Work Coordination Meeting: Efforts for economic progress of the nation

A work coordination meeting for economic progress of the nation was held in Nay Pyi Taw on Wednesday.

Chairman of the State Administration Council Prime Minister Senior General Min Aung Hlaing attended the meeting and made a speech, emphasizing the need to promote agriculture and livestock production for economic development of the nation.

He added that the country’s GDP in 2024-2025 fiscal year is 76.4 billion US dollar, and it is targeted to reach 81.6 billion US dollar in 2025-2026 fiscal year. He reiterated that successful implementation in agriculture and livestock sector could help support development of rural areas and poverty reduction since 70% of the country’s populations reside in rural areas with more than 50% of them engage in agriculture, livestock and forestry sectors.

He also mentioned that cotton and bamboo industries have been added as the major industries for economic development of the nation. Highlighting the broad areas of cotton plantations with about 500,000 acres, the Prime Minister urged to make extended cultivation of cotton for nation’s development.

Stressing the estimation of World Bank on decline of GDP due to the internal conflicts and powerful Mandalay earthquake, the Prime Minister outline the plans for economic recovery in post-disaster period. He pledged to provide capital needs by disbursing low interest loans while encouraging for boosting production.

He urged all to encourage the businesses that will contribute to the economic development of the nation. The Union Ministers reported on the yearly budget conditions, emergency usage due to natural disasters, provisions to the National Disaster Management Fund, drafting the Union Budget for 2025-2026 fiscal year, consumer price and inflation, expenses from MSME development fund and its balance, establishment of the State Economic Promotion Fund and additional fund, along with the disbursement to regions and states, as well as the efforts for development of agriculture and livestock sector, and export/import volumes from 2020-2021 to 2024-2025 fiscal years.

The meeting also discussed the development of energy sector, plans to reduce import of petroleum products and fertilizers, production of high quality fuel, industrial development including MSMEs, construction materials and pharmaceutical industries. In response, the Prime Minister instructed for sufficient production of medicines, and boosting exports of MSME products while producing quality products to meet the market demand.