The 26th regular meeting of private sector development committee was held in Yangon to make more efforts for the growth of private sector

There are 84% of private sector involvement in trade volume of 2018-2019 fiscal year until the 12th of April, said Vice President at the 26th regular meeting of private sector development committee in Yangon on Saturday.

Trade volume has reached 18.692 billion during the budget period of 2018 to 12th of April 2019. As of the same period, 0.321 billion exceed in trade. Out of them, trade volume of private sector was 15.662 billion.

Chairman of the Committee Vice President U Myint Swe highlighted the efforts to be made for the growth of private sector.

Vice President -1, Republic of the Union of Myanmar, H.E. Myint Swe said “Private-Public Partnership dialogues have been held between the government and private sectors. We are endeavoring with all out efforts for the growth of Private sector as the private sector development is directly proportional to the country’s growth. As the illegal trades from the borderline brought disadvantage to the small and medium enterprise, forming illegal-trade control team and seized the border crossing illegal goods at borderlines of 9 states and regions. 436 times seizure between 2018 to March 2019.”

Union minister of commerce told the plans and agreements for the agricultural products trade. 

Union Minister, Ministry of Commerce, H.E. Dr. Than Myint said “A contract between Yunnan government and ministry of commerce has made for agricultural product such as rice, grains, corns, sugar. Even though the farmers gave the quality crops, if something goes wrong in transportation, storage and shipping, the quality may have affect.  There is a great potential in grains export in India. And on the other hand, to have a firm market in Europe and Africa, we have planned to sign a tentative agreement with RPC.”

Government is planning to make a central providence fund for pension expense and drafting a law as 1/6 of the country’s tax budgets have been used for the pension expense for about 1 million people.

Union Minister, Ministry of Planning and Finance, H.E. Soe Win said “Private sector investment was ¾ of total investment. For the private sector development, government made standard operating procedures and also operating in accord with international standard to form a strong Market oriented system. The government is giving loans to support the small and medium industry and a project bank was formed to support the private industrial in transparent way.”

Vice president, union ministers and officials held a discussion with Muse-Nant Kham  border trade association, Myanmar Retail Association, Myanmar cosmetic association.

(Myanmar International TV Channel: https://www.myanmaritv.com/news/regular-meeting-vp-attended-26th-regular-meeting-private-sector-dev-comm )

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