The Republic of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) is set to replace its existing polices after conducting studies on the rules and practices of international trade associations and seeking suggestions from legal experts, according to U Zaw Min Win, newly-elected UMFCCI President.
New policies will be laid down to improve the performances of the 72 region/state associations and affiliated trades and services, said the new leader of the country’s top business association .
Weaknesses in rules and regulations of the federation’s organisation will be cleared within a few months as all members requested, added the UMFCCI President.
Expressing his view on the country’s present economic situation, the UMFCCI President stressed the need for more assistance to small and medium-sized businesses that represent over 95 per cent of private enterprises in Myanmar, pointing out that they are facing difficulties in financing, technology and market access. The government’s sound policies, financial assistance to SMEs and international financial and technological support will help the country’s current stagnant economy to gradually bounce back, added the UMFCCI President.
He also highlighted the importance of the adoption of sound and strong economic policies as well as a review on taxation and called for human resources development programmes to nurture skilled workers and technicians as foreign direct investment (FDI) inflows are expected to increase significantly.—Win Win Maw/Nanda Win