During the first six months of fiscal 2012-13 a total of 186,500 cu.m of teak logs and 690,250 cu.m of hardwood logs were shipped. Shipment of teak logs in the same period fell by about 25% and shipments of hardwood logs were down by about 10% compared to the same period last year.
With only six months before the log export ban is expected to be introduced analysts say there are about 1 million tons of logs remain unshipped. Analysts point out that shipping all these logs before the ban will severely test available shipping capacity.
Forest security units for Myanmar police
Forest Security Units are being formed within the Myanmar Police Force according to a spokesman from the Police Department. The units will be comprised of 1700 personnel and will include some twenty civilians. The formation of two squads has been arranged in the Mandalay and Yangon areas.
The purpose of the units is to combat the illegal trafficking of timber along the border areas and elsewhere. MOECAF Union Minister Win Tun said in the past some of the illegal transportation of logs had to be dealt with through assistance from the army, local government authorities and sometimes through diplomatic channels but the creation of forest security units in the police force is a big step forward to eleimate trade in illegal timber.
Revamping old financial laws to reflect the new reality
Myanmar will soon amend its 23-years old financial institutions law, according to government officials. At a recent press conference an official said, the current law was outdated as it was enacted in 1990. In addition the country has changed its policies, and economic structure and international relationships so the law must keep up with the changing circumstances.
The law will be amended so that it can meet the needs of future financial market, said Aung Thaung, the chairman for Development Committee of Banks and Financial Institutions in the Parliament. Myanmar has identified 18 outdated laws and so far five of them have been amended. Four are related to the United Nations and nine others include laws such as the Insurance Law, Insurance Authority Law, Government Security Act and the Pensions Act.
Foreign Investment approved for a Joint Venture Company (JVC)
On 2 October the Myanmar Investment Commission approved a joint venture between a Singaporean company and a Myanmar company for processing timber products. Wood Craft Co., of Singapore and Global Star of Myanmar will jointly produce wood based finished products in Shwe Pyi Tha Township of the Yangon Division.
Yoma Strategic also signed on Tuesday a non-binding memorandum of understanding with Mitsubishi Corporation and Mitsubishi Estate to invest in the prestigious Landmark project (excluding the Peninsula Yangon) in Yangon, following an earlier agreement signed on the same day. The centrally-located 10-acre Landmark project will comprise approximately two million square feet gross floor area of residential, office, retail and hospitality property and is situated opposite the Trader‘s Hotel, close to the Sakura Tower and adjacent to the Bogyoke Aung San market, a famous tourist destination.
A slight upward revision in Myanmar’s economic growth The East Asia Pacific Economic Update, published by the World Bank said GDP growth in ASEAN member countries in 2013 could be only 5.1% improving to 5.7% in 2014. This rate of growth represents drop of 0.3 percent for this year and 0.6 percent next year compared with the Bank‘s predictions in April. But it said Myanmar‘s economy is expected to grow by 6.8 percent this year and 6.6 percent next year, an upward revision of 0.3 percent for both years compared with the April forecast.
Teak tender prices
The following prices were recorded for teak log sales during competitive bidding on 27th and 30th September during the MTE tender. The next log tender sale will be held in late October.
|Grade||Quantity (Tons)||US$ per hoppus ton|