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ONERHT partners Democratic Republic of Congo for sustainable economic development and growth

SINGAPORE, Oct 25, 2022 - (ACN Newswire via SEAPRWire.com) - Sustainability consultancy RHT Green and strategic advisory firm RHT Consulting Asia have entered into a Memorandum of Understanding (MOU) with the Ministry of Environment and Sustainable Development of the Democratic Republic of Congo (DRC) to support the implementation of multisectoral sustainable development projects in the central African country.H.E. Deputy Prime Minister for the Environment and Sustainable Development, Democratic Republic of Congo (centre), during her visit to ONERHT's office in SingaporeRHTLaw Asia and RHT Group of Companies, which includes RHT Green and RHT Consulting Asia (collectively "ONERHT"), welcomed the delegation of Her Excellency Eve Bazaiba, Deputy Prime Minister for the Environment and Sustainable Development of the DRC on her maiden visit to Asia.Hosted by ONERHT, Her Excellency was briefed on Singapore's approach to sustainable development and exchanged ideas for sustainable development and green growth in the DRC. The MOU marks the culmination of discussions between the parties on sustainable value creation strategies and efforts to design effective environmental policies for the DRC's sustainable economic development and growth. As appointed partners of the Democratic Republic of the Congo, RHT Green and RHT Consulting Asia will support the Ministry of Environment and Sustainable Development by advising on planning, policies, regulations, and solutions to address the DRC's challenges across economic development, free trade and environmental protection. Mr Wee Boon Siong, Chief Executive Officer of RHT Green, said, "We are happy to work together with the DRC government on environment and sustainability. The DRC has a huge rainforest, the 2nd largest in the world, next to the Amazon, and it is an important carbon sink for our planet. It also has large mineral reserves which are the necessary components of many renewable industries. Cobalt, copper, nickel, lithium and rare earth elements (REEs) are all essential for producing electric vehicle batteries, harnessing solar power, wind energy, and other applications to reduce the reliance of consumers and industries on fossil fuels. These are important factors to take into account for planning and policies."The MOU also focuses on examining the DRC's policies and regulations, establishing a free trade zone, and exploring sustainability technology solutions. It reflects potential synergies between Singapore's track record in balancing finance, economic and sustainability solutions, and the resource-rich DRC, offering more opportunities for future collaboration and partnerships.Mr Victor Tay, Group Chief Executive Officer of RHT Consulting Asia said, "Singapore's economic development experience spanning close to 60 years since its Independence is a case study on how countries must find an economic strategy that aligns with their competitive advantage in the global economic environment. Along the way, Singapore had to address the challenges while adapting to trends in the global economic environment, evolving from a transhipment hub to become a manufacturing gateway to Asia, globalised financial hub, and now a Fintech hub while balancing emphasis on ESG (Environmental, Sustainability and Governance)." Mr Tay added, "We will share Singapore's economic development experience and the institutionalised knowledge of the last six decades with the DRC, taking into account its competitive advantages as well as the challenges unique to it." About ONERHTThe ONERHT Universe is an integrated multidisciplinary platform of professional services. Collaborating as ONE, we seek to be a beacon of growth for our clients, stakeholders and communities, empowering them to achieve purposeful growth in Asia and beyond. RHTLaw Asia LLP is a Singapore law practice registered as a limited liability law partnership in Singapore. A leading full-service firm with industry focus, it has presence in 16 jurisdictions through the ASEAN Plus Group. In delivering innovative legal and commercial solutions, it collaborates with ONERHT through entities which are not affiliates, branches or subsidiaries of RHTLaw Asia LLP. For more information, please visit www.onerht.com Issued on behalf of ONERHTBy Waterbrooks Consultants https://www.waterbrooks.com.sg/For media enquiries, please contact:Elliot Siow+65 8375 0417elliot@waterbrooks.com.sg Copyright 2022 ACN Newswire. All rights reserved. (via SEAPRWire)

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G20 Sherpa committed to address global solutions

JAKARTA, Oct 1, 2022 - (ACN Newswire via SEAPRWire.com) - The third G20 Sherpa meeting in Yogyakarta has concluded with G20 member countries agreeing to seek solutions to myriad global problems.The 3rd Sherpa Meeting G20 Indonesia delegations travel around Borobudur Temple in Magelang, Central Java, Indonesia, Tuesday (29/9). (ANTARA PHOTO/Andreas Fitri Atmoko/POOL/rwa/FR)"During this meeting, we can see the collective commitment of G20 countries to remain united by offering solutions to global problems that occur recently," Co-Sherpa Edi Prio Pambudi noted through a statement, Thursday (Sept 29).Problems, such as the energy crisis, food scarcity, rising food prices, inflation, and continuity of COVID-19 recovery, are issues that are not only encountered by G20 countries but also developing and vulnerable countries.Discussion on Leaders' Declaration began from materials that are relatively easy to accept by all countries followed by a bilateral meeting with several key countries, so that an agreement can be achieved.A technical discussion on Leaders' Declaration will be conducted in October 2022 before it is finalized during the fourth Sherpa meeting in Bali in November 2022, near the execution of the G20 Summit held in the same month and place.The declaration draft that contains three priority issues during Indonesia's G20 Presidency comprises global health architecture, digital-based economic transformation, and energy transition as well as food security. This draft comes from 39 parties, comprising G20 member countries, nine invited countries, and 10 invited international organizations, that will attend the G20 Summit Conference in Bali, November.The meeting also endorsed concrete deliverables, such as programs or initiatives. This aligns with President Joko Widodo's mandate that Indonesia's G20 Presidency should produce real benefits for Indonesians."It is true that the concrete results will have their follow-up programmed," secretary of the Coordinating Ministry for Economic Affairs Susiwijono, said at an online press conference, which was followed from here on Tuesday (Sept 27).The programs arising out of this year's G20 Summit will be reviewed together at next year's meeting."There is an annual forum so that we can review several agreements that have been conducted together," he said.This year, in the midst of various global crises, Indonesia was able to contribute fairly, leading many to praise it, he added.The G20 Sherpa Track discusses global challenges and various economic (non-financial) issues to find solutions and provide recommendations on the G20 agenda and priority issues, such as energy, development, tourism, digital economy, education, labor, agriculture, trade, investment, industry, health, anti-corruption, environment and climate change.The role of Sherpa Track is very vital, especially in coordinating all Working Groups and Engagement Groups under its coordination.Indonesia's G20 presidency in 2022 provides an opportunity for Indonesia to lead developed and developing countries in discussing various issues and the process of global economic recovery.Underscoring Indonesia's important role as president of this year's G20, Foreign Minister Retno Marsudi said that the world was pinning hopes on G20 being a catalyst of global economic recovery, especially for developing countries."The G20 must not fail to be a catalyst for world recovery. We cannot let global recovery fall at the mercy of geopolitics," she stated, while delivering a speech at the general debate of the 77th United Nations General Assembly on Tuesday (Sept 27).She proposed the paradigm of collaboration to surmount numerous global challenges."A paradigm of win-win, not of zero-sum. A paradigm of engagement, not of containment. A paradigm of collaboration, not of competition. This is the transformative solution that we need," Marsudi noted.According to Marsudi, such a collaboration paradigm is deemed necessary to facing the current concerning world conditions wherein the pandemic persists and the global economy remains sluggish, war among nations, and violation of international law that has become a norm in pursuit of narrow self-interests.Written by: Sanya Dinda S, Fadhli Ruhman, Editor: Fardah Assegaf (c) ANTARA 2022 Copyright 2022 ACN Newswire. All rights reserved. (via SEAPRWire)

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RI strives to bridge differences in G20 to overcome economic challenges

JAKARTA, Jul 18, 2022 - (ACN Newswire via SEAPRWire.com) - The third Finance Ministers and Central Bank Governors (FMCBG) meeting within the framework of Indonesia's G20 Presidency kicked off in Nusa Dua, Badung, Bali, on Friday (July 15).The 3rd Finance Ministers and Central Bank Governors (FMCBG) Meeting of G20 in Nusa Dua, Badung, Bali, on 16 July. (ANTARA FOTO/Fikri Yusuf/Pool/wsj)The meeting aims to seek ways to promote better global economic recovery amid the issues or challenges that had become more apparent nowadays."G20 needs to (apply more measures) by taking real actions based on the spirit of coordination, collaboration, and consensus in order to solve global issues," Finance Minister Sri Mulyani Indrawati delivered the statement during the opening of the meeting.In total, 407 delegations were physically present in Bali, and 120 attended the event through virtual means. Some 19 finance ministers and 11 governors of Central Banks were also physically present. Thereby making it the one with the most number of physical attendees during the course of Indonesia's G20 presidency.Minister Indrawati stated that the presence of majority of the delegations of member countries, guest nations, and international organizations demonstrated global commitment and willingness to support the Indonesian G20 Presidency, as well as promote a sustainable economy, especially in the midst of global challenges.Bridging DifferencesIndonesia is committed to bridging various differences and becoming the main supporter of multilateralism in the G20 forum to overcome various current global economic challenges."We want to be an honest liaison. Indonesia will tirelessly seek communications and consultations, so we can continue to build bridges to accommodate the differences," the minister noted while opening the 3rd G20 FMCBG meeting.The 3rd FMCBG meeting discussed seven priority agendas, comprising the current situation and risks of the global economy, health issues, international financial architecture, financial issues, sustainable finance, infrastructure development, and international taxation.Meanwhile, several issues that became part of the priority agenda are the impacts of the Russian-Ukraine conflict on global food, energy, and financial security.On the second day of the meeting on Saturday, Indrawati announced that all G20 members has agreed on the majority of the meeting results despite tensions over Russia-Ukraine conflict.Indrawati conveyed that the meeting succeeded in agreeing on a number of initiatives, and successfully garnering support to overcome various global economic and financial problems."There are 14 paragraphs of the draft on the result of this two-days meeting," Indrawati stated on her speech delivering the results of the meeting.She mentioned that two paragraphs of the result draft containing different views of several G20 members, one of which was regarding the use of the word "war" on several issues.Indonesia and other G20 members, however, should still place the G20 as the world's largest economic cooperation forum that has a long history of solving various global problems.Additionally, Bank Indonesia (BI) Governor Perry Warjiyo has called upon all G20 members to commit to working together to support global economic recovery in order to realize a sustainable, balanced, and inclusive world economy."It is important for us to stay focused on what we have planned to achieve this year," Warjiyo said at the opening of the second day of the G20 Finance Ministers and Central Bank Governors (3rd FMCBG) meeting.Such a focus, according to Warjiyo, will send a positive message to the global community about the role and efforts of the G20 toward supporting recovery.During Saturday's meeting, the G20 finance ministers and central bank governors discussed five topics including COVID-19 exit strategies for ensuring financial stability, climate-related financial risks, crypto assets, financial inclusion and digitization, and initiatives to address new data gaps.Written by: Yuni Arisandy Sinaga, Editor: Fardah Assegaf (c) ANTARA 2022 Copyright 2022 ACN Newswire. All rights reserved. (via SEAPRWire)

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2022 Travel Itinerary Competition: Official Call for Design Submissions to Discover Charm of Sanya Economic Circle

China, Sanya , June 28, 2022 – (SEAPRWire) – Channels for submitting designs for the “2022 Travel Itinerary Competition” were officially opened on June 21, 2022. The event, which was first released online on May 30, 2022, as a prelude to the official launch, was organized by the Sanya Tourism Promotion Board together with tourism bureaus from other cities and counties of the Sanya Economic Circle. Over 100 entries were received within just 4 hours after the official launch of the design submission page. Participants can follow the official WeChat account of the Sanya Tourism Promotion Board and input “Inspiring Trip Planner” or “Travel Itinerary Competition” to access the design submission page. There are five categories for the competition: four of these are categories for Chinese travelers, namely professional/corporate, university teachers and students, travel KOLs, Chinese domestic travelers, and one is a special category for Foreign Travelers. Participants in the Foreign Travelers category should be foreign passport holders. Participants are encouraged to submit designs based on their personal travel experiences in the Sanya Economic Circle. There are no restrictions on the format of designs, which can be in the form of images and text, cartoons, short videos, songs, or poems. Submissions can be in Chinese or English, and can cover themes such as outdoor sports, intangible cultural heritage, shopping and entertainment, couple trips, camping, rural trips, family-friendly educational excursions, gourmet tours, and self-driving trips. Travel routes should include at least one of the following regions: Sanya, Lingshui, Baoting, Ledong, and Wuzhishan. The competition offers participants the chance to win various prizes such as cash awards of up to CNY 12,000, special certificates of participation, honorary titles, and a chance to take part in the film project “Explore Sanya 360°” for international social media organized by the Sanya Tourism Promotion Board. The design submission channels for the competition will be open from June 21, 2022, to July 10, 2022. All designs that are submitted and received before the submission deadline will be evaluated in three stages: Preliminary Review (July 11—July 17, 2022), Online Voting (July 18—August 10, 2022), and Expert Review (August 11—August 15, 2022). During the period in which itineraries are on display (August 18—September 9, 2022), prize-winning designs will be announced publicly and displayed online, and awards will be given. The event seeks to gather high-quality travel routes and recommendations, attract more attention of global travel enthusiasts to the Sanya Economic Circle and its neighboring areas, and promote the tourism and cultural resources of the area. “Unleash your creativity and showcase the charm of Sanya and its surrounding areas.” The representative from the Sanya Tourism Promotion Board added that “The ‘2022 Travel Itinerary Competition’ welcomes people from all over the world who love to travel.”

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Eisai Publishes Potential Economic Value of Investigational Lecanemab in Peer-Reviewed Neurology and Therapy Journal

TOKYO, Jun 22, 2022 - (JCN Newswire via SEAPRWire.com) - Eisai Co., Ltd. today announced publication of results from an early phase evaluation that aimed to estimate potential economic value of its investigational anti-amyloid-beta (Abeta) protofibril antibody lecanemab in people living with early Alzheimer's disease (AD) using a validated disease simulation model, AD Archimedes Condition Event (AD ACE) model1,2,3 from the healthcare payer and societal perspectives in the United States, in the peer-reviewed journal Neurology and Therapy. This is the second publication of lecanemab's potential value. It follows the evaluation of the long-term health outcomes using simulation modeling of lecanemab published in Neurology and Therapy in April 2022.4 While the healthcare payer perspective focuses on direct care costs (e.g., outpatient and inpatient services, medications, intervention costs, nursing home and home healthcare services), the societal perspective further considers societal costs (e.g., productivity loss and informal care costs). As reported in the previous publication, it was suggested that compared to standard of care* (SoC), individuals treated with lecanemab in addition to SoC (lecanemab+SoC) may potentially experience slower disease progression to mild, moderate and severe AD from baseline by 2.51, 3.13 and 2.34 years on average, respectively. The preliminary results of this model-based simulation could possibly translate into additional quality-adjusted life years (QALY**) and reduction in the formal and informal care costs***. Additionally, the AD ACE model framework used in this study allowed assessment of the potential value of lecanemab in different scenarios and sensitivity analyses, including the impact of patient subsets, alternative treatment stopping rules**** and potential dosing regimens as well as major sources of uncertainty. Eisai is committed to conducting and sharing these types of clinical and socioeconomic analyses to establish trust as we work to potentially bring lecanemab to people living with early AD who have confirmed presence of amyloid pathology in the brain. To that end, Eisai would like to provide a common foundation for stakeholders' discourse regarding the potential clinical and socioeconomic value of lecanemab from the societal perspective, not to assign a price for lecanemab at this time. This model-based simulation was conducted using the results of a Phase 2b clinical trial (Study 201) evaluating the efficacy and safety of lecanemab for early AD with confirmed amyloid pathology as well as published literature. It also estimated the potential economic value of lecanemab+SoC over a broad range of willingness-to-pay thresholds from $50,000 to $200,000 per QALY gained as recommended by the Institute for Clinical and Economic Review (ICER)*****. Lecanemab+SoC was predicted to result in a gain of 0.61 QALYs and a decrease in total non-treatment costs of $8,707 per person from the healthcare payer perspective (Societal perspective: 0.64 QALYs gain and $11,214 decrease) compared to the SoC for patients with early AD who have confirmed presence of amyloid pathology. The potential annual value-based price (VBP) of lecanemab was estimated at $9,249 to $35,605 (Societal perspective: $10,400 to $38,053) based on this early economic assessment. ICER's value framework5 indicates that value cannot be wholly derived from measures of clinical and cost-effectiveness, so contextual considerations and an examination of other benefits and disadvantages are also added into the framework when assessing long-term value. This may lead to using the societal perspective and higher end of the broad range of willingness-to-pay threshold in estimating the justifiable price of lecanemab, given the large societal burden of AD relative to direct healthcare costs. Many people living with AD received informal care from their family and friends totaling more than 16 billion hours of unpaid care valued at $271.6 billion in the U.S. in 2021.6 These predicted and simulated findings suggest that early treatment with lecanemab may reduce these costs and economic burdens, and provide insights for healthcare decision-makers regarding the potential clinical and socioeconomic value of lecanemab. The Phase 3 lecanemab Clarity AD data will soon be available to inform the model inputs and refine the findings. In the event that lecanemab receives the U.S. Food and Drug Administration's (FDA) approval, Eisai may determine a VBP using this framework along with other considerations, such as affordability, health system sustainability, etc. "Eisai's goal is to create therapies, such as our investigational anti-amyloid beta protofibril antibody lecanemab, that may help impact the anxieties of people living with Alzheimer's disease and their families. For Alzheimer's disease, it is important to evaluate the holistic value of therapies taking into account not only medical costs but also the immense societal costs," said Ivan Cheung, Senior Vice President, President Neurology Business Group and Global Alzheimer's Disease Officer, Eisai Co., Ltd., Chairman and CEO, Eisai Inc. "As part of Eisai's commitment to our human health care mission, trust and transparency, we will continue to publish data and information about lecanemab and look forward to sharing the results of the lecanemab confirmatory Phase 3 Clarity AD clinical trial this fall." Eisai completed lecanemab's rolling submission of a Biologics License Application (BLA) for the treatment of early AD to the FDA under the accelerated approval pathway in May 2022. The Clarity AD Phase 3 clinical study for lecanemab in early AD is ongoing and completed enrollment in March 2021 with 1,795 patients. The readout of the primary endpoint data of Clarity AD will occur in the fall of 2022. The FDA has agreed that the results of Clarity AD, when completed, can serve as the confirmatory study to verify the clinical benefit of lecanemab. Dependent upon the results of the Clarity AD clinical trial, Eisai may submit for full approval of lecanemab to the FDA during Eisai's fiscal year 2022, which ends in March2023. In Japan, in March 2022, Eisai initiated submission of application data to the Pharmaceuticals and Medical Devices Agency (PMDA) under the prior assessment consultation system with the goal of obtaining early approval for lecanemab, and aims to file for the manufacturing and marketing approval based on the results of Clarity AD during Eisai's fiscal year 2022. Also, in Europe, based on the results of the Clarity AD study, Eisai plans to submit a new drug application in fiscal year 2022. This release discusses investigational uses of an agent in development and is not intended to convey conclusions about efficacy or safety. There is no guarantee that such an investigational agent will successfully complete clinical development or gain health authority approval. * Standard of Care (SoC) for AD currently consists of lifestyle modifications and pharmacologic treatment of symptoms.** The quality-adjusted life year (QALY) is a measure of the value of health outcomes. Since health is a function of length of life (i.e., quantity) and quality of life (QOL), the QALY was developed as an attempt to combine the value of these attributes into a single index number. One QALY equates to one year in perfect health. QALY scores range from 1 (full health) to 0 (dead). For example, a new intervention may increase length of life by 3 years and improve quality of life by 70% (QALY score of 2.1) compared to an existing intervention that may increase length of life by 3 years and only improve QOL by 50% (QALY score of 1.5), the incremental QALY for this new intervention will be 0.6 QALYs.*** Formal and informal care costs do not include lecanemab drug cost.**** Alternative treatment stopping rules were explored in scenario analyses where treatment with lecanemab was stopped after a fixed duration of 1.5, 3 and 5 years.***** ICER is a non-profit research organization in the U.S. that evaluates the evidence on the clinical and economic value of prescription drugs, medical tests, devices and health system delivery innovations. 1 Kansal AR, Tafazzoli A, Ishak KJ, Krotneva S. Alzheimer's disease Archimedes condition-event simulator: Development and validation. Alzheimers Dement (NY). 2018;4:76-88. Published 2018 Feb 16. doi:10.1016/j.trci.2018.01.001.2) Tafazzoli and Kansal. Disease simulation in drug development, External validation confirms benefit in decision making. The Evidence Forum. 2018. bit.ly/3NgEeDD(3) Tafazzoli A, Weng J, Sutton K, et al. Validating simulated cognition trajectories based on ADNI against 436 trajectories from the National Alzheimer's Coordinating Center (NACC) dataset. 11th edition of Clinical Trials on 437 Alzheimer's Disease (CTAD); Barcelona, Spain: 2018.(4) Tahami Monfared AA, Tafazzoli A, Ye W, Chavan A, Zhang Q. Long-Term Health Outcomes of Lecanemab in Patients with Early Alzheimer's Disease Using Simulation Modeling. Neurol Ther 11, 863-880 (2022). https://link.springer.com/article/10.1007/s40120-022-00350-y.(5) ICER Value Framework 2020-2023. 2022. bit.ly/39HjYO3(6) Alzheimer's Association. 2022 Alzheimer's Disease Facts and Figures 2022 Available from: bit.ly/3bkCR9VMedia Inquiries:Public Relations Department,Eisai Co., Ltd.+81-(0)3-3817-5120 Eisai Inc. USLibby HolmanLibby_Holman@Eisai.com201-753-1945 Copyright 2022 JCN Newswire. All rights reserved. (via SEAPRWire)

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“2022 Travel Itinerary Competition” for China’s beachfront Sanya Economic Circle kicks off, Win totalling CNY 200,000 in cash awards

On May 30, the Sanya Tourism Promotion Board, together with tourism bureaus from other cities and counties of the Sanya Economic Circle, jointly organized the “2022 Travel Itinerary Competition”. The competition aims to enrich the cultural and tourism resources of the Sanya Economic Circle with brand-new local travel routes and promote the integrated development of the area. Trip.com Group will provide technical support for the competition.  The competition will last to September 9 from May 30. Participants can refer to the Sanya Tourism Promotion Board’s official website (visitsanya.com) or Wechat official account to learn more about the competition and participate in it. The competition has set generous prizes totalling CNY 200,000. Winners will not only receive cash awards up to CNY 20,000, but also have the opportunity to obtain exclusive honors from the categories they join, free trips to Sanya and the surrounding areas, official internship recommendation, and other generous rewards. The competition has five categories: professional/corporate, university teachers and students, travel KOLs, Chinese domestic travelers, and foreign travelers. Participants are free to choose whichever category fits them the best. It is worth mentioning that, to further bolster this competition’s reach and enable global travelers to feel the charm of Sanya and the surrounding areas of the Sanya Economic Circle, the competition specially set a category for foreign travelers. Foreign passport holders are welcome to join and produce creative designs based on their personal travel experiences in Sanya and get a chance to win generous gifts provided by the organizer. Designs can focus on new ways to explore Sanya and the surrounding areas, such as Lingshui, Baoting, Ledong, and Wuzhishan. Designs can be submitted in either Chinese or English. No restrictions on the form of designs. Themes include but are not limited to cultural heritage, nature, outdoor sports, family-friendly educational excursions, gourmet tours, self-driving, countryside, and camping. Participants can deeply explore the historical and cultural characteristics of Sanya and the surrounding cities, and highlight the advantages and features of the area’s natural resources. The competition has five stages: design, submission, online voting, expert review, and the announcement of winners. For the foreign travelers category, participants submit their designs, users vote online, and the travel expert commission scores the works and selects the winning ones. The winners will receive cash awards totaling CNY 200,000, honorary titles, certificates, a chance to take part in the overseas social media filming project, Explore Sanya 360°, organized by the Sanya Tourism Promotion Board, and free travel experiences with photography services included. “We welcome all travel industry professionals, travel experts, teachers and students from colleges and universities, Chinese domestic tourists, and foreign travelers to submit creative designs online and uncover a wide range of trips and activities,” a member of the Sanya Tourism Promotion Board said. “We expect more overseas tourists to participate in this feast of inspiration, and discover a different side of the Sanya Economic Circle.”

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Myanmar Announces Direct Border Trade Currency Settlement with Thailand; Plans Similar Non-Dollar Convertibility with India in Near Future

NAY PYI TAW, MM, Mar 15, 2022 - (ACN Newswire via SEAPRWire.com) - The Myanmar Government has agreed to accept the Thai baht as an official currency for settling border trade starting this month. Thailand is the second country after China to permit its national currency to be exchangeable with the Myanmar kyat for border trade activities.Myanmar's Minister of Information (MOI) Mr Maung Maung Ohn and Minister of Investments and Foreign Economic Relations (MIFER) Mr Aung Naing Oo said in a joint statement today that the kyat-baht initiative is a significant development as Thailand is Myanmar's second largest trading partner after China. The Myanmar Government intends to initiate similar currency convertibility for the Indian rupee for trade along the border it shares with India.Myanmar and China commenced kyat-renminbi settlement for border trades in January 2022. The increasing use of non-US dollar direct currency settlement for border trade underscores the strong bilateral relations that Myanmar enjoys with its neighbours.The kyat-baht settlement arrangement was endorsed by an official notification and guidelines issued by the Central Bank earlier this month. All settlements will be conducted online as opposed to cash transactions previously.In Fiscal Year (FY) 2020-2021 (November-to-October) border trade along five checkpoints of the Myanmar-Thai border - Tachileik, Myawady, Kawthoung, Myeik and Hteekhee, - amounted to USD4.3 billion equivalent, up from USD3.9 billion in FY 2019-2020. Starting this month merchants along the Myanmar-Thai border who are registered with the Myanmar Economic Bank can conduct trade based on the kyat-baht exchange rate announced daily by the Central Bank of Myanmar. In FY 2020-2021 Thailand accounted for 17.61% of Myanmar's total trade which rose to USD5.3 billion from USD5.2 billion in FY2019-2020. Myanmar's main exports to Thailand include natural gas, base metals, electronic goods, pulses, and garments. In turn, Myanmar imports from Thailand machinery, appliances transport equipment and manufactured goods."Myanmar's immediate neighbours account for up to 70% of the country's total trade volume. Direct non-dollar currency settlements will help to broaden and facilitate bilateral trade, flow of goods and other forms of payment and settlement with the respective countries."As Myanmar gradually adopts full bilateral currency swap arrangements with various countries, regional economic cooperation will also be strengthened. By reducing dependence on the US dollar, we will mitigate the risk of sudden exchange rate swings due to external geopolitical factors. Myanmar can also reduce physical money in circulation as more trade transactions migrate online. If we can succeed with such arrangements with our immediate neighbours, Myanmar can gradually reduce the dependence on the US dollar for up to 70% of Myanmar's national trade volume," the two Ministers added.The currency arrangements will also help Myanmar reduce inflation caused by the rise of the U.S. dollar, while alleviating concerns of currency shortage within the country. The arrangements will also contribute to the economic recovery of the country which - despite rising energy prices - expects to record modest GDP growth in the current fiscal year ending October 2022.The currency shortage and weaker kyat last year was stoked by economic sabotage by the opponents including so-called People's Defensive Force (PDF) which tried to sow distrust in the local banking and financial system. Supported by foreign elements, the outlawed PDF also launched a terror campaign which caused the lives of many Government servants, security forces, and damage to public infrastructure. The disturbances commenced after the 1 February 2021 Proclamation to declare a state of Emergency in Myanmar. Since the second half of 2021, the country has achieved national stability under the State Administration Council (SAC) which intends to call for a multi-party general election to be held by August 2023.ASEAN Economic Ministers' MeetingMyanmar's Minister of Foreign Investments and Economic Relations will represent the country at the March 16-17 ASEAN Economic Ministers' Retreat. "The Ministry will update other ASEAN members on the economic impact on Myanmar caused by two recent crisis situations - the COVID-19 pandemic and civil disobedience," said MIFER Minister Aung Naing Oo.The Ministry will also update the significant efforts Myanmar is taking to develop the small and medium enterprises especially in the agriculture and manufacturing sectors through provision of credit and measures to facilitate the business environment despite the two major challenges."While the pressure on the financial system has eased and the kyat has stabilized due to policies implemented by the SAC, the Russia-Ukraine conflict has caused domestic energy prices to spike.Due to the level of development of the country and recent crisis situations, Myanmar has probably faced more challenges than most other ASEAN members in the past year or so," they said.Minister Aung Naing Oo also said:"Myanmar has made every effort to fulfill its obligations under the four pillars of the ASEAN Economic Community.Myanmar is one of the earliest signatory states to deposit its instrument of ratification of the Regional Comprehensive Economic Partnership (RCEP) in accordance with the RCEP Agreement. However, Myanmar's instrument of ratification has been politicised by some RCEP participating countries. Likewise, Myanmar's ratification letter for Protocol to Implement the Tenth Package of Commitments under the ASEAN Framework Agreement on Services has also faced the same problem.ASEAN's approaches to creating a much stronger Southeast Asia, narrowing the development gap within ASEAN, and strengthening economic resilience cannot be fulfilled if Myanmar is excluded. This is not consistent with the ASEAN Charter. Myanmar believes that such actions can affect ASEAN's centrality.For all member countries to benefit from economic integration, an all-inclusive manner is needed in ASEAN. No country should lag in regional economic integration. Sadly, some of ASEAN's directions and actions appear mismatched on the ground.Whatever the challenges, Myanmar will actively continue to fulfill the commitments and obligations as an ASEAN member and as a responsible global citizen."Issued by Ministry of Information and Ministry of Investment and Foreign Economic Relations, Union Government of Myanmar.For more information, please contact mediacontact@e-information.gov.mm or myintkyawmoi@gmail.com Copyright 2022 ACN Newswire. All rights reserved. (via SEAPRWire)

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Academics detail take-off of China’s ice and snow economy

HONG KONG, Mar 8, 2022 - (ACN Newswire via SEAPRWire.com) - China has seen the fastest growth of its ice and snow economy in recent years and has become the world's largest market in the sector, according to a report released by Jilin University on Thursday.Jilin University Key Laboratory of Ice and Snow Tourism Resorts Equipment and Intelligent Service Technology releases the 2022 China Ice and Snow Economic Development Index Report on Thursday. (Photo by Xu Lihua/For chinadaily.com.cn)Xin Benlu, vice-dean of the School of Business and Management at Jilin University, oversees the release of the ice and snow report at a news conference on Thursday. (Photo by Xu Lihua/For chinadaily.com.cn)Jilin University's Key Laboratory of Ice and Snow Tourism Resorts Equipment and Intelligent Service Technology, took a year to complete its 2022 China Ice and Snow Economic Development Index Report, which aims to measure and forecast China's ice and snow economic development using several ice and snow indicators.The report proposed the "airplane theory" as a way to look at the ice and snow economy.The concept uses the growing and escalating ice and snow demand, and ice and snow technology as the "airplane engine" of economic development.The specific weights of the current stage of China's ice and snow economic development is set out in the report.The "airplane's head" represents ice and snow sports, which account for 25 percent of that weight. The "airplane's fuselage" represents ice and snow tourism, which accounts for 40 percent of the weight. And the "two wings" that balance the development of the economy represent ice and snow equipment, and ice and snow culture, which account for 25 percent and 10 percent, respectively.Data shows that China's ice and snow economic development has shown a linear upward trend since the beginning of the 13th Five-Year Plan (2016-2020).Other than in 2020, with the novel coronavirus pandemic impacting the sector, each year has succeeded the previous one, ever since 2016.Driven by the Beijing 2022 Winter Olympics, the chain growth rate exceeded 34 percent in 2021, and the development of China's ice and snow economy is expected to maintain a chain growth rate of nearly 30 percent in 2022, the report said.Along with the Beijing 2022 Winter Olympics, China's ice and snow tourism will show a new face in the international arena, and attract more foreign tourists in the post-pandemic era, the report said.At the same time, with the release of Chinese people's enthusiasm for participating in and experiencing ice and snow tourism, ice and snow tourism consumption will play a massive role in boosting China's domestic demand and realizing the central domestic circulation, provincial medium circulation, and municipal microcirculation of China's ice and snow economy, the document said.Xin Benlu, vice-dean of the School of Business and Management at Jilin University, said: "The report is one of the preliminary and basic works for the construction of the big data platform of the ice and snow economy. It is expected to be released annually to measure and forecast the development of China's ice and snow economic development."Source: https://www.chinadaily.com.cn/a/202202/20/WS62113909a310cdd39bc87b2e.html Copyright 2022 ACN Newswire. All rights reserved. (via SEAPRWire)

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Myanmar Government Looks to Early Resumption of Development & Infrastructure Projects with China, Its Close Neighbour and Main Trading Partner

NAY PYI TAW, MM, Dec 22, 2021 - (ACN Newswire via SEAPRWire.com) - The Myanmar Government looks forward to re-start development projects and accelerate bilateral economic and technical cooperation with the People's Republic China (PRC), its largest trading following disruptions caused by the pandemic and recent social unrest.The Ministry of Information (MOI) and Ministry of Investment and Foreign Economic Relations (MIFER) said in a joint statement that Myanmar enjoys a special 'paukphaw' or kinship with its close neighbour and has received substantial economic and technical support from the PRC over 71 years of bilateral ties.Having achieved national stability in recent months, and with the health situation stabilizing after receiving substantial vaccines from the PRC, a major priority for Myanmar is to implement projects involving PRC development assistance, amounting to 3.8 billion renminbi (RMB).Myanmar's State Administration Council (SAC) has reviewed an original list of 97 projects that were proposed by the previous government in late 2020 in response to the PRC's offer of 4.0 billion RMB in development assistance to Myanmar. The offer was announced during President Xi Jinping's visit on 17-18 January 2020.Following the review, the SAC has consulted with various Ministries to revise the list so as to prioritise projects that can be effectively implemented and which are better suited to the current needs of Myanmar. The SAC also reviewed and revised 15 projects under a separate 200 million RMB PRC grant specifically dedicated for Rakhine State.The latter grant involves projects related to the environment and improving medical access and rural transport. Myanmar Government appreciates these corporate social responsibility initiatives by the PRC which will contribute to the success of the China-Myanmar Economic Corridor (CMEC).The CMEC includes road and rail infrastructure stretching 1,700 km from Kunming in China's Yunnan Province through several regions in Myanmar to Kyaukpyu along the Bay of Bengal. The site of a proposed Special Economic Zone (SEZ) Deep Sea Project, Kyaukpyu is of special significance for infrastructure-related and economic cooperation between the 2 countries.The Kyaukpyu SEZ is a priority project revised and shortlisted by SAC from a list of 33 bilateral agreements signed during President Xi's visit. Prior to 2020, China had agreed to provide grants totaling 4.9 billion RMB to Myanmar between 2014 to 2019. Over this period, 1 project has been completed, 12 are ongoing and 18 are at proposal stage, with a combined value of 6.01 billion RMB.Implementation of the revised list of PRC-funded development programmes and related projects in the coming months will enhance bilateral cooperation after nearly 2 years of disruption caused by the pandemic and domestic issues, the 2 Ministers said.They said the SAC is confident that bilateral cooperation to improve infrastructure, especially in less developed parts of the country, and to create jobs will be enhance economic recovery as Myanmar prepares for multi-party national elections which are scheduled to be held by August 2023.To further improve bilateral cooperation, the Central Bank of Myanmar (CBM) has agreed to a pilot project starting next year to accept the RMB as an official settlement currency for border trade.This settlement, which will substantially improve border trade especially for perishable goods such as fresh agriculture products, will be facilitated by 3 banks - Myanmar's state-owned Myanmar Economic Bank and the PRC's Bank of China (BOC) and Industrial and Commercial Bank of China (ICBC). This decision follows the recent relaxation of travel restrictions at 2 Myanmar-PRC border checkpoints after COVID-19 infection rates were reduced nationwide.Myanmar's pandemic control has been greatly supported by vaccines donated by or procured from PRC pharmaceutical giants Sinovac and Sino Pharm. The Government remains on target to vaccinate at least 50% of Myanmar's population above the age of 18 by the end of this month. The majority of all vaccines used in Myanmar originate from the PRC.The 2 Ministers, on behalf of the Myanmar Government, also announced that:i) With the improved vaccination rates and national stability, Gross Domestic Product (GDP) in fiscal 2020-2021 (November-October) is expected to decline by a single-digit - much less severe than forecasts of some international economists. Myanmar Government expects GDP to record modest growth in 2021-2022.ii) The Health Ministry is assessing carefully new COVID-19 variants such as Omicron before relaxing travel protocols. Apart from helping to implement development and economic projects, the easing of travel lanes will also facilitate visitor arrivals from the PRC as Myanmar prepares to revive its tourism sector.iii) The Government has improved security and provided assistance to Chinese factories that suffered attacks by the People's Defensive Force which had waged a terror campaign against civilians. As such disturbances have declined sharply, the Government is confident that PRC investments to Myanmar will improve soon.Since the 1 February 2021 Proclamation to declare a state of, civil disobedience and terrorism activities carried out by the outlawed People's Defensive Force (PDF) have led to deaths of 198 administrative officials and at least 12 Buddhist monks and many injuries. The PDF has also destroyed roads and bridges, schools, government offices and telecommunication towers as well as branches or offices of state-owned and private banks."Myanmar has achieved national stability due to efficient handling by the security forces and the clear wish of the general population to resume normal economic and social activities. We are confident that the normalized situation will provide assurance to investors and lead to the improvement of bilateral cooperation with the PRC, a country that enjoys a long and trusted relationship with Myanmar," said Minister of Information, Mr Maung Ohn."Myanmar Government has recently reviewed development and economic projects involving the PRC. This review is to ensure effective implementation of development assistance that can address the current needs of the country. Myanmar Government will do its best to protect all foreign direct investments, including those from the PRC. We also look forward to increased border trade through RMB-kyat settlement," said Minister of Investment and Foreign Economic Relations, Mr Aung Naing Oo.- Issued by Ministry of Information and Ministry of Investment and Foreign Economic Relations, Union Government of Myanmar.- For more information, please contact mediacontact@e-information.gov.mm or myintkyawmoi@gmail.com Copyright 2021 ACN Newswire. All rights reserved. (via SEAPRWire)

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Myanmar Government Prioritizes Economic Recovery as Pandemic Infections Decline Amid Return of National Stability Ahead of Preparations for Multi-Party National Elections

Nay Pyi Taw, Dec 7, 2021 - (ACN Newswire via SEAPRWire.com) - The Myanmar Government said today that it has largely restored national stability after recent civil unrest and is now focused on increasing vaccination rates to reduce COVID-19 infections and attracting local and foreign investments to jump-start economic growth and job creation.The Ministry of Information (MOI) and Ministry of Investment and Foreign Economic Relations (MIFER) said in a joint statement that with the restoration of stability, economic recovery was now a top priority as the Government prepares for multi-party elections to be held by August 2023.The Union Election Commission has reviewed weaknesses, fraud and malpractices in the 8 November 2020 elections. It has held 3 consultations with political parties between February and November 2021. A fourth consultation will be held this month to discuss the Proportional Representation System. To update data and to prevent voter fraud, joint inspection teams led by the Commission have started audit of membership, funding, premises, business dealings and election expenses of all political parties. Preparations for elections are taking place amid a significant rise in domestic applications for investments. Upon approval, domestic investments are expected to increase by over 50% in 2021-2022 (November to October) compared to 2020-2021. The Government is aware of concerns among foreign investors and is addressing issues of business travel, health and safety of staff, and apparent pressure from some quarters of the international community. The two Ministers, on behalf of the Myanmar Government, announced that:i) Gross Domestic Product (GDP) in 2020-2021 is likely to contract by single digit - less dire than forecasts of some international economists. The single-digit contraction is due to the combined impact of the pandemic and civil unrest. Myanmar Government expects recovery to positive GDP growth in 2021-2022.The economic recovery is due to the combination of lower rates of pandemic infection amid increased vaccination rates, return to national stability, and increasing investment commitments, especially domestic investments. ii) The Health Ministry is assessing new COVID-19 variants such as Omicron before announcing business travel protocols including vaccinated travel lanes.iii) MIFER expects domestic investments (Myanmar Citizens Investments, or MCI) to increase by over 50% in 2021-2022 compared to 2020-2021. MCI will rise further in 2022-2023, based on applications received. To increase Foreign Direct Investments (FDI), MIFER is actively engaging the international business community. It is also addressing issues related to investments in certain sectors such as port development and telecommunications.iv) The so-called 'National Unity Government (NUG) Bond' is deemed illegal as it has not been registered with relevant authorities. Myanmar nationals involved in funds transfer to transact it will be considered to have broken the law. Based on monitoring by Myanmar financial authorities, there is little local interest in this so-called bond, which appears to be a possible channel for terrorist financing from external sources.National Security SituationCivil disturbances earlier this year appear to be related to the 1 February 2021 Proclamation to declare a State of Emergency. The Proclamation followed failure to settle the issue of voter fraud list related to the 2020 elections, and subsequent postponement of Parliament sessions. On 2 February 2021 the State Administration Council (SAC) was formed.Providing an update of civil unrest, MOI said that since the 1 February 2021, civil disobedience and terrorism activities carried out by the outlawed People's Defensive Force (PDF) had led to:- 198 administrative officials from various Government and State agencies being killed and 148 other injured; the deaths of at least 12 Buddhist monks;- damage or destruction of 397 roads and bridges, 565 Government offices, 409 telecommunications towers and 444 schools or colleges; and- Damage to branches or offices of 26 state-owned banks and 41 private banks, amongst others. However, civil unrest has declined significantly since early November 2021 as indicated by the resumption of most schools and normal commercial activity. Nonetheless, security forces remain on the alert.International Collaboration on Enforcement Against Crime and TerrorismTo prevent rising cross-border cybercrime and terrorism, Myanmar Government has increased collaboration with police and public security officials from the international community. A Myanmar delegation led by Deputy Minister for Home Affairs Lt-General Than Hlaing participated in the INTERPOL General Assembly held in Istanbul, Turkey, from 23 to 25 November 2021. The delegation held discussions with Mr Kim Jong Yang, President of INTERPOL's Executive Committee, and Mr Jurgen Stock, INTERPOL's Secretary General, as well as senior police or public security officials from China, Russia, India, Vietnam, and the United Arab Emirates."Despite earlier civil disturbances, the situation in Myanmar has clearly stabilized recently. This is due to efficient law enforcement and the collective wish of most Myanmar citizens to return to normal social and economic life. They are tired of the destruction of lives and property, and of other disruptions. Myanmar Government is committed to holding multi-party elections by August 2023. National stability is a pre-requisite for this important political event," said Minister of Information Mr Maung Maung Ohn.Update on Economic and Investment MattersThe Myanmar Government estimates that in the last 23 months (coinciding with the COVID-19 outbreak in the country), 222 factories (many of them from the garment sector) were temporarily closed, 63 were permanently shuttered, and 181 had to reduce their workforce - all largely due to the pandemic. In total about 185,324 garment workers are estimated to have lost their jobs, mostly in Yangon, Bago and Ayeyawady where most of factories involved in making, garments, shoes and bags are located. To overcome the challenges of the pandemic, economic uncertainty and domestic issues, and to promote job creation, Myanmar Government has in recent months announced multiple economic stimulus programmes, stabilization of the kyat and assistance to the agriculture sector and small and medium enterprises. The Government will also announce in the coming weeks the Myanmar Economic Recovery Plan (MERP). Covering the 2021-2022 to 2023-2024 period as a medium-term plan, the MERP will facilitate post-COVID-19 economic recovery ahead of the next election. It will contain 30 goals, 165 outcomes and 430 action plans to accelerate job growth and value-added economic activities. It will include reform of rules, regulations and procedures covering tax, banking, finance, trade, development of digital economy, transport and supply chains, tourism development, and agriculture, livestock and fisheries as well as energy sector and protection of the environment.MIFER has to date received MCI applications totaling 1,795.36 billion kyat (USD 1.0 billion) for 2021-2022, a 51% increase compared to 1,171.8 billion kyat (USD 660 million) in 2020-2021, the period most affected by the pandemic and civil disturbances. MCI applications received thus far for 2022-2023 stood at 2,107.7 billion kyat (USD 1.18 billion). If approved, MCI investments for the latter period would have increased by nearly 80% compared to 2020-2021.MIFER believes that the higher MCI, a substantial portion of which is for manufacturing, is due to: i) stabilization of the kyat; ii) increasing national stability; iii) tax incentives; iv) introduction of the Government's one-stop service for speedy business approvals; and v) relaxation of a requirement that at least 1 director must reside at least 6 months of a year in the country.Since 2 February 2021, MIFER has approved 18 FDI projects valued at USD 3.3 billion. Approved FDI in 2020-2021 from 49 business enterprises amounted to USD 3.89 billion. The sectors that attracted most FDI were energy/power, followed by manufacturing, transport, telecommunications and real estate."Declining pandemic infection rates and the return of national stability have contributed to the increase in domestic investments. We have also received substantial interest in recent months from Russia and Asian countries for various economic activities. Business confidence has improved significantly. Our priority is to facilitate safe travel with appropriate health protocols and security within the country so as to generate investments, trade and jobs rapidly to expedite economic recovery," said Minister of Investment and Foreign Economic Relations Mr Aung Naing Oo.- Ends -Issued by Ministry of Information and Ministry of Investment and Foreign Economic Relations, Union Government of Myanmar. For more information, please contact mediacontact@e-information.gov.mm or myintkyawmoi@gmail.com Copyright 2021 ACN Newswire. All rights reserved. (via SEAPRWire)

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Myanmar Government to Re-Open Land Borders, Resume International Travel in Early 2022 After Achieving Vaccination Targets Amid Clear Signs of Economic Recovery

Nay Pyi Taw, Myanmar, Nov 16, 2021 – (ACN Newswire) – The Myanmar Government announced today it will reopen land border crossings with China and Thailand next month ahead of a planned resumption of international air travel by the end of the first quarter of 2022, as vaccination rates have improved significantly amid clear signs of economic recovery from the COVID-19 pandemic. Minister of Information Mr Maung Maung Ohn said travel restrictions will be eased by January 2022 at Muse which borders Ruili city in China’s Yunnan Province and at the three Myanmar towns of Tachileik, Kawthaung and Htee Kee which border Thailand. Travel at border crossings with Laos, India and Bangladesh are currently permitted due to lower incidences of infection. Status of COVID-19 Infection Rates, Deaths & Vaccinations Between the first case of pandemic infection in the country on 23 March 2020 to 12 November 2021 (20 months) Myanmar’s Ministry of Health has recorded a total of 511,717 cases of infection and 18,899 deaths due to COVID-19. In the week (to 12 November) a daily average of 919 new confirmed cases were detected with a positivity rate of 4.2% while 20 deaths were recorded – a fatality rate of 2.3%. These compare with 3,901 new confirmed cases (positivity rate of 30.8%) and 172 deaths (fatality rate of 8.1%) in the first week of August 2021. The numbers of new confirmed cases and deaths have fallen to 76.4 percent and 88.5 percent, respectively, over the comparative periods. The Government continues to receive vaccines through donations and national procurement programmes. Most of the vaccines are from China. As at 12 November 2021, the Health Ministry had administered at least one dose of vaccine each to 14.4 million citizens above the age of 18, or 42.5% of the population. This will increase to 50% of the population by end of 2021. To date more than 21 million doses of various vaccines have been administered. By April 2022 Myanmar would have sufficient vaccines to inoculate the entire population. “Our priority is the health and well-being of each citizen. The vaccinations are being carried out without any discrimination, including of prisoners and members of ethnic armed organisations. However, some individuals who had been involved in civil disturbance activities are reluctant to register for vaccination, especially in major cities,” said Minister Mr Maung Maung Ohn. Procedures To Prepare for Resumption of Air Travel in Q1 2022 With the fall in infection and fatality rates and the acceleration of the vaccination programme, the State Administration Council is accelerating resumption of social and economic activity to restore national stability following the challenges of the pandemic and the internal social unrest. To prepare to resume international air travel, six Government ministries are coordinating efforts to standardise testing and safety procedures such as social distancing, contact tracing and quarantine as well as vaccination status certification, the Minister said. “Air travel is important to facilitate the return of Myanmar citizens, expatriates, aid and development workers, and international business travel. We must ensure that hotels, transportation, health facilities, airports and airline operators are ready to meet the standard operating procedures. We will keep various embassies informed of progress,” he said. “We are cautiously assessing infection rates abroad ahead of the European winter. Once our vaccination programme reaches targets and if global infection rates drop, we intend to resume international air travel in the first quarter of 2022,” he said. “This will benefit not just tourism but also commercial activity and bilateral social, cultural and development activities and exchanges. In recent months we have received substantial foreign interest in investments and business opportunities. These parties are eager to travel to Myanmar to conclude transactions,” he added. Re-Opening of Schools & Universities With most students above 18 already vaccinated, the Ministry of Education has started to reopen schools. In the first phase that began 1 November 2021, all schools from Grade 1 to 11 (except those in 46 townships) – involving over 473,000 students – were reopened. About a quarter million tertiary students will resume studies next month when universities and colleges reopen. Since the re-opening of schools there has not been any incident of pandemic infection or fatality. This is due to the vaccination programme and health procedures. As some teachers have not returned to work due to social disturbances and fear of their safety, nearly 7,000 new teachers and over new 3,700 tertiary educators have been appointed in recent months to make up for the shortfall. Economic Recovery and Resumption of Social Activity Despite clear evidence of economic sabotage and the effects of the pandemic, economic activity has largely restarted across most parts of the country with the onset of the dry season last month, the Minister said. The Myanmar Government has introduced emergency economic relief in the form of grants to farmers, and to the fisheries and livestock sectors. It has also extended credit to rice exporters and offered assistance to small and medium enterprises. The Minister noted that the Myanmar currency has strengthened from as low as 2,500 kyat last month to about 1,800 kyat currently. This underscores the economic recovery and success of efforts to counter rumours about the currency. The Central Bank of Myanmar recently strengthened online transactions, introduced incentives and other measures to reduce regulatory red tape, and conducted regular dialogue with local banks to maintain trust. “Myanmar is recovering from challenges of a health pandemic, an economic downturn and social and political disturbances. The vaccination programme and the economic recovery efforts are gaining momentum. However, the police and security forces must abide by the law and carry out the duties. “Business confidence is returning especially in major cities where religious activities recently have all been well attended. The resumption of air travel will be an important catalyst for tourism, the return of foreign investments and international business activities,” Minister Maung Maung Ohn added. – Ends – Issued by Ministry of Information, Union Government of Myanmar For more information, please contact mediacontact@e-information.gov.mm or myintkyawmoi@gmail.com

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Myanmar Government to Re-Open Schools, Revive Economy and Support Currency to Overcome ‘Triple Crisis Situations’ of Pandemic, Economic Slowdown and Issues of National Stability

Nay Pyi Taw, Oct 19, 2021 - (ACN Newswire via SEAPRWire.com) - The Myanmar Government announced today it would reopen schools from next month and take urgent measures to support its currency and accelerate economic recovery so as to restore national stability quickly amid an unprecedented 'triple crisis' situation in the country.Myanmar is facing crises of pandemic infection, economic slowdown and national stability at the same time, a situation not shared by any other country in ASEAN or even Asia. Hence, even as the country pursues recovery, it looks forward to support from the international community, the Government said in a statement.COVID-19 UpdateBased on latest data from the Ministry of Health, as of 16 October 2021 Myanmar had recorded 486,851 COVID-19 cases and 18,329 fatalities deaths (most of whom were aged 45 to 75) since the first confirmed case of infection on 23 March 2020. Currently, the daily average COVID-19 positivity rate in Myanmar is 7.7%, which is lower than that of some ASEAN countries.The first wave of the pandemic started in March 2020 and the second in August 2020. In the third wave that started in May 2021, a high incidence of the Delta variant has been behind the 343,533 confirmed cases and 15,113 deaths to date. The Ministry of Health is still responding to the third wave even though cases have declined since July 2021.Currently, 113 townships - about a third of Myanmar's total - are regarded as 'high burden' and are under the Stay-At-Home (SAH) programme. The Ministry of Health intends to ease restrictions gradually, after ascertaining there is no community transmission after lifting of SAH.Update on Vaccination Status and VaccinesAs of 16 October 2021, 4.57 million people were fully vaccinated, while 6.65 million people have received one dose each. The cumulative vaccinated population is 11.22 million and cumulative vaccinations administered stood at 15.8 million doses. Myanmar has received 31.3 million doses of vaccines as of 17 October 2021. These include:Ministry/Organization | Type | Country of Origin | Amount (doses)Ministry of Health | Covishield | India | 4,500,000Ministry of Health | Sinopharm | China | 21,300,000Ministry of Health | Sinovac | China | 4,000,000Ministry of Defense | Sinopharm, Covaxin, Spunik V | China, India, Russia | 802,800Private sector | Sinopharm | China | 700,000Grand total (National Figure) | 31,302,800Over October and November 2021, 8.0 million doses of Sinopharm are scheduled to arrive through Myanmar Government procurement channels. The Ministry of Health is collaborating with GAVI COVAX Facility ("COVAX") to receive 4.05 million doses of COVAX vaccines, and separately 2.2 million doses of SINOVAC vaccine. Ongoing discussions to receive Pfizer vaccine from the facility are also in progress.Reopening of Schools and Colleges by November 2021To accelerate recovery of social and economic activity, Myanmar Government has directed the Education Ministry to prioritise the re-opening of schools which had shut on 9 July 2021 due to the spread of COVID-19. While schools were reopened on 21 July, the Ministry again closed them on 27 August due to the third wave of the pandemic.The Education Ministry will re-open schools from November 2021 by working with the Ministry of Health to vaccinate all remaining unvaccinated students (mostly between the ages of 12 and 17, by the end of this month). Over 2.2 million students have been vaccinated nationwide so far. All teachers have already been vaccinated. These vaccinations involved mostly the use of the SINOVAC vaccine, with two doses administered over an interval of 28 days.To facilitate the reopening, schools will be ranked according to health and safety readiness in matters such as availability of disinfectants, sanitisers, personal protection equipment, thermometers, face masks and shields, and of hygiene facilities such as toilets, wash basins, wells and water purifiers.In view of some reports of civil disobedience, security measures will also be introduced in schools to prevent disruption and ensure the safety of teachers and students."The reopening of schools is an urgent priority of our country. Vaccination and health protocols are a pre-requisite. Hence, teachers and students, including those between 12 and 18 years of age should get vaccinated. Myanmar Government encourages students to complete at least lower secondary education and endeavours to nurture more educated resources for the future development of Myanmar," said Education Minister Dr. Nyunt Phay.Reviving Business Confidence Within Myanmar and With International CommunityThe Myanmar Government has identified the main economic and financial challenges as confidence in banking and financial institutions, reviving employment and business activity, attracting and supporting foreign investors and economic partners, and ensuring stability of the kyat currency.MIFER notes with concern the ongoing four-prong economic sabotage by opponents of the Government who continue to try to stir panic in the financial sector while openly declaring 'war' within Myanmar. These opponents appear to be supported by foreign elements.It involves attempts at disrupting international economic and financial relations in order to halt existing development projects and delay disbursement of grants, aid and concessionary loans; deterring inflows of Foreign Direct Investment by projecting a negative image; boycotting payment of electricity bills and of Government lotteries to disrupt revenue collection; and spreading rumours to trigger a local banking and financial crisis.Despite the sabotage, the Government will do its utmost to support the economy as well as all Myanmar people.MIFER has stepped up dialogue with leaders of foreign chambers of commerce and accelerated international economic exchanges. A notable development has been the highly successful virtual Myanmar-Russia business matching seminar held last month."Myanmar Government has already implemented measures to ensure continuity in the agriculture sector, including farmers and those involved in livestock and fisheries sector. We have also extended soft loans/financial aid to Small and Medium Enterprises (SMEs)," said Minister Aung Naing Oo."We detect a great sense of urgency among local businesses to return to normalcy. Our priority is to restore confidence, create jobs and revive commercial activity. Despite the challenges, investor confidence is clearly increasing. We are also greatly encouraged by the positive response of Russian business groups who are very keen to forge bilateral economic activities," he said.Supporting The Myanmar KyatCentral Bank notes with collective concern the recent weakness of the kyat. To restore confidence in the currency, the following actions have been or will be implemented:- Encouraging and strengthening online banking payments- Tax reduction and incentives (waiver or deferral of the payment of rental fees)- Regulatory and other measures to streamline online transactions, reduce barriersto business and regulatory red-tape, and improving commercial transparency- Issuing Central Bank's notifications to have trust in the domestic banking system- Regulating drawing limit from the banks.National Security Matters"Despite the efforts of Myanmar Government to restore political, social and economic stability amid the pandemic, those opposed to recovery have stepped up violence and disruption of the economy. The Government has a duty to ensure political and social stability and will exercise this duty with firmness and restraint at the same time even as it seeks to win investor confidence, and revive economic and social activity such as re-opening of schools and cinemas," the Minister said.Issued by Ministry of Information, Union Government of MyanmarFor more information, please contact: mediacontact@e-information.gov.mm Copyright 2021 ACN Newswire. All rights reserved. (via SEAPRWire)

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FBS Trader App Shows a Perfect Example of Economic Calendar

Singapore / SEAPRWire / September 23, 2021 /- FBS broker continues to grow its all-in-one mobile trading platform. In the recent update, FBS Trader got Economic Calendar. It means that traders can now keep up with breaking economic news and reports right in the app where they trade. What is Economic Calendar? In simple terms, it is a tool that shows upcoming economic events. Traders follow the events because they may affect the price of assets, be it commodities, currencies, or stocks. An accurate and reliable overview of the economic events and news is of much help for fundamental analysis. For FBS Trader clients, Economic Calendar means a lot because this all-in-one trading platform offers assets of various markets. In FBS Trader, there are Forex instruments, stocks, metals and energies, indices, and crypto. For convenient crypto trading, the app recently launched a Crypto account. How to keep an eye on everything that impacts the assets? With Economic Calendar, of course. It is right here, ready for traders to follow the events. How FBS Trader took Economic Calendar to a new level Usually, to stay updated, traders are forced to use various sources. Clients of FBS Trader are free to trade and follow economic releases right in the trading app. Global financial markets are in their hands. Higher levels of volatility are easily predicted, and perfect chances for trades are seized. Traders can access Economic Calendar in various ways. And the most convenient one is right from the menu of the instrument they trade. A few taps – and they can check the events that will be taking place. It adds comfort to the overall trading process. New standards of Economic Calendar As an all-in-one trading platform, FBS Trader does its best to provide ideal conditions for traders. Economic Calendar is no exception. It was made with care and attention to detail to make it convenient to use. What’s so special about Economic Calendar in FBS Trader? It is free, reliable, and simple to use.Provides everything a trader needs: date of an event, impact, event description, and forecasts.Has a special earnings and dividends calendar for stocks.Shows the instruments that may be influenced by an event.Has easy-to-manage filters for the events. Contains data from FBS’s professional analysts. In short: Economic Calendar is well organized and works perfectly for news traders. More about FBS Broker and FBS Trader FBS Trader is a product of FBS – an internationally acknowledged and regulated broker operating in 150+ countries for 12 years. More than 17 000 000 clients from all over the world choose FBS as their broker. FBS is the Principal Partner of Leicester City FC and the Official Trading Partner of FC Barcelona. The broker actively develops its trading platform that already earned popularity among traders. For example, in Google Play and App Store, the number of FBS Trader’s installs surpassed 4M. The award-winning app conquers the hearts of traders with a simple interface, bonus for beginners, and 240+ assets of various markets: Forex, stocks, commodities, indices, and crypto. Social Links https://www.facebook.com/fbstraderapp/ https://youtube.com/c/FBSTrader-allinonetradingplatform https://mobile.twitter.com/fbstraderapp Media Contact Brand: FBS Inc Contact: Daria Ivanova, PR-manager E-Mail: da.ivanova@fbs-m.com Website: https://fbstrade.onelink.me/c2dL/c40abc7d  SOURCE: FBS Inc The article is provided by a third-party content provider. SEAPRWire ( www.seaprwire.com ) makes no warranties or representations in connection therewith. Any questions, please contact cs/at/SEAPRWire.com Sectors: Top Story, Daily News SEA PRWire: PR distribution in Southeast Asia (Indonesia, Thailand, Vietnam, Singapore, Malaysia, Philippines & Hong Kong )

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Increased Covid-19 vaccination efforts in the region should boost economic activity in coming quarters, says Iswaran

SINGAPORE - Regional economies are ramping up their Covid-19 vaccination efforts, which should facilitate the resumption of higher economic activity in the coming quarters, said Minister-in-charge of Trade Relations S. Iswaran on Monday (Sept 13). This is so even as these South-east Asia economies have had to reimpose tight restrictions to curb a resurgence in Covid-19 infections, he said in Parliament. Addressing a question from Mr Liang Eng Hwa (Bukit Panjang) on the basis of the Ministry of Trade and Industry's (MTI) upward revision of economic growth for the year, Mr Iswaran said that this revision was made with several global developments taken into account. Singapore's economy is now projected to expand 6 to 7 per cent this year, higher than the earlier forecast of between 4 and 6 per cent. First, the global economic recovery has remained largely on track, notwithstanding the risks posed by the pandemic, Mr Iswaran said, noting how high vaccination rates in key advanced economies such as the United States and the euro zone have allowed them to continue with reopening even amid a rise in infections. Second, Singapore's gross domestic product growth in the first half of the year came in at a better-than-expected 7.7 per cent year on year. "At the same time, our vaccination programme has made good progress, which will allow for the progressive easing of domestic and border restrictions over the course of the year," Mr Iswaran said. This easing will help to alleviate labour shortages in sectors such as construction that are reliant on migrant workers, and support the recovery of consumer-facing sectors such as food and beverage services, he added. But he cautioned that the tourism and aviation-related sectors are likely to see a slow recovery due to ongoing global travel restrictions and weak travel demand. MTI expects the Singapore economy to continue to recover in 2022 as global growth is projected to remain positive, he added. The ministry will announce the Republic's 2022 growth forecast in November. More on this topic   Related Story Private-sector economists raise Singapore's 2021 growth forecast to 6.6%: MAS survey   Related Story With economies on the brink, South-east Asia chooses to reopen amid Covid-19 outbreaks

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Newly-formed Labuan Economic Sector Coalition urges federal gov to begin dialogue to formulate fair SOP

LABUAN, Malaysia, Aug 12, 2021 - (ACN Newswire via SEAPRWire.com) - The newly-formed Labuan Economic Sector Coalition (the "Coalition") which comprises of various associations and business organizations released a press statement to express its grave concerns on the prospects facing Labuan due to unfair application of new SOP requirements, which are causing shipping firms and related major economic sectors to slow down or completely halt their activities on the island. This is despite the fact that Labuan is first among territories and states in Malaysia to have fully-vaccinated over 80% of its population and achieved herd immunity.LabuanTs Daniel DoughtyThe Labuan Economic Sector Coalition Members comprises of various associations and business organizations including Labuan Freight Forwarder Association, Sabah Shipping Agent Association, Malaysia Offshore Support Vessels Owners Association (MOSVA), Malaysia Shipowners' Association (MASA), Petronas, Labuan Shipyard & Engineering, Megah Port Management, Asian Supply Base, Sabah Flour & Feed Mills and Antara Steel.The Coalition's lead facilitator Ts Daniel Doughty said that import and export difficulties in Labuan started on July 16 when all visiting local and foreign ships were required to stay in quarantine for a minimum of 14 days to a maximum of 21 days. Merchant ships have shown reluctance to visit Labuan to avoid paying substantial charges triggered by a prolonged stay at the port due to the quarantine rule. The new SOP has also disrupted the supply chain security for more than 3 weeks despite marine transportation being included in the essential services by Majlis Keselamatan Negara (MKN). As a result, parts and machinery supplies as well as oil and gas production are affected, while ship yards are burdened with losses of contracts and delay penalties.Appeals to the District Disaster Management Committee (JPBD Labuan) and Federal Territory Ministry by various parties here have been left unresolved, and shipping SOP requirements that were updated have not been favourable despite Labuan successfully moving on to Phase 3 of the National Recovery Plan due to its splendid record in managing Covid-19."All of this disappointment and frustration can be easily solved if JPBD Labuan is willing to have a dialogue with the stakeholders and formulate a winning SOP for all parties, and also recognize that we cannot expect to have an SOP to fit all types of business operations. It does not work and the impact in the long run, is towards the Labuan community and not just the businesses," commented Ts Daniel.MOSVA President Mohamed Safwan Othman said that there are on average 10 to 15 offshore support vessels (OSVs) loading essential supplies for 7000+ personnel working at offshore platforms and rigs. He explained, "With SOP phase-3, these vessels are subjected to 7-day quarantines and crews have to undergo RT-PCR test after every completed trip. One round trip which takes 1 to 3 days, involves zero contact with personnel at jetties and platforms/rigs. Therefore, these vessels which perform supply run dedicated for the oil and gas industry should be exempted from repeated quarantine and RT-PCR tests. Before signing on, each crew has already completed a 14-day quarantine with 2 swab tests thus they should be safe in their respective green bubbles. These phase-3 SOPs are a significant interruption to the supply runs and consequently the national oil production."Notably, a representative from MASA Mr James Ong pointed out that Port Klang was not subject to similarly applied SOP requirements, despite being located in Selangor which is still in Phase 1 of the National Recovery Plan. He said, "The stringent SOPs currently in place would have been necessary when Labuan was still deep in the pandemic two to three months ago. However, Labuan's situation has greatly improved thus the introduction of these SOPs are outdated."Coalition Member, Megah Port Management managing director Tan Sri Mohd Bakri Mohd Zinin echoed MASA's dismay on the discrimination against Labuan and warned that if the government did not take action quickly, the oil and gas sector here could come to a grinding halt."Vessels with Labuan-consigned containers have shown reluctance to make a stop at Labuan and have chosen instead to discharge their cargo at the nearest ports such as Sandakan and Kota Kinabalu. There, they are able to get port health clearance to dock without quarantine as well. Some shipping firms have even decided to halt their activities here because of the unfair Labuan condition.It is ironic that hundreds of lorries and drivers can enter the island from Sabah (human contact) each day while ships with far less crews (with no human contact) are restricted and forced to quarantine," said Mohd Bakri.He added that the situation is worrying because at the end of the day, the problems of shortages and rising costs of imports would trickle down to the consumers in Labuan.The Coalition has formally requested a dialogue session with the relevant authorities and has expressed their willingness to be proactive and help shape up a winning SOP. At the time of the announcement, they have yet to receive a response. An emergency online meeting was held yesterday among the Coalition Members to formulate a consensus on the way forward, and most importantly to begin documenting the past and future impacts due to the unconsulted, rigid SOPs that was created by the authority."The shipping industry and O&G sector is presently the most significant pillar of the local economy, as this is the main source of income and livelihood for most of the people in Labuan while the tourism sector is still inactive. We urge the federal government and relevant authorities to address and solve this matter immediately, before it inevitably deals a severe blow to many other essential sectors in a chain effect," concluded the Coalition's lead facilitator Ts Daniel. Copyright 2021 ACN Newswire. All rights reserved. (via SEAPRWire)

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Singapore is the world’s most free economy: US think tank

WASHINGTON - Singapore's economy has been ranked the most free in the world this year in the Heritage Foundation's 2021 Index of Economic Freedom, the second year in a row it topped the list. The Republic scored 89.7 points, with its overall score having increased by 0.3 points from 2020, primarily because of an improvement in points gained for government spending, the conservative Washington think-tank said on Thursday (March 4). Singapore's score placed it far ahead of both the regional average for 40 countries in the Asia Pacific (60.2) and the world average (61.6). It was followed in the rankings by New Zealand, Australia, Switzerland and Ireland, in that order, with scores ranging from 83.9 (New Zealand) to 81.4 (Ireland). The United States ranked 20th with a score of 74.8, and Germany was 29th with a score of 72.5. Thailand took the 42nd spot with a score of 69.7, and China was No. 107 with a score of 58.4. Hong Kong, which had topped the list for 25 of the last 26 years, was left out of this year's Index, as it has come under the direct control of Beijing, the Heritage Foundation said. The city's ties to Beijing are increasingly "forged in steel" and "traditions of English common law, freedom of speech, and democracy have weakened significantly", Dr Edwin J. Feulner, founder of the Heritage Foundation, wrote in the Wall Street Journal on Wednesday. "The loss of political freedom and autonomy suffered by Hong Kong over the past two years has made that city almost indistinguishable in many respects from other major Chinese commercial centres like Shanghai and Beijing," he added. The Index ranks 12 indicators under four categories: rule of law, size of government, regulatory efficiency, and open markets. "Singapore remains the only country in the world that is considered economically free in every 12 Index category," Mr Anthony Kim, research manager at the Heritage Foundation and editor of the Index, told The Straits Times. "The foundations of Singapore's economic resilience and competitiveness include strong protection of property rights and effective enforcement of anti-corruption laws," he said. "Efficient government provides good public services with low tax rates. The regulatory environment is flexible and transparent, encouraging vibrant commercial activity. "A strong tradition of openness to global trade and investment has long boosted productivity while facilitating the emergence of a more dynamic and competitive financial sector." In addition, Singapore has, over the years, been storing or reserving "relatively ample policy space to be flexible and resilient thanks to its high degree of competitiveness, whether through monetary or fiscal policy tools", Mr Kim added. The broader Asia Pacific scored lower than the world average in seven of 12 indicators: property rights, judicial effectiveness, government integrity, monetary freedom, trade freedom, investment freedom, and financial freedom. But in other areas - tax burden, government spending, fiscal health, business freedom, and labour freedom - the Asia Pacific exceeded world averages, the report said. Also, citizens of free or mostly free countries "enjoy incomes that are more than double the global average and more than six times higher than in repressed economies", the report said. The more economically free a society, the longer people live healthier lives, alongside higher access to quality social goods such as education, healthcare, and a cleaner environment, it added. The findings "confirm the importance of economic freedom in promoting rapid growth and sustainable social progress", it said.

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Asean Summit: Political-security, economic ties key areas of cooperation for US and Asean, says PM Lee

SINGAPORE - Singapore hopes that the United States will further broaden and deepen its presence in this region, Prime Minister Lee Hsien Loong said on Saturday (Nov 14), highlighting political-security and economic ties as two areas of cooperation. Speaking at the 8th Asean-US Summit, PM Lee said the US has been a vital partner for Asean since the end of World War II, and thanked it for its support to the region during the Covid-19 crisis. The virtual summit was attended by US National Security Adviser Robert O'Brien, who represented President Donald Trump. During the session, PM Lee said Singapore hopes that the US will further broaden and deepen its presence in this region, and welcomes the US' continued security presence in Asia. He said the Republic appreciates American support for the Asean Outlook on the Indo-Pacific, which is the bloc's plan to develop the Indo-Pacific region. He also noted that operations of the US' Seventh Fleet help strengthen regional security and safeguard the rights of regional countries under international law, such as the United Nations Convention on the Law of the Sea. "We also hope to continue to work with the US to uphold the rules-based international order, including by supporting multilateral institutions, and finding multilateral solutions to global challenges like climate change and pandemics," he added. PM Lee also highlighted the strengthening of Asean-US economic ties, by protecting supply chains, maintaining open and unimpeded trade flows, and safely resuming international travel. "This would benefit many US companies which have longstanding business interests here," he said. PM Lee called for the US to continue supporting Asean's efforts to deepen economic integration with partners, such as through the Regional Comprehensive Economic Partnership (RCEP), which will be signed on Sunday, and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) which was signed almost three years back. "There is much strategic value to strengthening economic integration. It gives us a larger mutual stake in one another's growth and well-being and will help sustain the Asia Pacific as an oasis of stability and prosperity for many years to come," said PM Lee. More on this topic   Related Story Asean Summit: PM Lee highlights need to deepen economic cooperation, connectivity in region   Related Story Spotlight on RCEP trade talks when virtual Asean Summit begins on Thursday In his speech, PM Lee also said that the longstanding US presence in the region has created a stable and conducive environment for peace and stability, fostering regional prosperity and allowing countries to concentrate on economic development. This has resulted in the economic relationship between Asean and the US growing steadily over the years, with mutual growth and benefit. The stock of American investments in this region, for instance, is now US$329 billion (S$443 billion) - exceeding the amount in China, India, Japan and South Korea combined. "Many American companies are household names in Asean. Even in some of the most remote areas in our region, you can find Coca-Cola and Colgate," said PM Lee. He said Singapore strongly welcomes the US' continued engagement in the region, such as through the Asia Reassurance Initiative Act, which will provide US$1.5 billion to the Asia Pacific annually for five years, and the Better Utilisation of Investments Leading to Development Act, which has created US$1 billion in investments in Asean countries since 2018. "We appreciate that during the Covid-19 crisis, the US has been a supportive partner, providing financial and technical assistance to Asean member states," PM Lee added.

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