New Delhi: Myanmar plans to step up the promotion of jewellery and product in a bid to boost exports, Planning and Finance Kyaw Win said.
The Gold Traders’ Association says traders in the gold market need to rely on mutual trust as the market is not supported by a proper banking and insurance system, resulting in unstable exchange rates and money laundering.
Yone Mu, the chairperson of Myanmar Gem Traders’ Association, said high taxation served to encourage illegal gold trading.
Traders said that a 1 per cent tax on gold products operated effectively only in Yangon and Mandalay. Any move for a tax of up to 5 per cent on high-purity gold may further encourage illegal trading.
For the financial year to June 16, export earnings reached US$2.5 billion, up $237 million from the same period last year, according to the Commerce Ministry. Farm produce leads the way with $742 million, with $3 million from animal exports and $109 million from marine products. Some $193 million came from the mining industry, $53 million from forestry produce, $969 million from industrial finished goods and $406 million from other exports.
Some $600 million came from government-owned enterprises and $1.9 billion from the private sector. Last year, the country earned $11.6 billion from exports.
