Economic Development :SAC Chairman meets officials from UMFCCI

Chairman of the State Administration Council, Prime Minister Senior General Min Aung Hlaing, met with officials from the Union of Myanmar Federation of Chambers of Commerce and Industries (UMFCCI) and its affiliate associations in Yangon on Sunday.

In his speech, the Prime Minister stated that the government is striving for the prosperity and food sufficiency of the country as a national work process, which can ensure peace and stability and provide tranquility and happiness in pursuing education across the nation He emphasized the need to focus on the success of the agriculture and livestock sectors, which are the most basic industries suitable for the country.

The Prime Minister highlighted that production in these sectors could be a turning point for the growth of other industries and services. He urged everyone to work towards promoting the economic status of the country for its overall benefit.

The UMFCCI Chairman presented reports on various undertakings, including economic development, cooperation with ministries, efforts to achieve local sufficiency of edible oil, the need to eradicate illegal trade, economic policies, technological support by the state, and capital requirements.

Officials from the affiliate associations also provided reports on agriculture and livestock breeding, challenges in industrial work, raw materials needed for animal feed, reforms for exporting value-added products, market penetration in the international arena, and the requirements of the tourism, freight forwarding, and banking sectors.

In response to the reports, the Prime Minister, SAC member Lt-Gen Moe Myint Tun, and the Union Ministers explained their efforts for economic development despite the challenges and restrictions faced. The Prime Minister emphasized the need to boost domestic production, as the country heavily relies on imported products.

He encouraged micro, small, and medium-sized enterprises (MSMEs) to meet local demand and export surplus products for import substitution. He stressed that officials from UMFCCI needs to focus for economic development of the country through cooperation and collaboration.