Vice President addresses private sector development

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The concerted efforts of working committees for private sector development can dramatically contribute to private sector development as well as the economic growth of the country, Vice President U Myint Swe said at the first meeting of the Private Sector Development Committee at the Ministry of Commerce in Nay Pyi Taw yesterday morning.

In addition, the vice president said that private businesses are allowed to participate in the economy of the country in accordance with the market economy as stateowned enterprises are being privatised to reduce the share of the state sector in the economy.

The economy of the country will grow only when the private sector thrives because about 90 per cent of the economy of the country is made up of private businesses, the vice president pointed out.

The role of entrepreneurs, experts and skilled labourers is essential for creation of job opportunities, increased production and competitiveness in the international market and urged officials to integrate private entrepreneurs from agriculture, livestock and fishery and industrial sectors comprehensively into the private sector, the vice president said.

In the future, the private sector will be of utmost importance for the country, as it will be driving force of the economy, U Myint Swe said. He called for improved environments for private businesses including rules and regulations, financial assistance, services for them and human resources by forming committees for each area.

Later, Union Minister for Commerce Dr Than Myint and union ministers including U Pe Zin Tun and U Ohn Maung, governor of the Central Bank of Myanmar U Kyaw Kyaw Maung and officials reported to the meeting on future tasks and formation of work committees.

The meeting concluded with remarks by the vice president.