December 16, 2016

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Fund to be established to ease burden on SMEs

Fishery sector incluing crab farming needs to be provided with loans with low interest rate to compete with others in the regional market. Photo: Ye Htut
Fishery sector incluing crab farming needs to be provided with loans with low interest rate to compete with others in the regional market. Photo: Ye Htut

A FUND will be established in Myanmar to provide the country’s small and medium enterprises (SMEs)with loans at low interest rates.
The plan comes as established small and medium enterprises in Myanmar are often forced to put up their properties up as collateral for bank loans, according toMr Edward Clarence Smith, a resident representative of the United Nations Industrial Development Organization.
His comments were made during a workshop which focused on the opportunities and constraints of boosting responsible and sustainable investments and the development of youth and female-led enterprises in Yangon yesterday. He advised that small and medium enterprises in Myanmar join hands with SMEs in foreign countries in order to overcome their current challenges and constraints.
More than 120 experts and representatives from both the Myanmar public and private sectors, international financial institutions and development partners participated in the workshop.
Daw Aye Aye Win, Director-General of the Directorate of Industrial Supervision and Inspection under the Ministry of Industry suggested providing SMEs in Myanmar with capital and modern technology in order to make them more competitive in preparation for when the ASEAN Economic Community plan takes effect.—Min Thit

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