Myanmar allows foreign players to set up JVs for trading in farm, medical products

A farmer plants rice seedlings in a paddy field on the outskirts of Yangon. Reuters

In a move seen to open up the economy, the Myanmar ministry of commerce has approved the setting up of joint ventures by overseas firms with local partners in the agricultural and medical products trading space, according to an official announcement.

The decision follows the rising interest of foreign companies to participate in the economy as also the need to adopt international trade and rules of the World Trade Organisation to develop trade and economy, according to the announcement of the Ministry of Commerce.

The products that are included in the approval list are fertilisers, seedlings, and insecticides and hospital and clinical materials.

However, the statement said, the list could be altered depending on the need of the country.

According to the notification, only foreign companies that set up joint ventures with local firms will be allowed to trade equivalent to the capital they bring to the country.

The rules and regulations of the trading will be the same as for the local companies doing the trade.

This issue has been talked about for a couple of years now with overseas players arguing that restriction on trading means not having a level playing field with the local businesses. However, local companies feel that they do not enjoy the access to capital and market that the larger overseas players enjoy.Local businesses also feel the country needed investments more in manufacturing and not in trading.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.