State Economic Promotion: SAC Chairman addresses meeting in Nay Pyi Taw

Chairman of the State Administration Council Prime Minister Senior General Min Aung Hlaing addressed the State economic promotion meeting at the SAC Chairman Office in Nay Pyi Taw.

In his address, the Senior General stressed that Myanmar embraced 3.2 per cent increase of State economy in 2022-23 financial year. Myanmar with US$60 billion stood seventh to eighth positions in GDP in ASEAN countries.

Myanmar cultivates 14.9 million acres of monsoon paddy this year, and more than 13 million acres of land are farmlands. Of them, 6.6 million acres of farmlands are placed under the double crops and 7.3 million acres under beans, sunflower, tapioca or other crops.

If one acre of crop produces K1 million worth of products, the country will get products worth K7,300 billion. If so, participation of agricultural sector in the GDP will increase. The country faced more than $12 billion of trade deficit from 2011 to 2016 and $12.61 billion from 2016 to 2021.

The Senior General urged all to practise the thrift for spending the money except necessary spending without fail. People need to use locally made products instead of imported ones. The government will import necessary volume of fertilizers for agriculture sector.

It is necessary to use natural fertilizers and bio-fertilizer for the agricultural farms. It is necessary to generate electricity from small scale hydropower plants and solar power projects, he added.

And, attendees made reports on restrictions in promotion of State economy and solving ways, GDP increase from 2020 to 2023 in financial years, development of agriculture, industry and service sectors, disbursement from State economic promotion fund, inflation rate, management for State owned enterprises, undertaking for development of MSME, local food sufficiency, expansion of agriculture and livestock farms, increase of export volume, incomes of foreign exchange, opening of industrial, agriculture and livestock schools, reform for State owned enterprises and industries, betterment of market economic system, assistance for MSMEs and capital, quality seeds, inputs and techniques for boosting production of agriculture and livestock farms.

In his response, the Senior General stressed that State-owned factories must be operated with benefit. Agriculture and livestock products are sure raw materials of MSME businesses. Human resources are being turned out for operating manufacturing process which plays a key role in promotion of State economy, he added.