WITH the aim of developing small and medium-sized enterprises in Myanmar, an SME centre will be established in Yangon, the country’s commercial hub, according to Yangon Region Chief Minister U Phyo Min Thein.
He added, “It is difficult for some local entrepreneurs to create business links with international companies. That is why the centre needs to be developed in the country.”
This is part of the government’s efforts to promote the role of the private sector in boosting economic growth and reducing poverty.
The role of SMEs has become vital to strengthening national competitive advantages and the speedy economic integration of the ASEAN region.
Currently, local authorities prioritise the distribution of electricity to production firms that play an important role in boosting the country’s development.
According to the Republic of the Union of Myanmar Federation of Chambers of Commerce and Industry, nearly 20,000 small private enterprises are operating in the country.