Small and Medium Enterprises (SMEs) in the Yangon Region will be surveyed in October, said Yangon Region Chief Minister U Phyo Min Thein at the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) meeting yesterday.
“In October, the survey will be started with a pilot project in South Dagon that has many industrial zones. The survey will include small-scale businesses,” said U Phyo Min Thien.
Forms for the survey have been prepared and the survey data will be recorded in detail into a computer database. This SME database will be linked with the banks so that the SMEs can more easily obtain bank loans.
“A city bank called Yangon Myodaw Bank will be upgraded to be in accord with the Yangon City Development Committee Law that will be enacted in December. This bank will help the SMEs,” said the Region Chief Minister.
“On recent surveys, it is planning to help SMEs in each township. With follow-up ground surveys, we will watch how the entrepreneurs can be successful with this help. Through this proposal we will decide to give loans to him. If not, the loan interest will become a burden for him,” he added.
An insurance system will also be set up in providing loans for SMEs. According to the Central Statistical Organization (CSO), of the 120,000 registered enterprises, 98 per cent are SME businesses. Moreover, 83 per cent of the 21.9 million employees are working in non-registered SMEs.
To develop the SME sector in Myanmar, the Government and private entrepreneurs will have to conduct intense discussions to prioritise and implement long-term and short-term works, the chief minister said.
May Thet Hnin