72 firms registered for retail, wholesale services: Commerce Ministry

72 firms registered for retail, wholesale services: Commerce Ministry

Image result for retail businessThe Ministry of Commerce (MOC) recently announced that it has issued registration cards to 72 trading firms providing retail and wholesale services.Thirty-four wholly foreign enterprises from Thailand, Japan, the Netherlands, the US, China, Singapore, Switzerland, Malaysia, Poland, the Republic of Korea, and Germany have been granted registrations, along with 11 domestic businesses owned by Myanmar citizens and 27 joint ventures, according to the ministry.

With the recent reforms in the retail sector, domestic retailers said they are seeking a level playing field against foreign players.Foreign businesses and joint ventures are now allowed to carry out wholesale and retail businesses in Myanmar. This liberalization might affect the market share of local manufacturers.At present, domestic retailers are facing difficulties in keeping up with the reforms in the retail and wholesale sector as they do not control the whole supply chain.

Retail shops need to link with many suppliers and find ways to offer lower prices to customers.Proper supply chain management is important for retailers of any size as it can lower the price and give them a competitive advantage in the market, he said. Foreign investments can play an important role in the development of the country and create better jobs for local people.Thus, the country also needs to bring about investment opportunities and provide incentives to foreign investors, while promoting foreign investments.

Source: Global New Light of Myanmar

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