It is necessary to focus on the improvement of the public economy rather than the economy of a group in order to develop the domestic economy: Senior General

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State Administration Council Chairman Prime Minister Senior General Min Aung Hlaing meets officials from associates of the Republic of the Union of Myanmar Federation of Chambers of Commerce and Industry in Yangon on 23 December 2022.

Only when the amount of circulating currency is larger will the businesses develop, said Chairman of the State Administration Council Prime Minister Senior General Min Aung Hlaing at a meeting with officials from associates of the Republic of the Union of Myanmar Federation of Chambers of Commerce and Industry at the Mingala Hall of UMFCCI in Yangon yesterday morning.

Discussions on task undertakings and requirements of relevant sectors
First, UMFCCI President U Aye Win reported on the establishment of the federation, formation of the federation, admission of associate organizations under the disciplines, running of the federation, policies and future plans. UMFCCI Vice President and President of Myanmar Rice Federation U Ye Min Aung and officials of associate organizations reported on the formation of organizations, the need for internationally recognized laboratories to increase export volume from respective sectors, the need to apply modern techniques for the development of agriculture sector, needs of assistance for capital, skilled labour and techniques for further development of industries, and arrangements for holding the gems emporiums on sale with foreign currency as well as kyat currency.

Discussions of Union ministers in relevant sectors
In response to the reports, Union ministers U Win Shein, Dr Kan Zaw, U Hla Moe, Dr Charlie Than and U Aung Naing Oo discussed efforts for the economic development of the State, the State’s contributions to capital and requirements for the development of MSME industries, issuance of licences as quickly as possible, provision of techniques and capitals by relevant ministries for manufacturing sector based on agriculture and livestock sectors, efforts of ministries to develop the electric vehicles for transportation measures, and undertakings for economic development.

Encouragement to manufacturing measures based on agriculture and livestock sectors
In his speech, the Senior General said that UMFCCI has been founded for more than 100 years, free from any reliance on others. As governments in successive eras have undertaken the development of the nation, the current government is also striving for the improvement of the country. Only when manufacturing measures are active will trade and service come into existence. To be able to do so, the government makes management, encouraging MSME businesses for manufacturing products. Some 75 per cent of the people are residing in rural areas, primarily engaging in agriculture and livestock farms. Hence, manufacturing and trading based on agriculture and livestock measures can get greater benefits which can help the State economy improve.
MSME industries aim to encourage domestic businesses, substitute imported products and increase the export volume. Priority must be given to manufacturing measures to encourage local businesses. The democratic governments in the first and second terms emphasized the import of goods rather than the manufacturing of the products and faced a trade deficit. Prioritizing domestic production is further benefitting the State. It is necessary to focus on the improvement of the public economy rather than the economy of a group in order to develop the domestic economy. Hence, the government is enhancing the work process of businesses beneficial for the majority of the people. As operating businesses cannot be free from the control of the government under the disciplines, UMFCCI needs to fully cooperate with the government for the development of the State economy.
The government disburses loans for capital as much as possible. Only when the amount of circulating currency is larger will the businesses develop. So, the government encourages investment measures.
If manufacturing of personal goods and foodstuffs can achieve success with the use of agriculture and livestock products it will meet domestic demand. Exceeded products will be exported to foreign countries.

Turning out of qualified human resources
Subject-wise training schools are opened to turn out relevant qualified human resources. If private sectors produce skilled labourers, the government will encourage them. Investment in education is enormous, actually benefiting the State. Hence, training must be given to trainees to have brilliant skills in relevant subjects.

Encouraging manufacturing by effectively utilizing natural resources
The Senior General highlighted the manufacturing of products with the use of wood, bamboo, rubber, cotton and other raw materials to develop the production of personal goods, various products and medicines for the people. The Senior General also emphasized the operation of banking services, and the tourism sector and urged officials from associate organizations of the UMFCCI towards the development of the State economy free from politics.
The Senior General cordially greeted attendees. — MNA

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