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October 18, 2018

Penetration into the Market Economy

Being an underdeveloped country once in the past, Myanmar is trying very hard to become a developed country in the future. In making efforts for the country to develop its national economy without interruption, ways and means are sought to develop the SME sector and concerted efforts are being made to increase the amount of local and foreign investments.
In bringing about national economic development of a country, support needs to be given for the development of small businesses while building up the economic enterprises. In working to develop the economy, small productive industries are the most fundamental ones, increasing per capita income. Therefore, the Union Government is encouraging the development of SMEs.
Myanmar abounds with various kinds of natural resources. It is necessary to constantly monitor the situation of small businesses and to encourage them. It is because a nation’s economic development is directly proportional to the development of SMEs.
In any economic, political or administrative system, only a solid foundation can support the emergence of strong infrastructures. In a democratic country, the people play an important role, being the very basic foundation of human society. Ward or village-tract committees and institutions representing the people and regional committees and institutions are required to monitor the actual situations of the socio-economic development of a particular sector so that necessary requirements can be fulfilled. That is to sustainably fulfill the people’s needs, the very basics for the national economic development. At present, regional economic committees for wards or village-tracts had been formed for the basic economic development, but there are still requirements for SMEs to gain success. Especially, penetration into promising markets, which is of great importance in the basic economy, is not strong yet, still being far away from success.
The requirement for the betterment of economy is for export products to become strong and imported goods to be reduced. Yet, in actuality Myanmar is still relying upon imports of commodities of small value, not to mention heavy commodities. As it is, products of SMEs are finding it difficult to penetrate into promising markets.
Imports from foreign countries, especially neighboring ones are presently occupying Myanmar markets. That is attributed to their quality, reasonable prices and availability of adequate amounts as much as what the people demand. Myanmar mostly managed to export raw materials. And, it is a sorrow and a great loss for us to get imports from them, occasionally the refined ones from our exported raw materials.
To sum it up, region-originated institutions need to monitor and help the needs of the SMEs whereas our businessmen and entrepreneurs as well are required to try their best to penetrate the world market, without looking at their personal interests only.


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