Construction Materials Trade Now Opened to Local-foreign Joint Ventures
The Ministry of Commerce recently announced an easing of unofficial foreign trade restrictions as they relate to onshore trade with certain construction materials for foreign investors whose businesses are structured as a ‘local-foreign joint venture’.
Since 2011, the military government has placed tight control on Myanmar’s import-export industry concerning foreigners which until recently, predestines the barring of international firms from trading i.e., importing and exporting various commodities in and out of the country. Although this overall policy is still in place, certain construction materials can now be imported into the country under a Myanmar company, established as a local-foreign joint venture structure. These materials may include products made from iron, steel, stainless steel, aluminium, brass, copper, cotton, electrical appliances, vehicle parts and trains which can now all be imported without a licence. A total of 250 items have been relaxed for import into Myanmar.
Furthermore, starting from November 2015, Myanmar began implementing World Trade Organization (WTO) trade policies and it is predicted that there will be fewer restrictions on importing products and commodities into the country going forward.
If you have any questions or require any additional information, please contact Sam Britton, Managing Partner of ZICO Law Myanmar.