Govt Approves Export of Items From Foreign Joint Venture Businesses
The government has approved export for 22 types of value added products by joint venture businesses, according to the notice by the Ministry of Commerce on January 22.
With the aim of boosting productivity and expending foreign market, the ministry has allowed the export of 22 items. ‘‘The is the first step for joint venture businesses for exporting their products which will pave the way for more foreign investment,’’ U Khin Maung Lwin, Deputy Director of the Ministry of Commerce, said.
Before the notice, foreign venture businesses were not allowed to be involved in exporting, they were only allowed to import hospital equipment, construction materials, fertilizers and other related items.
The allowed items, according to the notice, are meat, crops, plastics and pulp, ceramic materials, ceramic materials, pots, cups, plates and other household materials; chemicals, compressed gases, agricultural products, cosmetics, animal food, wood based furniture and purified metals.
‘‘Even if joint venture businesses, are not fully exporting value added products; selling raw materials to domestic businesses that are producing value-added products, we have given tax exemption on what they import. This is an effort to encourage high quality value added products,’’ said, U Aung Naing U, Director of Directorate of Investment and Company Administration, he mentioned this in reference to boosting value added production along with foreign investment.
The notice said the ministry will revise the lists of the allowed items for joint venture businesses, depending on the domestic demands, the market and the situation of domestic businesses.
Total export value through both oversea route and border routes as of November 2017 from April 2017 reached $9 billion and import $12 billion.