The region government will implement a plan in the Yangon Region to develop the economy and reduce the commodity price, said Yangon Region Planning and Finance Minister U Myint Thaung.
During the second Yangon Region Hluttaw’s 6th regular meeting, U Hla Htay, MP from the Hluttaw Constituency 1 of Mingalar Taungnyount Township, posed a question regarding the plan to develop the economy and reduce commodity prices in the Yangon Region.
Yangon Region Planning and Finance Minister U Myint Thaung said the Yangon Region government was implementing not only the economic policies of the union government, but also the regional economic project, which has been drawn up according to the law. “We are using the market economy system. According to the market economy, the commodity prices will go up and down depending on the demand and supply,” he said.
Product prices have increased due to the rising price of raw materials, transport and service charges, and insufficient electricity. “We are planning to control the price of raw materials and the transport, as well as increase labour productivity, to reduce the price of products,” he said.
To reduce the transport charges, the Yangon Region government has stopped collecting tolls on a few bridges. The authorities are also conducting works to access electricity and water for the development of manufacturing, he added.
Further, the region government will implement the Myothit projects, civil employees’ housing project and the housing sale project. It is providing training courses at the agricultural service centre for the development of agricultural and livestock breeding. The Myanmar Fisheries Federation will develop the fisheries sector. The region government will also introduce vocational training centres, industrial zone projects and the Yangon special economic zone. “We have already collected a list of SMEs (small and medium enterprises),” said the planning and finance minister.
The Directorate of Investment and Company Administration (DICA) has permitted 143 foreign direct investments worth US$3,221 million, as of March in the 2017-2018 fiscal year. DICA also permitted 45 local investments. It has created some 80,343 jobs opportunities for the local people.