Economic Affairs: PM addresses Committee Meeting 7/2023

The Economic Affairs Committee Meeting 7/2023 of the Republic of the Union of Myanmar was held at the SAC Chairman meeting hall this afternoon, with an address by Chairman of the Committee SAC Chairman Prime Minister Senior General Min Aung Hlaing on Friday.

In his address, the Senior General called for efforts to carry out manufacturing activities based on agriculture. In order to increase the production of edible oil, the government has been issuing national economic funds to promote domestic oil production to achieve self-sufficiency by 2025 and to reach the Exporter level later.

The Committee must take action for the promotion of the country's economy by reviewing the country's situation and implementing what should be done as soon as possible. Illegal money transfer activities are affecting the country's economy and it is necessary to identify and take action.

If the banking system collapses, the country's economy may collapse so the state has taken measures to prevent banks from collapsing. However, some banks are not operating in an upright manner. Those Banks' activities must be systematically monitored.

State-owned businesses contribute a lot to the country's economic development. Special Economic Zones such as Kyaukphyu Special Economic Zone; Dawei Special Economic Zone and Thilawa Special Economic Zone bring benefits not only to the country but also neighboring and regional countries.

So, concerned officials must act as soon as possible to achieve the fastest growth and work. Kyaukphyu and Dawei deep sea ports can also support the country's development, so the projects need to be implemented as soon as possible.

There are greedy people who prioritize only their own interests in doing business, and there are also businessmen who support the country's economic development. They need to be encouraged by the state. In the market economic system, the government must reduce interference as much as possible.

The Senior General also called for support to agriculture and livestock sector and efforts to make preparations for tourist season.

And, attendees made reports on matters including issues related to the promotion of trade between Myanmar and the Russian Federation, development of agriculture and livestock sector, transmission of electric power lines, development of industries, GDP growth status of the country, support to local entrepreneurs and cooperation with foreign countries to promote the country's economy, support to the MSME sector, trade sector and illegal trade eradication.

In his response, the Senior General stressed that in order to speed up the country's economic development activities, it is best to do it with economic zones. Exporting goods abroad should not affect domestic consumption, the Senior General added.