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The State-owned media must release business information, prices of commodities and monetary data as a separate sector on time: Senior General

Micro, small and medium scale enterprises-MSME is a main driving force for enhancing the State economy and economic growth of a country, said Chairman of the MSME Development Central Committee Chairman of the State Administration Council Prime Minister Senior General Min Aung Hlaing at the meeting 1/2022 of the central committee at the office of SAC Chairman in Nay Pyi Taw yesterday afternoon.
More than 90 per cent of MSMEs are being operated in the economic sector of developed and developing countries. MSME is capable of promptly responding to market demand, rather than that of heavy enterprises. Myanmar is rich in underground and aboveground natural resources. If these natural resources can be operated by MSME, it will be beneficial to the State.
The private sector and individual role are the main driving force for the State in the market economic system. The government needs to handle the large invested businesses and the businesses with the weak investment of the private sector not to face loss in their operations. According to the condition of Myanmar, the government needs to take part in the necessary role of the business sector.
Myanmar has enacted the SME Law at the Hluttaw in 2015 by adopting the policies and rules. The business policy of the government is to encourage domestic business and manufacturing. Hence, beneficial and effective businesses must be implemented with internal strength. So, it is necessary to cement the existing sound foundations to have progress and success.
As the country has extended the formation of new districts, it is necessary to establish industrial zones and industrial wards in the significant zones in order to develop the manufacturing of domestic products. So also, MSME-based industries must be set up in respective regions for the creation of job opportunities so as to reduce the number of job seekers abroad.
Different levels of hydropower projects must be implemented for electrifying MSMEs. A plan is underway to loan the MSME businesses and development of livestock sector through the remaining fund from the State economic promotion fund. The government is ready to disburse loans to MSMEs under the scheming rules and regulations.
More than 40,000 MSMEs are being operated across the nation. To have the success of these businesses, their products need to secure the market shares to do service and trading. The index of ASEAN for Myanmar’s MSME stays at the lower level and some indexes at the middle level. The trading and service based on manufacturing stand at 25 per cent and 16 per cent respectively and manufacturing 39 per cent. Only when manufacturing increases will the trading develop. As such, it is necessary to strive for manufacturing the products as quality marketable goods.
Central Committee Secretary Union Minister for Industry Dr Charlie Than reported on interrelations among the provisions of the Constitution for the development of MSME, industrial policy and SME development policy, issuance of SME development law, policy and rules, formation of SME development units, participation of ministries in SME development, the constitution of the central committee and work committee for MSME and their duty and functions.
Members of the Central Committee discussed various kinds of topics including the setting up of the MSME fund, plans to improve transport infrastructures and communication networks, presentation of business information for the development of MSME through State-owned media, needs to amend the facts in the SME law, the need of MSME to the foreign direct investment, insertion of MSME topics in economic subjects of universities, norms and standards for MSME, legal requirements and monetary needs.
In his response to the discussions, the Senior General said that the State-owned media must release business information, prices of commodities and monetary data as a separate sector on time. The government, the Tatmadaw and the private sector must disseminate information to the people in a quick and correct process. The relevant ministry needs to electrify MSME industries through small-scale power generation systems but the national grid. Locally used MSME products must have equal terms of standards and export quality must meet international standards. The Senior General stressed the need for UMFCCI and associates to participate in the implementation of MSME projects.
The Vice-Chairman of the SAC Deputy Prime Minister reported on future plans of the working committee.
In conclusion, the Senior General pledged to narrow the development gap among all regions and states. It is necessary to consider manufacturing based on raw materials produced from regions and states, and developing human resources. The government and the businesspersons are to join hands in seeking the capital for projects.— MNA

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