The Ministry of Commerce (MOC) will now allow foreign and joint venture companies to export specific food and commodity items, according to Notification 24/2019 released on 6 June.

Overseas investors in the country can now open wholly foreign-owned companies or form joint ventures with local companies for the purpose of exporting goods across seven product categories – rice (including value-added rice and broken rice); other agricultural items (including beans, pulses, corn and processed and semi-processed fruits); meat and fish; paper and paper pulp; seeds; purified metals; and wood-based furniture.  In order to identify approved local producers and suppliers, overseas-owned businesses may seek recommendations from the relevant ministries.

Competition is likely to become more intense for local producers as foreign companies come with larger capital pools and marketing networks, said U Than Oo, secretary of Bayintnaung Rice Commodity Market in Yangon.

Source:
Myanmar Times