Yangon regional government drafted the plan to support economic growth, especially the development of industrial zones and SMEs, with a focus on agriculture, industry, and services

The Yangon regional government will implement the regional development plan this year with public-private partnership (PPP) system, said regional Planning and Finance Minister U Myint Thaung on March 16. 

U Myint Thaung submitted the regional plan of Yangon within the six-month interim period from April to September 2018 to the Yangon regional legislature on March 16. The documents included a description of the summary of the regional development plan.

‘’We already submitted these plans to the National Planning Commission. We have also been conducted feasibility study and have tried to implement the projects with PPP system, without the budget for the government,” U Myint Thaung said.

The regional government drafted the project plans in order to provide transparency in the use of their finances, which is to support the development of industrial zones and the growth of small and medium-sized enterprises (SMEs). The proposal for the projects were carefully considered and drafted by the government, taking into account to need to balance the finances and investments.

The regional minister added that the projects, supported by the government’s budget, will be in different sectors. The expected expenditure in each sector is explained and detailed in the plan.

The regional government has also elaborated on their targets and expected GDP increase for Yangon Region. The government is focusing on three major sectors: the agriculture sector, industrial sector and services sector. It seeks to support the economic growth of these three industries.

“‘The regional development project draft law covers April to September 2018. 

“From April to September 2017, the GDP growth rate was 7.4 percent. We aim to increase to 8.6 percent during this year,” U Myint Thaung said.

The administration seeks to prioritise the growth of industrial sector and will swiftly implement the measures and reforms in this industry. The Yangon parliamentary chief will bring this issue up in the next parliament session. 

(The Myanmar Times: https://www.mmtimes.com/news/yangon-government-seeks-increase-economic-growth.html )

​