Vice President U Myint Swe: Private sector development the key to boosting economy

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Vice President U Myint Swe addresses the meeting of the Private Sector Development Committee. Photo: MNA

Strong encouragement on the development of the private sector, which can promote technology, human resource capability and job opportunities, is essential for pulling up the country’s economy, said Vice President U Myint Swe.
“Private sector development is crucial, it is the engine that powers the growth of the economy,” said U Myint Swe at the meeting of the Private Sector Development Committee held at the Ministry of Commerce.
“Everyone knows that the government is making concerted efforts to improve the private sector and amend policies to modernize and create a level playing field  in the market economy,” the Vice President said.
“If we help the development of the private sector, we will get not only the improvement of nation’s economy, but also improvements for various other sectors. Which is why we highlight it,” the Vice President said at the meeting where Union Ministers, the Union Attorney General, Presidents from the Central Bank, the Union of Myanmar Federation of Chambers of Commerce and Industry, the Bank Association and from the Myanmar Product Association attended.
As the private sector owns 90 per cent of the nation’s economy, the role of entrepreneurs, industrial experts and skilled labourers are important to improve trade and investment and from which it can get job opportunities, higher production and international market penetration”, he said.
The government formed the Private Sector Development Committee in November 2016 to implement more effective development programmes for the private sector by taking the role of guiding and coordinating policies and programmes and to improve private-sector related laws and regulations. This would solve commercial conflicts and enhance and make more transparent policies and regulations related to the financial sector. In turn, this would stimulate private sector trade and investment, reform state-owned enterprises and promote public-private partnership activities, strengthen human capital, reduce poverty and develop the education sector.
The committee also cooperates with key persons from the public and private sector to develop a framework, with the help of Asia Development Bank, to implement a system to enhance and improve private sector development.
“Committee members must be in touch with the public to assess their difficulties and to recommend the amendment of laws if needed to change for the betterment of the public,” said the Vice President, adding that the committee would make efforts to meet the public twice a month at the UMFCCI.
The meeting concluded with presentations from committee members for the activities related to their respective sectors.—Myanmar News Agency

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