The Ministry of Commerce of Myanmar has given the green light to the setting up of JVs by foreign companies with local firms in the medical and agricultural products trading space.
The medical and agricultural products included in the approval list are fertilisers, seedlings and insecticides, and hospital and clinical materials. The list seems to provide fairly limited information as to the categories of medical products for which trading by JVs is allowed but it has been reported that the approval list could be amended depending on the need of Myanmar.
According to the official announcement, only foreign companies that set up JVs with local firms will be allowed to trade equivalent to the capital they bring to the country. Apart from this, it is instructive to note that the rules and regulations that will be imposed on the trading by JVs will be the same as those that are currently applicable to local companies in Myanmar.