doing business in myanmar – what you need to know as a singaporean
The Myanmar Investment Commission has invited companies to submit proposals for investments in import substitution industries, it said in a December 22 statement.
The Commission identified the industries in which it is most interested in encouraging import substitution. They are: auto and auto parts, tractors and trailers, telephone and telecom equipment, machines and machine parts, power distribution and installation, iron and steel construction materials, fertilisers, plastic raw materials, paper, chemicals, edible oil, medical products and beauty products.
Myanmar now has to mainly import these products.
The MIC will ensure the availability of land and electricity supply for investors.
For more information, interested persons can contact the MIC office in Yankin Township in Yangon.
According to the Commerce Ministry’s trade figures, the total trade volume reached US$22.61 billion (30.81 trillion kyat) up until December 15 this fiscal year. That is up $3.78 billion the same period over last year.
Export values amounted to $9.75 billion while import value was equal to $12.86 billion. Myanmar has a trade deficit of over $3.1 billion.
Source: Eleven Myanmar
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