23 May

The Private Sector Development Committee (PSDC) led by Vice President U Myint Swe, and business persons held the 27th regular meeting in Yangon yesterday and they discussed development of Taninthayi Region, livestock sector, sugar and other value-added products and mobile phones sectors.

Speaking at the Republic of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI), Vice President U Myint Swe, in his capacity as the chairman of the PSDC, said the committee has replied to suggestions and issues raised by the business persons through the UMFCCI, and of them, some issues needed time to be solved.

The Trade sector played an important role in the development of a country’s economy. Private and public sectors were cooperating towards increasing annual trade volume and during fiscal year 2018-2019 (as of 3 May) trade volume reached US$ 20.491 billion which was $ 0.523 billion more than the same period of the last fiscal year. Private sector participation in this was $ 17.073 billion or 84 per cent, said the Vice President.

For these matters, officials from the five work committees made arrangements for public-private dialogues among private businesses and relevant ministries to resolve the matter in stages, said the Vice President.

The Private Sector Development Committee held its 9th work coordination meeting in Nay Pyi Taw, and at the meeting, Union ministers, officials of the five work committees, officials of the Ease of Doing Business Ranking and departmental officials discussed measures taken in respective sectors and future plans.

To curb illegal imports through the border, PSDC has formed special teams, and illegal goods worth K 9.113 billion have been seized in 512 cases as of April, 2019.

For the development of the country’s economy, the Myanmar Investment Commission had permitted investments which would underpin the trade sector, and the number of investments reached 1,549 as of March, 2019, said Vice President U Myint Swe.

The Union Government has relaxed the rules and regulations related with investments and held workshops occasionally for the government and private sectors to ensure that both sides understood the rules and regulations.

The Vice President said the Union Government was trying to attract responsible investments which could benefit the economy, environment and socio-economy of the local people.

Afterwards, Vice Chairman of PSDC Union Minister for Commerce Dr. Than Myint discussed measures being taken for boosting exports and controlling illegal trade, and plans for export of beans and rice.

Afterwards, Yangon Region Chief Minister U Phyo Min Thein discussed the outcome of the Yangon Region Investment Forum, plans for the private sector including SMEs in the region, arrangements for agriculture and livestock sectors and for upgrading the industrial zones in the region.

Afterwards, U Thein Han, Vice President of the UMFCCI reported on cooperation between the government and the private sector and promoting exports.

The Chairman of Taninthayi Region Chambers of Commerce and Industry U Ye Htut Naing, Chairman of Myanmar Livestock Federation Dr. Mya Han and Vice Chairman Dr. Nay Thu Rein, Vice Chairman of the Myanmar Sugar and Sugarcane Products Association U Win Htay and business persons also joined in the discussions.

Vice President U Myint Swe, Union Minister, Yangon Region Chief Minister, deputy ministers and members of the Yangon Region Government discussed the challenges of business persons and the meeting came to an end with concluding remarks by the Vice President. —MNA

(Translated by Tun Tun Naing)