The Ministry of Commerce has announced an updated list of products, which will no longer require an import licence from 1 September. This is good news for importers and Myanmar and a further sign of the more open approach, which is boosting trade across the country. Commentators are confident further products will be added to the exempt list in the near future.
Reuters confirm, “Myanmar imported more than $16 billion of goods in fiscal 2014/15…..The semi-civilian government in office since then has implemented sweeping political and economic reforms and, in recognition, the European Union, Australia, the United States and other countries have lifted or eased sanctions, opening the door to the global economy”.
They also quote a Ministry official saying “It’s impossible to cut down exports with the speedily growing market economy and speedily rising living standards….Capital goods such as construction materials for infrastructure projects accounted for about 40 percent of imports, while fuel made up 30 percent and consumer goods 20 percent”.
We make no apology in repeating the words we have published before – the economy is thriving and more companies should enter Myanmar and benefit from the growth as soon as possible. This is the reason FocusCore opened in Myanmar, to help you get established here.
Contact us for more details. Clearly, these changes relate to products that are deemed necessary to fuel the growth of the economy in Myanmar and not harm local producers and manufacturers. There is a strong demand and your company could be supplying Myanmar.