The 6th coordination meeting of the Private Sector Development Committee was held yesterday morning in the meeting room of the Ministry of Commerce, where Vice President U Myint Swe, who is also Chairman of the committee, stressed that the country’s economy would improve only when the private sector thrived.
In his speech yesterday, the Vice President said that 35 out of the 38 decisions made in the previous meeting were complete, with the remaining three close to being implemented.
“The country’s economy will rise only when the private sector develops. Relevant ministries, states and regional governments and work committees need to coordinate and work together to fulfil the requirements and overcome the difficulties for private sector development”, he said.
He pointed out that 90 per cent of the country’s economy is in the private sector and 99 per cent are small and medium enterprises (SMEs).
“The SME development work committee, SME development fund management group, SME development agency and work assessment reporting group have been formed and works were being done vigorously for private sector development. The country’s economy will develop only when these sectors are successful”, he said.
Regular monthly meetings have been held with private businesses since December 2016 and, as of the 13th meeting, private businesses have submitted 209 submissions on the difficulties they have faced. These submissions were sent to relevant union ministerial departments, states and regional governments and five work committees and received 209 replies.
The World Bank was contacted in 2014 in order to work on improving the Ease of Doing Business ranking, when the country’s ranking was 182.
In the 2018 World Bank report, Myanmar’s ranking has improved to 171. But the Vive President said more work still needs to be done.
“A group on improving the Ease of Doing Business ranking was formed on 8 January 2018 with 13 members led by the Ministry of Commerce Deputy Minister.
Ten supporting groups based on Ease of Doing Business indicators were also formed and leaders of the supporting groups are to strive toward raising their respective indicators.
Relevant union ministerial departments are also urged to help in this.
Those who attend this meeting are also urged to openly discuss for private sector development”, said the Vice President.
Present at the meeting were committee Deputy Chairman Union Minister Dr. Than Myint, members Union Ministers Dr. Aung Thu, U Win Khaing, U Khin Maung Cho, Dr. Myo Thein Gyi and U Ohn Maung, Union Attorney General U Tun Tun Oo, Deputy Ministers, Central Bank of Myanmar Deputy Governor, chairmen and secretaries of five work committees, head of Group on increasing Ease of Doing Business Ranking Deputy Minister U Aung Htoo, committee members who are President of Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI), Myanmar Investors Development Association Chairman and departmental officials.