The foreign transaction and logging department of MTE will announce a bid for over 1,700 tonnes of teak, hardwood, logs and lumber to both foreign and local companies to be paid in U.S. dollars.
A total of 321 tonnes of teak, 289 tonnes of teak-lumber, 439 tonnes of Tamalan logs, 274 tonnes of Kanyin logs, and 416 tonnes of planed lumber will be on sale at Tawwin Hall from June 27 to 30.
In addition, MTE plans to tender raw timber for industrial use. 1,300 tonnes of teak logs, 2,550 tonnes of hardwood logs, seven tonnes of planed Tamalan wood, and 83 tonnes of teak lumber will be auctioned at the MTE internal transaction office on June 26.
The selling of raw timber including teak and other valuable hardwood is meant to encourage local timber-based industries through a monthly open tender system.
Foreign companies competing in monthly MTE tenders need to pay US$15,000 in insurance while local companies need to pay US$5,000 to the Myanmar Foreign Trade Bank.
source: Eleven Myanmar