Help boost MSME production to develop the State economy

Micro-, small- and medium-sized enterprises (MSMEs) are critical to the economic development of both developing and developed countries. These enterprises play a crucial role in strengthening the state economy, often surpassing the contributions of heavy industries. As the backbone of the country, MSMEs are being actively promoted in Myanmar to stimulate economic growth.
MSMEs have the ability to create jobs, reduce poverty, and improve the socioeconomic conditions of the population. For these businesses to thrive, a supportive business environment is essential, enabling them to expand their manufacturing operations and contribute more effectively to the economy.
Many countries around the world are reaping the benefits of advancements in global politics, economics, and technology. These countries are providing their MSMEs with the resources they need to succeed, including capital, digital technology, skilled technicians, modern machinery, and market information. These resources help MSMEs penetrate international markets and increase their market share.
In Myanmar, the government is committed to supporting MSMEs through various initiatives, including the State Economic Promotion Fund. This fund helps MSMEs grow and implement other development projects. Additionally, the government is focusing on vocational training for students in different regions, equipping them with the skills needed to run MSMEs. Capital, technology, and human resources are also being provided to boost these industries.
Entrepreneurs operating MSMEs in Myanmar are encouraged to focus on producing value-added products, particularly those derived from agricultural and livestock raw materials. This approach aims to improve manufacturing processes, strengthen the state economy, and reduce the country’s reliance on imports. Increasing export volumes and attracting foreign investment are also key objectives in the promotion of MSMEs and heavy industries. By generating employment opportunities, these efforts contribute to improving the lives of Myanmar’s citizens.
In addition to these initiatives, it is essential to help MSMEs adopt digital technology to drive reforms and facilitate the transition to a digital economy. This will enable Myanmar’s MSMEs to remain competitive with those in other ASEAN member countries.
The development of agriculture and livestock sectors is crucial for supporting MSMEs. This, in turn, will lead to economic growth, improve the socioeconomic conditions of the population, and contribute to peace and prosperity in the country. MSMEs in Myanmar’s suburban areas benefit from lower operating costs, such as cheaper labour and services, compared to their counterparts in urban areas. With 98 per cent of Myanmar’s businesses being MSMEs, both the government and entrepreneurs must work together to achieve success and improve the socioeconomic lives of the people.