Reforming the private sector plays an important role not only in the country’s economy, but also in promoting the socio-economic welfare of the people. More than 90 per cent of the country’s economy relies on the private sector.
Reforms related to private sector growth play an important role in creating an environment in which everyone can make investments in Myanmar.
Another area that needs to be addressed is with respect to basic services delivery, where infrastructural building, a bigger electrical grid and constructing roads are needed. There is no question about this. There are a lot of policy reforms that need to happen to improve health, education and electricity supply.
We must join together with the private sector, an important partner and the most reliable engine for growth, if the country is to make meaningful progress towards the achievement of the Sustainable Development Goals.
Since its formation on 24 October 2016, the Private Sector Development Committee led by Vice President U Myint Swe has significantly developed the private sector.
Since the committee was formed, five duties were assigned to it and five work committees were formed to implement these duties. So far, 42 out of 45 decisions were implemented and three were still being implemented.
One of the important decisions is to establish a Credit Bureau that collects information on loans.
The other two decisions of increasing the Ease of Doing Business Ranking and Single Registration System of businesses in a single Ministry instead of registering in many ministries were still being implemented. These two are representative of the types of work that need time to be implemented.
Meanwhile, to raise the ranking in the World Bank Report on Doing Business, a 14-member committee led by the Deputy Minister for Commerce was formed in January.
In the 2018 World Bank report on Doing Business, Myanmar was ranked 171.
To improve this ranking, Ministries concerned need to cooperate with each other in implementing a One Stop Service for registration of businesses and make it easier to do business in the country.
The Ministries concerned and the private sector should join hands to cooperate in its efforts to ease rules, promote small and medium enterprises, develop the trade sector, provide vocational training and build infrastructure.