Myanmar’s ongoing economic reforms with SMEs development

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  • Myanmar is pushing ahead with its sweeping economic reform plans to find new sources of revenue so that the country can enjoy the renaissance and development that every citizen aspires for. With this end in view, necessary steps are being taken to enable the private sector to become a partner in development, as the economy’s engine of growth.
    Myanmar formulated the Long-term Foreign Direct Investment Promotion Plan (FIDPP) in 2014 for national development. More recently, FDIPP has been reviewed and updated as the Myanmar Long-tern Investment Promotion Plan (MIPP) integrating domestic investment promotion and foreign investment promotion into one plan in line with the directions of the National Comprehensive Development Plan 2011-2030 and the Investment Policy of 2016. The MIPP was initiated with the purpose of attaining dynamic and harmonious growth of Myanmar and of creating a fair and wealthy society by promoting responsible and quality investment.
    In ensuring the SMEs development in Myanmar, a pragmatic approach should be applied and encouragement should be given for the emergence of new businesses focusing on export and innovation, said Vice-President U Myint Swe, Chainman of the SMEs Development Work Committee at the committee’s meeting 1/2017 held at the Ministry of Industry in Nay Pyi Taw the other day.
    To provide comprehensive support to local SMEs for competitiveness improvement and facilitate technology transfer and productivity improvement, the country needs to become a middle-income one through fundamental improvement of business climate such as a fair and clear investment regime, good infrastructure and supportive business-related systems.
    Taking advantages of ongoing economic reforms and open foreign investment policy, progress of democratization, abundant natural resources, inexpensive and good-quality young labour force, growing linkage with the regional economy and potential domestic market, it is needed to ensure investment to export-oriented industry, investment to domestic market-oriented industry, investment to resource-based industry and investment to knowledge-intensive industry. Meanwhile, remedial measures are to be taken to cope with the weaknesses in investment promotion such as underdeveloped infrastructure, insufficient skilled human resources and residual investment restrictions.
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