The government is planning to triple export volumes during its tenure, Commerce Union Minister Dr Than Myint said yesterday in a meeting with local exporters in Yangon, describing the export sector as critical to the country’s economic growth.
“Our country must strive for a threefold increase in its exports in five years, while Viet Nam saw its export volumes increase fourfold in eight years,” Dr Than Myint said.
Currently, the country is engaged in trade mainly with its neighbours, the union minister added, stressing the need to create new links with the Asian, European and American markets.
At the meeting, business people briefed the minister on challenges such as high land rents, high transportation costs and delays, calling for government
measures to get rid of black markets.
Dr Than Myint pledged that his ministry would cooperate with relevant organisations in an effort to shut down illegal trade as a national concern.
The government will give capital and technology to private small and medium businesses in an effort to boost exports by three times the current rate, he said.
“There isn’t much mutual cooperation among local businesses,” said U Aye Lwin, joint general secretary of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI).
Myanmar earned US$5 billion from exports in the 2015-2016 fiscal year. Myanmar mainly exports agricultural products and fish products through border trade and import consumer goods, electronics and machinery.
Myanmar exported over 1.4 million tons of rice to neighboring countries, mostly to China. The total of border trade value in the fiscal year 2015-2016 reached $7.04 billion.