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August 09, 2018

U Henry Van Thio addresses Viet Nam’s GMS Summit

Vice President U Henry Van Thio’s name is displayed on the screen as he answers questions from a panel session at the 6th GMS Summit in Viet Nam yesterday Photo: MNA

Vice President U Henry Van Thio arrived in Hanoi, Viet Nam yesterday to attend the 6th Greater Mekong Subregion (GMS) Summit.
The Vice President was with Union Minister for Planning and Finance U Kyaw Win and other departmental officials, when they arrived at the National Convention Center (NCC) for the summit.
In his address, the Vice President said that the GMS countries have grown their economy and raised the income levels of their people to a point that cheap labour and reliance on natural resources are no longer viable as they once were, so now the countries must find new ways of sustainable development. He said only high-quality human resources and technological development can contribute to sustainable development goals (SDGs). He said Myanmar’s economic policy focuses on developing the private sector so that job opportunities and SDGs grow along with them. He said basic infrastructure and buildings will be needed for Myanmar to collaborate with other GMS countries. He said Myanmar is working on the five pillars of the private sector, which are the ethics following laws and rules and regulations, sustainable finance, improved trade and investment, the nation’s role in businesses and services, and developing human resources and capabilities.
He said foreign investment was pivotal in developing the private sector and setting rules and guidelines to create competitive markets and prioritizing the profits of the people will benefit the private sector. He said communications and technology related to it have direct consequences on the operation of governments and humanitarian organizations around the world. He said there are estimates that, due to increased usage of smartphones and the internet, Myanmar’s GDP in relation to its ICT sector will increase to US$6.4 billion by 2030. He said mobile infrastructures were important for countries like Myanmar, where 70 per cent of its population lives in rural areas. With improved communications, rural residents will have greater access to healthcare such as contacting hospitals and emergency aid, conducting business transactions, and greater connectivity. As such, the country was drafting the Myanmar Digital Economy Development Master Plan, said the Vice President.
Afterwards, the moderator in a panel session asked how Myanmar was going about its economic development and what strategies or plans have been implemented. Vice President U Henry Van Thio replied that Myanmar had just recently begun implementing the 2022 Development Assistance Framework and it had not been long since the country had become more transparent and open.
He said Myanmar had implemented new or amended investment laws and as such have seen better networking through regional to global business ventures.
He said they were working on strengthening the tax system, attracting new foreign investment, and securing the market for macro businesses and enterprises and as such have begun drafting the Myanmar Sustainable Development Strategic Plan.
Later in the night, the Vice President attended a dinner event at the NCC.

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