The 32nd regular meeting of private sector development committee with entrepreneurs was held in Yangon

The 32nd regular meeting of private sector development committee with entrepreneurs was held at UMFCCI in Yangon on Saturday with an opening speech by Vice President U Myint Swe.

In his capacity as the Chairman of the Private Sector Development Committee, the Vice President pointed out the importance of trading for the development of country as well as highlighted on promotion of investment opportunities.

He also urged to work on systematic scrutinizing on the issues of illegal trading in border areas. The Vice President also added the committee efforts on promotion of the ease of doing business in Myanmar.

The meeting stressed on the losses  due to the current outbreak of coronaviurs (COVID-19) saying about 209 million USD decrease in border trading compared to the same period of last fiscal year.

Chief Minister, Yangon Region Government, H.E. Phyo Min Thein said “According to the current outbreak of coronavirus (COVID-19), industry players especially garment industry has been facing difficulties in access of raw materials. Based on the discussion with the garment factories, they have raw materials for until end of March this year. And it will not only effect on factories but also to the workers. We are now trying to reduce the losses due to the virus as much as possible.” 

It is also learnt that Myanmar is not working on the implementation of the industrial zones law and will amend it sooner for the systematic and sustainable development of manufacturing industries as well as MSMEs.

The promotion of trade and services, agriculture, export and import sectors as well as public private partnership cooperation were also discussed at the meeting. 

Chief Minister, Yangon Region Government, H.E. Phyo Min Thein said “As we aims to promote Yangon as center for global trading and business cooperation, we are now working to draw up a plan schedule for organizing local and international exhibition in Yangon. For the land confiscation issues on the agriculture and livestock industries, we are now working with Ministries on scrutinizing the issues.” 

There are 1,943 foreign investment permitted worth about 83.96 Billion USD until January 2020.

The trade volume has reached 35.147 billion USD for 2018-2019 fiscal years while the trade volume for 2019-2020 fiscal years until January amounted for 13.10 Billion USD. 

Actions were taken against 2,709 illegal trade cases worth about 24.162 Billion USD until 2020 January.

(Myanmar International TV Channel: https://www.myanmaritv.com/news/trade-and-investment-private-sector-development-committee-meeting )

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