Vice President U Myint Swe, businesspersons hold 22nd regular meeting to promote private sector

Vice President U Myint Swe delivers the speech at the 22nd regular meeting of the Private Sector Development Committee and Myanmar businesspersons at UMFCCI in Yangon yesterday.  Photo: MNA
Vice President U Myint Swe delivers the speech at the 22nd regular meeting of the Private Sector Development Committee and Myanmar businesspersons at UMFCCI in Yangon yesterday.  Photo: MNA

Vice President U Myint Swe, Chairman of the Private Sector Development Committee (PSDC), and businesspersons held the 22nd regular meeting in Yangon yesterday to promote the private sector.
The 22nd regular meeting between the PSDC and Myanmar businesspersons was held at the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) office in Yangon.
Also present at the meeting were Vice-Chairman of PSDC and Union Minister for Commerce Dr. Than Myint, Union Minister for Planning and Finance U Soe Win, Yangon Region Minister for Agriculture, Livestock, Forest and Energy U Han Tun, Permanent Secretaries, Directors General, UMFCCI President, Vice Presidents and members, officials from Myanmar Cosmetics Association (MCA), Myanmar Fruit, Flower and Vegetable Producers and Exporter Association (MFVPA), Hotel and Travel Work Group and Trade and Investment Work Group of Myanmar Business Initiatives.
In his address to the meeting the Vice President said PSDC was formed in 24 October 2016 to effectively carry out the tasks of the private sector development framework. Regular meetings were held since 2016 December to resolve sector and group wise difficulties faced by businesspersons and overcome the challenges they faced when efforts were made toward developing the country’s economy. This is the 22nd meeting and suggestions and submission on difficulties faced up to the 21st meeting had been resolved and the government’s responses were sent to the relevant businesses through the UMFCCI.
PSDC has been responding to suggestions and resolving difficulties faced by businesspersons. For example, the matter of making two applications to obtain a Phytosanitary Certificate has been reduced to one application.
To tackle illegal imports through the border that was threatening the existence of small and medium enterprises (SMEs) the Government has formed illegal trade control and prevention special groups in nine regions and states and up to end November 2018 there were a total of 240 detentions of illegal goods worth Ks 5.13 billion were made.
As some matters need time to resolve, officials from five work committees conducted meetings between private business persons and relevant ministerial departments to resolve the matters in stages.
The Trade sector plays an important role in the development of a country’s economy. Private and public sectors were cooperating hand-in-hand for the annual trade volume to increase and had achieved a trade volume of US$ 33.53 billion for fiscal year 2017-2018. During the Mini Budget period of 2018 April to September the trade volume was more than US$ 18.3 billion. The trade volume was US$ 5.506 billion during fiscal year 2018-2019 October to end November and this is US$ 0.353 billion more than the same period of last year. Of this two months trade figure private sector participation was US$ 4.720 billion or 86% which is an increase. However, import was more than export so there was a trade deficit. All need to strive towards increasing export and conduct import substitution so that there is no deficit.
Investments of foreign investors depend upon World Bank’s Doing Business Report. In the Doing Business 2019 Report published by World Bank in 31 October 2018, Myanmar’s ranking was unchanged but more marks were achieved. To achieve a ranking increase in Ease of Doing Business there should be reforms in each indicator and there need to be reforms and progresses in at least three. At the 8th coordination meeting of PSDC held on 6 December 2018 a decision was made to systematically draw up Action Plans to achieve the targeted aims. Reforms and changes were being implemented and conducted as there is only five months left to increase ranking in the Dong Business 2020 Report.
To support ease and smoothness of doing business, requirement of supporting documents, time and expenses required are to be reduced. Arrangements are made to have a Single Window system in place.
Associations and entities participating in today’s meeting were also urged to discuss openly the difficulties they face with relevant Union ministries, deputy ministers and officials who were present, said the Vice President.
Next, Vice Chairman of the Private Sector Development Committee and Union Minister for Commerce Dr. Than Myint explained about works conducted by the Government for private sector development.
Afterwards Union Minister for Planning and Finance U Soe Win explained about businesses keeping proper records and accounts of their businesses and arrangements made to provide loan to MSMEs.
Following this, UMFCCI President U Zaw Win Min explained about public (government)-private discussions to be held for private sector development and sector wise works conducted for increasing export.
Later MCA Chairman U Kyaw Min, MFVPA Vice Chairman Dr. Myint Sein, Myanmar Business Initiatives Hotel and Travel Work Group Chairman U Kyaw Min Hlaing and Trade and Investment Work Group Chairman U Min Tun Myint explained about sector wise difficulties encountered and made some suggestions. The Vice President, the Union Minister and officials gave advice and comments to ensure proper coordination based of suggestions made.
The meeting came to a close after the closing speech of the Vice President — MNA

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