Government to ease restrictions, rules to create loan opportunities for private sector

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Vice President U Myint Swe addresses work coordination meeting on private sector development. Phoot: MNA

The government has a plan to relax restrictions and rules in order to develop opportunities for providing loans to the private sector.
Vice-President U Myint Swe, in his capacity as chairman of the Private Sector Development Committee, made the remark at a meeting between the committee and work committees on development of the private sector in Nay Pyi Taw on 21 April.
“As part of efforts for providing favourable investment environment to local and foreign investment, the government has enacted laws and issued necessary rules and notifications. At the same time, the government is forming institutions which will carry out the tasks,” said the Vice-President.
Myanmar’s fishery industry is one of the businesses which needs loans to switch over to a modern farming method from the traditional one.
Erratic weather adversely affects fisheries production and fish resources, and offshore fishing does not look very promising. As a result, to boost the export volume, the fish farming sector is required to prioritise and concerted efforts are needed to be exerted by all the stakeholders in the fisheries export supply chain, including the Ministry of Agriculture, Livestock and Irrigation and Myanmar Fishery Federation (MFF).
A workshop was held in Nay Pyi Taw on 5 April 2017 for international organizations to understand the work done by the government for private sector development and to participate and assist more, as well as for Private Sector Development Committee members and Work Committees to comprehensively understand and implement the work program of the 5 components of the private sector development framework.
Up to now, five monthly meetings with private sector business owner were held since December 2016 and difficulties faced by the business owners selected and grouped  sector-wise were heard and assistance provided to help resolve their problems. A total of 83 suggestions were submitted by private business owners and the suggestions were being coordinated and resolved with 17 Ministries and work committees of the states and regions.
U Myint Swe has also urged relevant Ministries to respond effectively and efficiently to the submissions made by the business owners and there was a need for relevant Ministries to enthusiastically and effectively implement together the present work programs.
In the area of developing acts and rules, legal advice was provided to the committee for amending and enacting business related acts. Upon receiving reports of delays in loading and discharging exports and imports at ports, trade and investment support and development work committee conducted a site visit and coordinated with relevant departments for matters that can be resolved immediately. Furthermore, responsible persons met and coordinated with export and import related business owners, relevant departments and authorities from the regional government in Myanmar Industrial Port to prevent the recurrence of container vehicles congestion in ports as in the previous year’s Thingyan.
For private sector development, processes and rules are required in respective departments while Ministries need to continue cooperating for reform processes development. Open and frank discussions were requested on required situations..
Afterwards Private Sector Development Committee Vice Chairman Union Minister for Commerce Dr. Than Myint discussed about current and future works of the private sector development process.
Later, committee joint secretaries explained the sector-wise situations, relaxation requirements submitted by private businesses and future works of private sector development.
Next, Deputy Ministers who are chairmen of Financing work committee, Development of Acts and Rules work committee, Redefining Government involvement in the Economy and Services work committee, Encouraging Trade and Investment work committee, Permanent Secretaries and officials explained about present and future works of relevant sectors in the private sector development process. Union ministers who were members of the Private Sector Development Committee provided additional discussions.
Committee Chairman Vice President U Myint Swe urged the work committees to successfully implement the works they were responsible for.
This meeting is the third coordinating meeting between the Private Sector Development Committee and Work Committees attended by the Private Sector Development Committee members Union Ministers, Work Committee Chairmen Deputy Ministers, Permanent Secretaries, Director General, officials and responsible persons from UMFCCI and Myanmar Industries Association. —Myanmar News Agency

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