Mizzima

Companies that want to import electric vehicles (EVs) to Myanmar must submit a bank guarantee saying that they have 50 million MMK of funds, according to a 22 February statement by the junta Ministry of Commerce.

The 50 million MMK of funds need to be deposited in a designated bank.

Companies that want to import electric vehicle must register with the Directorate of Investment and Company Administration (DICA), whether they are solely Myanmar owned or a joint venture between Myanmar nationals and foreigners. They must also have a sales contract with an EV manufacturer and then obtain a purchase permit from the Ministry of Commerce.

All imported EV vehicles will also have to be registered with the Road Transport Administration Department.

But, EVs will be entitled to be zero-Customs tariff status, according to the Ministry of Planning and Finance.

These new regulations will be in force from 1 January to 31 December 2023.

“In the past few days, some electric cars have arrived. Currently, we are trying them out before selling them. While the Junta is establishing charging points, we are also looking for ways to sell that are convenient for customers”, an entrepreneur preparing to import electric cars to Myanmar said to Mizzima.

“Currently, in the country, there is an irregular electric supply, high fuel prices, and insufficient CNG [natural] gas. Therefore, I hope that there will be no difficulties in charging if we are going to drive electric cars”, said a taxi driver from Bahan Township.

Five charging stations are currently being built on the Yangon-Mandalay expressway as a pilot project in cooperation with the relevant ministries.