19 July 2016
MYANMAR: Overseas Joint Venture Businesses Approved to Import Construction Materials
For the first time, joint venture companies with overseas partners are entitled to apply for permits to trade in construction materials. Significantly, foreign businesses can form joint ventures with local businesses for the purpose of importing such materials.
Once registered, these foreign-Myanmar joint ventures will be subject to the same rules as local joint ventures, though the equity ratio between foreign and local partners cannot be adjusted afterwards.
This amended legislation has been introduced by the country’s Ministry of Commerce with the express purpose of boosting Myanmar’s construction sector, with the industry having slowed dramatically since 2014.