Helping developing countries reach the next level
- Countries in Asia need private investments for SMEs to help them compete with international businesses and implement sustainable development that will lift the nations from the morass of the global recession, according to an Asian Development Bank report.
Small and medium enterprises are the driving forces boosting the economy of developing countries. With this in mind, the Myanmar government is trying to promote micro, small and medium enterprises, or MSMEs. But, we will have to work with other countries in the region to penetrate the global market.
SMEs make up 96 per cent of registered companies in all 20 developing countries in Asia, including Myanmar. Such enterprises employ 62 per cent of the nations’ combined workforce. Regional governments need to help SMEs form networks and improve their potential for competing within their market. It is equally important that governments enable easy access to capital for SMEs.
The Second High-level United Nations Conference on South-South Cooperation was recently held in Bueno Aires, Argentina, and was attended by representatives from Myanmar. The conference is a revival of the original Buenos Aires Plan of Action for Promoting and Implementing Technical Cooperation among Developing Countries, adopted 40 years ago in 1978.
It has not been that long since Myanmar managed to revive its national economy and move up the ranks from an underdeveloped country to achieve a developing country status. And now, developing countries are increasing cooperation with one another while implementing the 2030 Agenda for Sustainable Development.
Myanmar has not only vowed to go through with the 2030 Agenda, we have also developed our own Myanmar Sustainable Development Plan 2018-2030 and are implementing it at the national level. The plan aims to establish a democratic federal Union that promises national peace, harmony, and prosperity to all citizens.
Myanmar’s leaders have constantly invited developed countries and other developing countries to partner with us in developing our MSME sector, trade, and increasing investment for cooperation. We can see visible results from their attempts to promote existing markets, cooperation, investments, and other collaborations with friends.
The world and its many organizations have been increasing their cooperation with developing countries as of late, and they need to continue this support along with exempting tax on their products.