The Ministry of Commerce issued a notification on 7 July 2016 allowing Myanmar/foreign joint ventures to import and sell “construction materials”. Although there may presently not be so much demand - given that the Yangon Region government has shut down the construction of high-rise buildings -, the notification marks a welcome liberalization of the Ministry’s otherwise restrictive policy of disallowing foreign-invested companies to trade. We will, however, have to wait and see how the notification will work out in practice as it is quite vague - it implies, for instance, that there should be a minimum local shareholding, but does not specify the percentage.
Please find a translation of the notification inside the newsletter.
The MIC is operational again and so far has given out 19 investment permits.
More than 80 participants attended our debt collection seminar last Thursday. Our next seminar is on land law and stamp duty. It will take place on 4 August; please find the invitation inside the newsletter.
Please welcome U Lynn Shein, a Higher Grade Pleader who joined our firm on 1 July 2016.
We are looking to expand our office and are in search of an enterprising foreign lawyer wishing to join as a partner. The ideal candidate has a bit of a business case of his own in Myanmar and either (i) speaks Korean or Chinese or (ii) has a track record of advising companies in the oil and gas sector and the electricity sector.
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