July 5, 2019
Yangon, Myanmar: The Customs Department, Ministry of Planning and Finance, and the UK aid-funded DaNa Facility are holding the second of two workshops on ‘Promoting Bonded Warehouses in Myanmar’ from 1-5 July. The 5-day workshop is designed to provide participants, who include customs officials, representatives from government institutions, and relevant stakeholders with an understanding of key procedures, best practices, and the role of industry associations in managing bonded warehouses in Myanmar.
Bonded warehouses are specifically designed to support industry, particularly sectors which import high value or high import duty goods. Through bonded warehouses, businesses are able to defer import duties and taxes until customers are found or export markets identified. This enables businesses to improve productivity and better manage cash flows.
The system also allows for exported finished goods to be more competitively priced in regional and global markets, resulting in enhanced export competitiveness and increased income for the country. The introduction of bonded warehouses will particularly benefit Myanmar, which is a significant exporter of garments, a sector where a shorter lead-time is a competitive factor.
Deputy Minister of Ministry of Planning and Finance, U Maung Maung Win, said, “The implementation of a custom bonded warehouse system is an important step for economic reform in Myanmar. This initiative will have a positive impact on local industry and lead to the creation of jobs. We are very grateful for the support of UKaid and the DaNa Facility in this important endeavour.”
Bonded warehouse systems not only streamline import and export processes, but also create an environment that promotes dialogue between the private and public sector, and enhances linkages between SMEs and large local and multinational firms.
The workshop, which focuses on implementation of the system, follows on from an initial workshop held on 29-30 April that introduced the potential of bonded warehouses to support industry in Myanmar. Through UK aid, the DaNa facility will continue its support as implementation of the system moves forward.
Notes to editors:
For more information please contact the DaNa Facility communications team at: +95 9782500752 or through email: email@example.com
The DaNa Facility: The DaNa Facility is a UK aid funded programme, established in May 2016 as one of three components of UK aid’s wider ‘Business for Shared Prosperity’ (BSP) programme. The DaNa Facility, implemented by DAI Europe and KPMG, supports inclusive economic growth and private sector development in Myanmar through responsible and sustainable business growth, investment and trade. For more information on the DaNa Facility please visit: www.danafacility.com. Follow the DaNa Facility on Twitter | Facebook.
You can find a Myanmar version of this press release here.