Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) put forward the suggestions of export promotion and import substitution at 20th coordination meeting that brought together Vice President U Myint Swe, the Private Sector Development Committee Chairman, and entrepreneurs, which was held on 6 October.
UMFCCI suggests export promotion by setting-up and forming National Export Promotion Council which has also been proposed during the recent meeting with the State Counselor. “We will implement this project as soon as possible because the authorities have already agreed earlier,” said U Ye Min Aung, vice chairman of UMFCCI.
As Myanmar’s exportable products need more support and assistance from Government in terms of financeing, land use and tax incentives as well as to sustain international market access, UMFCCI thinks there should be a dedicated private-public initiative for Export Promotion. UMFCCI and private sector will also work together with Government officials and agencies, he added.
Regarding the import substitution, local and foreign direct investment (FDI) needs to be attracted. Similarly, existing local manufacturing industries need to be supported. Tax, tariff and non-tariff measures, including quota and minimum access systems, will be introduced in order to make local manufacturing industries stronger and more competitive.
At the present, The China’s Small and medium-sized enterprises businesses are not stable due to a trade war between United State and China. Upon this advantage, we have to persuade Chinese businesses into coming to Myanmar. The private enterprises also should be invited to participate in National Export Promotion Council, said Dr. Myint Sein, Deputy Chairman of Myanmar Fruit, Flower and Vegetable Producer and Exporter Association.
Government side also understands and supports the initiatives. Between April and September this year, the country’s export to international countries reached $8.5 billion, while its imports stood at $9.8 billion in total, resulting in a trade deficit of $1.3 billion, which decreased by about $540 million against the same period of the last year.
By May Thet Hnin