Developing the business sector through reforms

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  • A country’s business sector will develop if there is ease of doing business within it. Business-related sectors have to adapt and evolve in order to accommodate smoother business conduct.
    While conducting any type of business does depend on whether there is peace in a country or not, businesses are still required to operate through difficulties and challenges in order to support the livelihood of the people. It’s important to create prospective opportunities for business.
    There are several countries and small nations that are emerging as economic markets in the present age. Countries facing internal conflicts such as Iraq, Afghanistan, and Ethiopia, and small nations in the African continent are entering the list of countries with most development in ease of doing business. This can be attributed to practical and effective reforms.
    These countries have realized that enabling smoother business conduct and transactions is critical to a country’s development. In Myanmar, too, we can see the private sector and the Union government making gradual changes and reforms. The World Bank has estimated that in 2019, Myanmar will retain its global rank of 171 in ease of doing business.
    A well-known economist remarked that if Myanmar manages to do well on at least three out of 10 indicators a year, it will be able to enter the top 100 ease of doing business ranking by 2020.
    Currently, New Zealand ranks first in the Ease of Doing Business index, followed by Singapore. Malaysia ranks 15th and Afghanistan ranks 167th on the index.
    Myanmar has the potential for conducting good business. It has only been a few years since Myanmar initiated economic reforms so there hasn’t been any significant development as of yet. We need to speed up current economic reforms and put in combined efforts to enter the top 100 club on the Ease of Doing Business index.
    The Ministry of Commerce, relevant index leaders, World Bank advisors, and the Union of Myanmar Federation of Chambers of Commerce and Industry are studying the country’s existing economic situation, short-term reforms, and sustainable development. So far, Myanmar has received US$4.3 billion in foreign investment and US$10 billion from local investors.
    Ease of doing business and economic development are crucial elements for Myanmar’s national development and this is why the Union government and business organizations are placing importance on the matter. We would like to urge everyone in the business sector to put in their utmost effort in the reforms.
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