State’s Economic Development: PM discusses with UMFCCI & MSME entrepreneurs

Chairman of the State Administration Council Prime Minister Senior General Min Aung Hlaing met the Union of Myanmar Federation of Chambers of Commerce and Industry and the micro, small and medium enterprise (MSME) entrepreneurs in Yangon Region at the Zeyathiri Beikman in Yangon on Monday to discuss economic development.

At the meeting, the Chairmen of UMFCCI, Myanmar Rice Federation, Myanmar Edible Oil Dealers’ Association, officials from the MSMEs and attendees reported on implementations of MSMEs in Yangon Region, agriculture and livestock production processes to be quick win, the needs of capitals with low interest, technical assistance and other supports, the permission to import raw materials and equipment, plans to issue law and bylaws for production processes and trading, the requirements for high yield of summer paddy, disbursement of agricultural loans, the needs for upgrading of wholesale centers for the stability of commodity price in local, edible oil sufficiency, cultivation of more edible oil crops, plan to develop a specific policy for production and cultivation of edible oil crops, manufacturing of foodstuff and personal goods by using local raw materials in the MSMEs, the difficulties of MSME entrepreneurs concerning the loans during COVID-19, investments for seeking markets, electric power demands, training centers for skilled workers, tourism development, swift flow of commodities and so on. In response to the report, Union Ministers U Win Shein, Dr. Kan Zaw, U Tin Htut Oo, U Hla Moe, Dr. Charlie Than and U Aung Naing Oo and the Yangon Region Chief Minister discussed efforts of the respective ministries for the economic sector development, disbursing investment loans, conducting trainings for MSMEs, implementations for regional economic development with green emerald project, registration of industrial enterprises in Yangon Region, supervising the MSMEs in line with rules and regulations and registration of import and export license.

Concerning the reports of entrepreneurs, the Prime Minister said that the state will fulfill the needs to meet the domestic oil demand and so the edible oil crop growers and producers will also need to really work. If the farmers, entrepreneurs and the government work together, they will be able to meet the domestic oil demand in the near future.

The MSMEs aim to fulfill the local demand and the ways for having opportunities for export products will be discussed.  Due to the difficulties in repaying of COVID loans to the State, a period will be set. As the state has disbursed loans to invest in the development of businesses, the businesses are needed to be implemented to have achievement and the loans needs to give back during the repayment period.

The government is endeavouring for sufficiency of electricity for MSMEs and the private sectors need to make efforts for availability of electricity. The Prime Minister stressed the needs on livestock sector Development, high quality strains for agricultural tasks, inputs, fertilizers and pesticides, high yield rubber strains, rubber raw materials and effective control of  the illegal import of rubber from abroad.

He also pointed out that efforts are being made for the development of MSMEs to revitalize the state’s economy. In 2021, the country faced various difficulties due to political problems and the COVID-19. In a country, the political, economic and defence driving forces are needed and only when the state is stable, will the economy progress.

He also stressed on implementation of electric public transportation systems to reduce fuel, production of solar and wind energy as well as nuclear energy, manufacturing of value-added products in livestock sector, sale of products, tax levying and cooperation for the state’s economic sector development.

Later, the Prime Minister cordially met UMFCCI and MSME entrepreneurs in Yangon region. He then observed the photos on the activities of MSME businessmen and the display of booths on foodstuff, personal goods, industrial products, clothes and traditional medicines and asked about getting markets.