Loans to be granted at cheapest interest rate for capital of domestic production

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A medium-scale industry is seen under operation.

At a meeting with entrepreneurs of micro-, small- and medium-scale enterprises (MSMEs) from Ayeyawady Region on 7 February, State Administration Council Chairman Prime Minister Senior General Min Aung Hlaing said that the financial capital needed for domestic production will be lent at the lowest interest rate.
The SAC Chairman suggested using the financial capital beneficially which will be lent at the cheapest interest rate for manufacturing activities. Previously, a lot of foreign goods had to be imported due to the lack of encouragement for domestic manufacturing, creating trade deficits. At present, authorities are encouraging domestic manufacturing and are working to re-open factories that have been shut down, the SAC Chairman continued.
In addition, the consumption of foreign currency can be reduced if domestic needs such as consumer goods can be produced sufficiently. Similarly, efforts should be made for the country to become an exporter from being an importer by producing basic consumer goods that are needed for the country to meet domestic demand. By doing so, the country’s economy will improve and commodity prices will also decrease if there is a balance of income and expenditure, he added. — TWA/CT

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