30 July 2018
Ministry of Commerce clarified on the implementation of “Regulations Permitting Retail/ Wholesale Business” in Yangon On Monday.
The Ministry of Commerce, the Republic of the Union of Myanmar, issued “Allowing retail and wholesale services within the country by foreign companies and joint venture companies between foreigners and Myanmar citizens” according to Notification No. 25/ 2018 by Section 13, sub-section (b) of the Export and Import Law on May 9, 2018.
Ministry of Commerce allowed foreign-owned companies and joint venture companies between foreigners and Myanmar citizens to operate domestic retail and wholesale businesses in order to enable consumers to have more choices and pay less through the creation of better competition among retail and wholesale distributors, to develop the quality of goods and better services in the distribution sector, to develop technologies, small and medium enterprises through the creation of a bigger market for local products.
Director General, Department of Trade (MIC), Yan Naing Tun said “This is our first step for the country with the aims to increase the inflow of foreign investment and employment opportunities of citizens. The government is also operating the best to develop the small and medium enterprises. Now we are also running for the E-commerce with the cooperation of the USAID.”
The companies and those who want to apply the Retail/ Wholesale Business Application Form can easily get on the official website of Ministry of Commerce. They can also see the detail information of this Retail/ Wholesale Business at there.
One of the business man also shared his views on the implementation of “Regulations Permitting Retail/ Wholesale Business”
Chairman, Shwe Lin Pan Industrial Zone, Aye Thaung said “We all welcome this implementation. There are always difficulties at the start. The experts, businessmen and consumers can highlight the weak points of this implementation to become the better one for the country. But we need to go a long way to catch up the international standard.”
Any fully Myanmar citizen-owned company, fully foreigner-owned company or any joint-venture company engaged in retail/wholesale enterprise shall comply with and perform according to the attached Terms & Conditions. The Terms & Conditions will be amended as needed.