Import-substitution Process: Plans underway to upgrade equipment, technologies

To meet the quality of import substitute products, plans are underway to upgrade the production equipment and technologies. Myanmar is an agriculture-based country, and it’s working to improve the production of agricultural products in order to increase the production.

By producing the various kinds of products with high quality which are daily requirements in the agricultural market, the trade and business will be improved. The government is working on import-substitution production to restore and revive the country’s economy.

Instead of importing goods, domestically-produced products are being encouraged to be able to produce sufficiently in local. Currently, regarding the textile industry, Myanmar is increasing the cotton production and the factories in Myanmar will produce high qualified cotton-made products to improve the industry.  By producing high-valued products, there will be an increase in the number of import substitute products which will contribute to the growth of economy.