The 28th regular meeting of Private Sector Development Committee with local entrepreneurs was held in Yangon

The 28th Regular Meeting of Private Sector Development Committee with entrepreneurs was held at UMFCCI in Yangon on Saturday.

Chairman of Committee, Vice President U Myint Swe attended the meeting and gave an opening speech. The Vice President pointed out that the committee has solved 349 points reported by the entrepreneurs through UMFCCI since the beginning of the Regular Meetings.

Private Sector Development Committee was formed in 2016 to implement for the private sector development. Since then, the government has been striving with 5 working committee to be effectively implemented for the development of the private sector.

The Vice President stressed that the cooperation between the government and business enterprises, entrepreneurs as well as SMEs is the best strategy to overcome the difficulties and challenges for the development of private sector.

Vice President, The Republic of the Union of Myanmar, H.E. Myint Swe said “The development of private sector is a great support and help for the country’s economic development. That’s why; we are carrying out for Public-Private Dialogue with the ministries and entrepreneurs to be implemented for the private sector development. We are trying our best to cooperate with private sector and to fulfill the needs for the development of the private sector.” 

The Trade volume has reached over 23.49 billion USD till the 31st of May for 2018-2019 fiscal years. According to a semi-annual report of the World Bank, the economic growth of Myanmar is predicted to rise to 6.5% in 2018/19 from 6.4% in the transition period.

The Union Minister for Planning Finance stressed the efforts to fulfill the needs of the private sector development.

Union Minister, Ministry of Planning and Finance, H.E. Soe Win said “The country is carrying out to create a good economic environment by putting efforts to access easily to the investment process in both local and international. Besides, the country also allocated more budgets for the electricity, transportation as well as other CSR projects for 2019-2020 fiscal year that are basic needs for the economic development. Now, Standard Operation Procedures (SOP) is being drawn for the economic sector that could bring win-win situations to both private and public sectors.”

The Union Minster for Investment and Foreign Economic Relations explained about the process of Cooperate Governance and Investment Promotion Committee for the development of investment sector in the country.  He also added that the country could create a good economic environment that brings mutually beneficial to the public and government if there is Cooperate Governance system.

Union Minister, Ministry of Investment and Foreign Economic Relations, H.E. Thaung Tun said “Cooperate Governance benefits not only businesses but also investors. In other way, cooperate governance is a key role for the implementation of the good economic environment. Now, the country is trying to draw Cooperate Governance’s code with the cooperation of international organizations to develop cooperate governance for both public and private companies. We are expected to finish the process of drawing Cooperate Governance’s Code by 2020.” 

Matters on fishery sector, Fertilizer, Seed and Pesticide sector, agriculture sector and the process of tea leaf production from Palaung self-administered zone were discussed at the meeting.

(Myanmar International TV Channel: https://www.myanmaritv.com/news/meeting-entrepreneurs-28th-regular-meeting-private-sector-development-committee )

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