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April 19, 2019

Digital technology key for better future of MSMEs

Micro, Small, and Medium Enterprises, or MSMEs, make up 99 percent of Myanmar’s businesses. Therefore, only when MSMEs are developed can the country’s economy progress.
Exhibitions and contests have been held in the regions and states, in keeping with the second point of the National Economic Policy, which seeks to ‘support micro, small and medium enterprises for job creation and economic growth’.
Such MSME contests and exhibitions are aimed at helping expand the market for MSMEs; promote import substitution in various sectors; encourage linkages between the manufacturing and trade sectors;improve MSME competitiveness, technology and knowledge of economics, in collaboration with local and international businesses; increase import substitution in products and promote innovative products; and, boost MSMEs.
The government is encouraging and supporting MSMEs engaged in making agri-based food products. MSMEs that make value-added agri products for export can help earn foreign exchange and stabilize the market.
MSMEs face constant competition and challenges while fulfilling the shifting requirements of consumers. To thrive and survive in an ever-changing economic environment, they must not lose sight of news and information, and strive to improve the quality of their products and services, enhance their competitiveness, and penetrate international markets.
Today, in the push for digital economies, modern technologies are being used in research, production, distribution, and for connecting and providing services. Therefore, digital technology is being employed in the country to support MSME programs such as courses and competitions.
We would like to urge MSMEs to use digital technology to adjust to the changing business landscape, including in areas such as upgrading production processes, selling products online, and offering products in response to demand from customers.
Only when MSMEs take the digital approach to increase their competitiveness can they enter international markets. Else, they stand to face barriers of operational costs and competitiveness.
With the use of information technology, MSMEs can advertise and promote their products and services to the public, gain information and utilize the opportunity to sell products online, and make services more attractive to the public. They can also get customer reviews and feedback, understand and meet the requirement of the public, establish contact with distributors, and coordinate and connect with other MSMEs in the supply chain.
At the same time, the government’s support to local small and medium enterprises (SMEs) in terms of technological knowhow is playing an important role in the production of value-added and finished products.

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