Final Coordination Meeting: Draft law for MSMEs Dev. and Protection discussed

The final coordination meeting concerning the Draft Law for the Development and Protection of Micro, Small and Medium Enterprises (MSMEs) was held at the meeting hall of the Ministry of Legal Affairs in Nay Pyi Taw on February 25th.

The meeting was attended by the Union Minister for Legal Affairs and Union Attorney General Dr. Thida Oo, Union Minister for Industry Dr. Charlie Than, Deputy Minister, Deputy Attorney General, the Director General of the Legislative Vetting Department, the Director General of the Department of Industrial Supervision and Inspection, and responsible officials.

Following the opening remarks by the Union Minister and Union Attorney General, the Union Minister for Industry clarified that the drafting of a new Law for the Development and Protection of Micro, Small amd Medium Enterprises was undertaken based on recommendations from the Ministry of Legal Affairs.

At the Central Committee for MSME Development meeting (1/2023), it was decided to repeal the 2015 Small and Medium Enterprises Development Law and enact a new law rather than amend the existing one, incorporating digital economy aspects, research activities, and start-up business operations that were not included in the previous legislation.

Responsible officials attending the meeting then discussed and presented the contents of the draft law article by article. The Union Minister and Union Attorney General reviewed and finalized coordination on the draft law, noting that it is an appropriate piece of legislation that should be enacted to successfully implement the State's MSME development policy, ensure alignment with current conditions, and contribute to the country's economic development, it’s reported.