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.
To contact the author or subscribe to our newsletter, please visit us on our homepage: www.lincolnmyanmar.com
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