Ministries, departments urged to carry out reforms for private business sector development

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Vice President U Myint Swe delivers the speech at the fifth meeting of the Private Sector Development Committee in Nay Pyi Taw, on 11 October 2017. Photo: Myanmar News Agency

Vice President U Myint Swe has urged ministries and organisations to carry out reforms meeting international standards in order to solve the obstacles being faced by the country’s private sector. He made the remark at the fifth meeting of the Private Sector Development Committee at the Ministry of Commerce in Nay Pyi Taw yesterday.
“The development of the private sector is vital because it makes up 90 per cent of the country’s economy,” said U Myint Swe, in his capacity as chairman of the Private Sector Development Committee.
Speaking at the meeting, the Vice President also disclosed that negotiations are underway to find an export market for excessive stocks of peas and beans that resulted from the recent import restrictions by India.
The Government has formed several committees to help develop the private sector, including the Committee for Basic Human Resources Development, Committee for Sourcing of Funds, Committee for Improving the Environment for Law and Regulations, Committee for Improving Trade and Investment and the Committee for Redefining the Role of the State in the Economic and Service Sector.
The Vice President said advice given at regular meetings with private business owners totaling 157 points have been sent to concerned ministries, region and state governments and various working committees. The aforementioned organisations have taken action on 142 of the points.
According to the World Bank Group’s 2017 edition of Doing Business Report, indices has been given in 10 business areas and each country has been given rankings.
The Vice President urged ministries and organisations concerned to take responsibility for the 10 business areas and work hard to improve the ranking of the country. The 10 business areas included in the publication are starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency.
At the meeting, Union Minister for Commerce Dr Than Myint reported on measures to be taken for the development of the private business sector and Union Minister U Win Khaing reported on power supply sector which includes in the 10 business areas. The Vice President ended the meeting by reviewing materials discussed and then gave a closing speech.

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