Vice President U Myint Swe, entrepreneurs hold 20th meeting to promote private sector business
Vice President U Myint Swe, Chairman of the Private Sector Development Committee, and business persons held the 20th regular meeting in Yangon yesterday to promote the private sector.
The 20th regular meeting between the Private Sector Development Committee and Myanmar entrepreneurs was held at the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) office in Yangon.
The Private Sector Development Committee was formed in 24 October 2016 to effectively carry out the tasks of the private sector development framework.
Speaking at the meeting, Vice President U Myint Swe reiterated the government’s commitment to helping the entrepreneurs overcome their challenges as part of efforts for developing the country’s economy.
The regular meetings have been held since 2016 December where sector and group wise difficulties were being resolved. As of the 19th meetings 283 suggestions and difficulties faced were submitted to the government and responses were sent to the relevant businesses through UMFCCI.
“We need to take time to resolve some obstacles and officials from the five work committees conducted Public-Private Dialogue between private business persons and relevant ministerial departments in attempts to revolve the matters in stages,” said Vice President U Myint Swe.
In the Asian Development Outlook 2018 Update recently published by Asia Development Bank (ADB) economic development estimate for the ten Southeast Asian countries were reduced 0.1 per cent from the earlier estimate to 5.1 per cent.
When figures on Myanmar in the Update were reviewed, “GDP growth rate” is 6.6 per cent for 2018 and 7 per cent for 2019, “inflation” is 6.2 per cent for 2018 and 6 per cent for 2019, “Current account balance deficit” is 3 per cent of GDP in 2018 and 4 per cent of GDP in 2019. From the figures it can be seen that Myanmar’s trade deficit is at a status where it is estimated to gradually decrease.
Foreign trade in fiscal year 2017-2018 was US$ 33.521 billion out of which US$ 27.240 billion or 81 per cent was conducted by the private sector. Figures as of 21 September 2018 show the foreign trade to be US$ 17.297 billion which is US$ 2.353 billion more than the last year’s figures. In this too the private sector conducted US$ 14.806 billion or 85 per cent. Export was up 1.632 billion and trade deficit was reduced to about US$ 900 million.
The Myanmar Investment Commission is drawing up plans to attract foreign investment. Now, ordinary passport holders from Japan, Korea, Macao and Hong Kong are given visa free travel to Myanmar while visa-on-arrivals were permitted to ordinary passport holders from China. Arrangements are being made for visitors as well as investors to visit and invest in Myanmar easily.
Recently the Ministry of Electricity and Energy had made an official announcement on discovery of natural gas in offshore block A-6 that has a good prospect of being commercially produced. This is expected to fulfill future energy requirement s of Myanmar and there are also possibilities of increasing the export value.
Myanmar Sustainable Development Plan (MSDP) is also drawn up. The plan includes detailed Action Plans. As such, private sector as the main driving engine is urged to participate together with the people in the march toward a balanced and sustainable development.
Associations and entities participating in today’s meeting are also urged to discuss openly the difficulties they face with relevant Union ministries, deputy ministers and officials who are 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 for export/import businesses.
Afterwards Union Minister U Soe Win explained about status of works conducted on investment and tax matters.
Yangon Region Chief Minister U Phyo Min Thein then explained about works conducted in Yangon Region for private sector development.
Following this, UMFCCI President U Zaw Win Min explained about sector wise works conducted for private sector development and SME (small and medium enterprise) development. Later Union of Myanmar Bhamo-Lweje Border Trade Merchant Association chairperson Daw Yi Yi Sein, Myanmar Automobile Manufacturer and Distributor Association Dr. Soe Tun, Myanmar Fruit, Flower and Vegetable Producer and Exporter Association Vice Chairman Dr. Myint Sein, Myanmar Petroleum Trade Association Central Executive Committee member U Thein Win Zaw, floor/wall tile businessperson U Soe Min Thant and Myanmar Rice Federation Secretary-General U Ye Min Aung explained and suggested on sector wise difficulties faced.
The meeting came to a close after the Vice President, Union Ministers, Yangon Region Chief Minister, Deputy Minister and officials had provided comments to ensure coordination and responses had been given to the explanations and suggestions made by private sector business persons.
Alsos present at the meeting were Yangon Region ministers; officials from five work committees, UMFCCI President and members; officials from Union of Myanmar Bhamo-Lweje Border Trade Merchant Association; Myanmar Automobile Manufacturer and Distributor Association; Myanmar Fruit, Flower and Vegetable Producer and Exporter Association; Myanmar Petroleum Trade Association; Myanmar Rice Federation; floor/wall tile factory and officials.