his wife for attending the ceremony to mark the 60th Anniversary of ITEC. The attendance of the Prime Minister showed the critical role of human resources in the sector-wise development and economic growth of Myanmar. In the coming week, India will organize Diwali Festival. Diwali and Thadingyut lighting festivals reflect friendly relations between Indian and Myanmar peoples. Hence, he prayed for strengthened relations between India and Myanmar and for lasting friendly ties.

Speaking on the occasion, the Senior General said that ITEC is a trademark of India to pledge to nurture human resources for knowledge-sharing, partnership and global development.

He recounted that Myanmar and India established their diplomatic relations on 4 January 1948 with initiatives of close relations throughout history.

The Senior General noted that Myanmar, strategically located in the focal point the Neighbourhood First policy and the Act East policy of India meet, and plays a vital role in Indian diplomacy in the Indo-Pacific region. Geographically, Myanmar, bridging South Asia and Southeast Asia, is a significant country for India, he added.

He unveiled his view that ITEC is an essential force for the South-South Cooperation.

He retold that ITEC has trained more than 200,000 staff from 160 countries in capacity-building courses since 15 September 1964, adding that ITEC is vital for the enhancement of the capacity and skills of public service personnel of Myanmar.

The Senior General expressed his gratitude to the Indian government and officials for offering more than 900 scholarships to students from 2021 to January 2024. Moreover, ITEC arranged electoral capacity-building courses for staff from the Union Election Commission of Myanmar, he added.

He pointed out that Myanmar-Indian relations benefit technological cooperation and all economic sectors of both countries.

The Senior General highlighted that India, standing as the seventh trade partner of Myanmar, conducted a total trade worth US$1,150.181 million with Myanmar up to February of 2023-24 financial year.

Moreover, India stands 11th in the chart of investments for 53 investor countries in Myanmar till January 2024.

The Senior General also expressed gratitude to the Indian government for providing humanitarian aid and relief supplies for Myanmar’s flood-affected people suffering the impacts of Typhoon Yagi, showing its friendly relations and good neighbourliness.

The Senior General disclosed that if Myanmar had a chance to attend the courses on Geographic Information (GIS) and remote sensing technology with the necessary assistance to be applied in disaster risk reduction and early warning system, Myanmar would reduce its loss and damage in the disasters.

A ceremony to exchange the memorandum of understanding on the implementation of the Quick Impact Projects-QIPs between Myanmar and India followed.

In the presence of Senior General Min Aung Hlaing, officials from relevant ministries and the deputy head of mission of the Indian Embassy exchanged the MoUs on the upgrade of a digital criminal science laboratory, provision of teaching aid for Myanmar’s management development school, rural water supply through solar energy in the villages facing water shortage in the dry region of Myanmar, construction of AI laboratory at Yangon University, and the making slow pyrolysis with the use of farming waste and the use of fuel from tar-free biomass pyrolysis experiments as witnesses of Union Minister for Investment and Foreign Economic Relations Dr Kan Zaw and Indian Ambassador Mr Abhay Thakur.

The Senior General, his wife, and attendees enjoyed the cultural dance of students from Swami Vivekananda Cultural Centre (SVCC), the Ramayana dance troupe, and Myanmar traditional dances.

Former trainees of ITEC shared their experiences.

The Senior General and his wife had the dinner to mark the 60th Anniversary of ITEC for 2024 together with attendees.

Also present at the ceremony were SAC Joint Secretary General Ye Win Oo and his wife, council members and their wives, Union ministers, union-level dignitaries and their wives, Indian Ambassador to Myanmar Mr Abhay Thakur and his wife, senior Tatmadaw officers from the Office of the Commander-in-Chief and their wives, deputy ministers, Indian Defence Attachés to Myanmar and embassy officials. — MNA/TTA

Source- The Global New Light Of Myanmar

GUANGDONG Province, a powerhouse of China’s economy, has reported a new record in its foreign trade for the first three quarters of the year, with imports and exports reaching 6.75 trillion yuan (about US$951 billion), a year-on-year increase of 11.1 per cent. The province’s exports stood at 4.39 trillion yuan in the period, up 9.1 per cent year on year, while imports totalled 2.36 trillion yuan, a year-on-year growth of 15 percent, Zhang Ke, deputy director of the Guangdong sub-administration of the General Administration of Customs of China, said at a news conference on Monday. Guangdong’s foreign trade now represents 20.9 per cent of the nation’s total, maintaining its leading position with a major contribution to the nation’s growth. The province’s foreign trade growth rate outpaced the national average by 5.8 percentage points. The new historic high of Guangdong’s foreign trade scale for the same period has demonstrated the strong economic resilience and vitality of the province, Zhang said.

The city of Shenzhen, a national tech hub in Guangdong, also achieved a record high

with a total foreign trade volume of 3.37 trillion yuan for the same period, surging by 20.9 per cent year on year, according to Shenzhen customs. —Xinhua

Source- The Global New Light Of Myanmar

CHINA’S financial authorities on Friday reiterated their resolve to keep the world’s second-largest economy on track by implementing and rolling out more policies aimed at addressing outstanding challenges.

Head of the country’s central bank, along with the leaders of China’s top securities watchdog and top financial regulator gathered once again in less than a month following their joint participation in a high-profile late-September press conference that unveiled an expectation-beating raft of pro-growth policies.

“There are still prominent contradictions and challenges in the current economic operation, mainly in the real estate sector and capital market,” Pan Gong-sheng, governor of the People’s Bank of China, said in his address at the Annual Conference of Financial Street Forum 2024. The country’s major cities continued to see a price decline of commercial residential homes in September, along with improved expectations for the property sector, official data showed Friday.

“Based on international experience and China’s past practices, targeted policies need to be introduced to address these issues,” Pan said. In the past month, the country has cut the reserve requirement ratio, reduced the interest rates for existing mortgage loans and introduced a swap facility to channel more cash into the stock market, among others. The roll-out of incremental policies indicates Chinese authorities’ “firm determination to ensure economic stability, stabilize expectations, promote consumption, and improve people’s well-being,” Pan said. — Xinhua 

Source- The Global New Light Of Myanmar

Vice-Senior General Soe Win emphasized that MSMEs are being enhanced with the aim of encouraging domestic products, substituting import commodities, and increasing export volume.

Chairman of the MSME Development Work Committee Vice-Chairman of the State Administration Council Deputy Prime Minister Vice-Senior General Soe Win said so at the 2/2024 meeting of the working committee at the Ministry of Industry in Nay Pyi Taw yesterday afternoon.

Speaking on occasion, the Vice-Senior General underscored that Southeast Asian countries secured 30-50 per cent of MSME to GDP, ASEAN countries 39 per cent, and OECD countries 41.58 per cent.

Moreover, he continued that Southeast Asian countries created 66.87 percent of employment opportunities, ASEAN countries 72.3 per cent, and OECD countries 62.25 per cent.

The Vice-Senior General noted that MSMEs are being enhanced to encourage domestic products, substituting import commodities, and increasing export volume.

He disclosed that as the MSME ratio to GDP is expected to reach some 30 per cent, regional and state MSME agencies need to increase the ratio of MSME to GDP and create more employment opportunities through their OROP (One Region One Product) under the leadership of region and state chief ministers.

So far, he revealed that a total of 102 state-owned factories, 47,119 private owned factories, 33 industrial wards, three special economic zones, and two deep sea ports have been earmarked to encourage MSME operations across the nation.

He highlighted that relevant ministries conducted 387 training courses from January 2022 to date 5,512 times with an attendance of 117,118 trainees, and 875 trainees are attending the courses.

He underlined that in accord with the guidance of the Prime Minister, it is necessary to emphasize the operation of manufacturing and industries, development of services, an increase of State GDP, efficient production of quality foodstuffs and consumer goods at home to reduce import volume, encouragement for the development of MSME businesses, cultivation of quality long-staple cotton to develop production chains cotton, and turning out skilled workers.

He stressed that the working committee formed by the State Administration Council must have efficient governance for the prompt development of MSME businesses. Moreover, the effective governance must conduct selective intervention and adaptive service provision in order to contribute to the MSME businesses, he added.

The Vice-Senior General urged the working committee to strategically invest primary inputs in the correct places while managing human resources, monetary, and inputs under the limit.

Hence, he added that agencies need to correctly choose the mechanisms for conducting domestic and foreign market research based on MSME surveys to enhance work process, give services and guide the work process according to the market demand.

In addition, the Vice-Senior General emphasized that MSME agencies need to pay flexible guidance to potential MSME in order to overcome relevant difficulties depending on market response.

He pointed out that it is necessary to systematically enhance capacity and work

power of the survey and research branches and conduct monitoring and inspection branch formed by the work committee through training.

He highlighted that training courses must be opened continuously for development of human resources for factories from industrial zones operating MSME

businesses.

Secretary of the Work Committee Deputy Minister for Industry U Yin Maung Nyunt reported on accomplishment of minutes of the previous meeting and work progress of the work committee.

Deputy Ministers U Yin Maung Nyunt, Daw Than Than Lin and U Win Shein read the reports to be submitted to the work committee.

Vice-Chairs of the work committee Union MInisters U Win Shein and Dr Charlie Than discussed implementation of the cotton, textile and oil crop measures in accord with the guidance of the Prime Ministers, implementation of policies of MSME, financial measures, and value-added products of agriculture and livestock farms and OROP tasks. Work Committee members Union ministers, the Nay Pyi Taw Council chair, chief ministers of regions and states, deputy ministers and scholars also discussed implementation of relevant sectors, display of MSME products at international expos, conducting of vocational courses, encouragement for development of domestic and foreign market research works, and procedures and frameworks of MSME development.

The Vice-Senior General gave concluding remarks after coordinating the discussions. — MNA/TTA

Source- The Global New Light Of Myanmar

CHINA’S Ministry of Commerce (MOC) announced Tuesday that it will impose temporary anti-dumping measures on brandy originating in the European Union (EU) by requiring importers to pay a cash deposit on purchase.

The imported brandy originating in the EU involves dumping, the MOC said in its preliminary assessment publicized on 29 August following an investigation launched in January of this year.

It added that the domestic brandy industry is under substantial threat of damage, and there is a causal relationship between the dumping and the substantial threat of damage.

Effective from Friday, importers of brandy originating in the EU must place deposits with Chinese customs based on dumping margins of between 30.6 per cent and 39 per cent. — Xinhua

Source- The Global New Light Of Myanmar

TOKYO stocks broke a three-day winning streak Tuesday as investors locked in recent gains amid concerns over tensions in the Middle East, while a stronger yen versus the US dollar weighed on exporters.

The 225-issue Nikkei Stock Average ended down 395.20 points, or 1.00 per cent, from Monday at 38,937.54. The broader Topix index finished 40.24 points, or 1.47 per cent, lower at 2,699.15. On the top-tier Prime Market, decliners were led by securities house, wholesale trade and transport equipment issues. The dollar briefly weakened to the lower 147yen range in Tokyo as traders sought the Japanese currency, seen as a safe -haven asset, on worries that Israel could soon retaliate against Iran over recent missile strikes, dealers said. At 5 pm, the dollar fetched 147.59-60 yen, compared with 148.15-25 yen in New York and 148.27-29 yen in Tokyo at 5 pm Monday.

The euro was quoted at $1.0994-0996 and 162.27-31 yen against $1.0969-0979 and 162.58-68 yen in New York and $1.0969-0970 and 162.64-68 yen in Tokyo late Monday afternoon. — Kyodo

Source- The Global New Light Of Myanmar

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