14 December 2018
86% of trade volume in private sector has been improved with the amount of over 4.4 billion US dollars. Vice President U Myint Swe said during the 22nd Regular Meeting of Private Sector Development Committee in Yangon on Friday. .
The trade volume has reached 18.3 billion USD during the mini budget period from April to September 2018. As of November in 2018-2019 fiscal years, the total trade volume reached more than 5.5 billion USD. And the trade volume of private sector was over 4.7 billion USD.
Vice President U Myint Swe in his capacity as the Chairman of Private Sector Development Committee stressed the importance of increasing trade volume for economic growth of the country.
Vice President, Republic of the Union of the Myanmar, H.E. Myint Swe said “Trading is very crucial for the country economic development. The government and private sectors need to make more initiatives for the improvement of the trade volume. The sub-committees are also doing Public-Private dialogue to develop the private sector. The government is also modifying the Laws and by-laws, enforcement of the rules and regulations to ensure the involvement of the entrepreneurs in all round sectors.”
The Private Sector Development Committee was formed over 2 years ago and the regular monthly meetings have been held since December 2016. In cooperation with the relevant Ministries and stakeholders, the committee so far has been resolving 303 points submitted by the entrepreneurs concerning their difficulties and suggestions.
Union Minister, Ministry of Commerce, H.E. Dr Than Myint said “Our Ministry is the focal ministry for the implementation of the private sector development. The ministry has strived for enacting New Company Law and New investment Law so as to do business easily for the local entrepreneurs and foreign investors. So, the government, relevant ministries and private sectors need to cooperate more to come out good results.”
Union Minister, Ministry of Planning and Finance, H.E. Soe Win said “Financial is very important for the private sector development. The entrepreneurs need to do systematic listing for the accurate data so as to do easily for joint venture with foreign investment. The Central Bank is supporting loan for access to finance by means of short and long term loans for production, services, transportation, trading, and construction and so on. The ministry is also carrying out for SMEs development through official development assistant loan from foreign institutions. Custom department also eased many process in order to do businesses easily.”
Myanmar ranked 171out of 190 countries at the World Bank’s Ease of Doing Business Index for 2019.