July 13, 2017

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Private Sector Development Committee meeting

Vice President U Myint Swe addresses at the 4th regular private sector development committee meeting in Nay Pyi Taw. Photo: MNA

Vice President U Myint Swe, who is also Chairman of the Private Sector Development Committee, said yesterday at the 4th regular meeting that development of the private sector was vital because it made up 90 per cent of the nation’s economy.
“Only when the private sector is improved will the nation develop and the livelihoods of the people will get better as well”, U Myint Swe said.
The Government’s Private Sector Development Committee held their 4th regular meeting yesterday at the Ministry of Commerce in Nay Pyi Taw. The Government has formed several committees to help develop the private sector, including the Committee for Basic Human Resources Development, Committee for Sourcing of Funds, Committee for Improving the Environment for Law and Regulations, Committee for Improving Trade and Investment and the Committee for Redefining the Role of the State in the Economic and Service Sector.
The Vice President said advice given at regular meetings with private business owners totaling 102 points have been sent to concerned ministries, region and state governments and various working committees. The aforementioned parties have taken action on 99 of the points.
According to the World Bank Group’s 2017 edition of Doing Business, indices have been given in 10 business areas and each country has been given rankings.
The Vice President urged ministries and organisations concerned to take responsibility for the 10 business areas and work hard to improve the ranking of the country.
The 10 business areas included in the publication are starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency.
Afterwards, Secretary of the Committee, Permanent Secaretary U Toe Aung Myint, explained the decision-making process and tasks undertaken by the committee.
This was followed by meeting participants discussing the regulations published in Doing Business 2017 and other topics concerned with their respective sectors. The Vice President ended the meeting by reviewing materials discussed and then gave a closing speech.—Myanmar News Agency

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