Vice President U Myint Swe urges swift implementation to promote ease of doing business

Vice President U Myint Swe addresses the 12th Private Sector Development Committee Meeting (PSDC) in Nay Pyi Taw yesterday. Photo: MNA
Vice President U Myint Swe addresses the 12th Private Sector Development Committee Meeting (PSDC) in Nay Pyi Taw yesterday. Photo: MNA

Vice President U Myint Swe attended the 12th Private Sector Development Committee Meeting (PSDC), in his capacity as Chairman, and the coordination meeting of Ease of Doing Business Ranking Promotion Working Group (EDBRP) in Nay Pyi Taw yesterday.
The Vice President said the committee has been in existence for three years as it was formed on 24 October 2016 with 20 members to implement the five objectives for private sector development, led by three deputy ministers and two permanent secretaries.
The PSDC has passed a total of 96 resolutions, out of which 79 points have been implemented, and the remaining 17 points are being undertaken.
The committee received 369 suggestions from 31 monthly meetings with private firms till December 2019, and these issues have been replied by the relevant ministries, Nay Pyi Taw Council, Region/State governments, five work committees through the UMFCCI. The Vice President urged the officials to increase their momentum for implementation by designing systematic work plans.
He said the EDBRP Working Group was formed to facilitate cooperation between relevant ministries and is led by Deputy Commerce Minister U Aung Htoo. He said 10 auxiliary groups for each of the Ease of Doing Business’ sub-indices had been formed and an additional one has been formed to address the employment regulations index.
A World Bank report listed Myanmar in the top-20 improvers in Doing Business 2020 by six points from 171st place to 165th place out of 190 countries on the index, proving certain improvements of the country. The Vice President also expressed thanks to the relevant organizations and international agencies for success.
In the report of Doing Business 2020 Report, Myanmar was listed in the top 20 countries for ease of doing business in the five sectors namely Starting a Business, Dealing with Construction Permits, Registering Property, Protecting Minority Investors and Enforcing Contracts.
The country remains unchanged in two sectors of Foreign Trade and ‘Settlement of Indebtedness’ and has declined in three sectors of ‘Availability of Loan’, ‘Taxation’ and ‘Access to Electricity’.
Vice President U Myint Swe also advised to implementing suggestions for improving ease of doing business in Myanmar in 2020 made by the International Finance Corporation through short, medium and long term plans.
He added that the relevant departments were upgrading laws, bylaws, rules and policies to be able to promote Myanmar in the next edition of 2021 Ease of Doing Business Ranking, and these developments should be learnt by other state agencies and private firms for their better cooperation.
The Vice President said faster implementation of the e-Government system will boost promotion of the Ease of Doing Business indices. He said the Insolvency Law has been submitted to the Hluttaw while the Secured Transaction Law is being compiled. He said if both laws and the Credit Bureau processes were swiftly implemented, then related processes would become more efficient.
The Vice President said there only two months were left till the Doing Business 2021 Report will begin compiling processes up to April 2020. As such, he urged attendees to use their experiences and cooperation to speed up implementation of all remaining and necessary processes.
This was followed by detailed explanations and discussions from each of the attendees on their respective assigned duties, after which the Vice President gave comments and suggestions to ensure coordination based on the discussions and delivered his closing remarks after which the meeting was concluded.
The meeting at the Ministry of Commerce was attended by PSDC Vice Chairman Union Minister for Commerce Dr Than Myint, Union Ministers U Thant Sin Maung and Dr Myo Thein Gyi, Deputy Ministers Dr Min Ye Paing Hein and U Aung Htoo, Central Bank of Myanmar Deputy Governor U Soe Thein, Chairmen and officials of five working committees, officials from EDBRP Working Group, permanent secretaries, directors-general, the President of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI), the Chairman of Myanmar Investors Development Association, the Chairman of Myanmar Industries Association and departmental officials.—MNA (Translated by Zaw Htet Oo)

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