Govt, UMFCCI collaborate in driving inclusive economic growth for private sectors

Union Commerce Minister U Aung Naing Oo speaks on the occasion of the 31st Annual General Meeting of UMFCCI in Yangon yesterday.

The government and the Republic of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) have been collaborating in promoting private sector development and accelerating the growth, Union Minister U Aung Naing Oo of the Ministry of Commerce gave a remark at the 31st Annual General Meeting of UMFCCI held on 22 December.
This event highlighted the farewell to the former executive members (2019-2022) and welcomed those elected members for the 2022-2025 term.
For the 2022-2025 term, the new President of the UMFCCI is U Aye Win, Thuriya Win Company owner, and seven vice presidents: U Thaung Tin (KMD Group), U Ye Min Aung (President of Myanmar Rice Federation), U Aye Tun (Chair of Myanmar Micro, Small and Medium Enterprises Association) and businesspeople such as Dr Myo Thet, Dr Win Si Thu, U Mya Han and U San Lin were elected.
Daw Khine Khine Nwe, Secretary of Myanmar Garment Manufacturers Association, was elected as general secretary of the CEC. Now, 259 new executive members will lead the federation.
“We have systematically elected the Executive Committee, Central Executive Committee and Management Committee for the next three years on 19 November, U Zaw Min Win (2019-2022) elaborated on the election process.
“The active collaboration with international organizations can be vividly seen. We are actively engaged in the activities led by ASEAN. We take part in the Greater Mekong Sub-Region Economic Forums at present. So, I appreciate the international activities of the federation. Public-Private partnership plays a pivotal role in the economic development of the State. The UMFCCI has been fostering connectivity in the public-private partnership and strengthening the private sector role as per the economic policies of the State under the different administrations. I notice the participation of youth in the federation. Young entrepreneurs will drive the country’s economic development to keep abreast of the development in foreign countries. That being so, handing over the tasks and capacity enhancement training are requisite,” the Union minister said.
This year, challenges in banking and currency in circulation adversely affected every business, prompting UMFCCI to take a step to discuss with the Central Bank of Myanmar and Myanmar Banks Association. UMFCCI conducted a series of discussions with those financial institutions, said U Aye Win, former general secretary of UMFCCI, who also acts as president of UMFCCI for the 2022-2025 tenure.
There were 51 affiliated associations in each region and state in the respective industries in the 2015-2016 term. In 2022, the number increased to 81.
Between 2016 and 2022, trainees were sent to take MA courses under Japanese Grant Aid (JDS), and Master of Business Administration (MBA) courses with the Young Leaders’ Programme (YLP) to establish human resource development. Skilled labour courses and in-house training courses were conducted by the Global MBA Offshore Program by the University of the Thai Chamber of Commerce UTCC and UMFCCI for over 9,000 trainees. Moreover, UMFCCI’s Myanmar-Japan Centre also produced hundreds of trainees in business-related courses, U Zaw Min Win, former president of UMFCCI said at the meeting.
Regarding the financial development of UMFCCI, fixed assets increased by 12 per cent till March 2022 from 2016. Financial reserves climb every year. Spending it on good purposes also grew by four folds compared to that of the 2015-2016 Financial Year. — TWA/EMM

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