Myanmar invites Chinese pharmaceutical businesses for investment
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Hsu / Phoo Pyae (NP News) - Oct 27
The symposium on ASEAN-China Pharmaceutical Investment Opportunities was held on 21st October.
Director of the Department of Trade of the Ministry of Commerce Win Min Phyo and Director of Directorate of Investment and Company Administration of the Ministry of Investment and Foreign Economic Relations Wanna Aung attended the meeting and invited Chinese investors in the Pharmaceutical industry for improving bilateral benefits.
The symposium, pharmaceutical investors from both Macau and mainland China also attended.
Therefore, as Myanmar is one of the members of the Free Trade Agreement, by making an investment in Myanmar, the exported items from Myanmar to ASEAN countries and other partner countries can enjoy an endorsement and the trading system of unilateral tariff concessions to developed countries when they entered the respective country’s market.
Since there are many skilled and semi-skilled workers in Myanmar and the daily wages are reasonable, the investors can reduce the cost of their production.
Locally manufacturing drugs and medicines will assist in reducing foreign currency expenditures and it will be supportive of the health care service sector of the country.
Investments in the pharmaceutical industry in Myanmar will require import licenses to import the necessary raw materials in pharmaceutical production; therefore, investors can apply for export/import licenses at the Department of Trade.
It is announced that if investments are made, export and import license is needed. To apply for the export-import license, the exporters and importers need to make registration at the Department of trade.