December 02, 2016

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Vice President addresses meeting on economic development

Vice President U Myint Swe speaking at UMFCCI meeting.
Vice President U Myint Swe speaking at UMFCCI meeting.

National reconciliation, the achievement of balanced development between Regions and States, the emergence of well-qualified younger generations and building up a sustainable economic system are included in the objectives to be implemented in the country’s economic policy, Vice President U Myint Swe said at a meeting held at the Mingalar Hall of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) yesterday.
In his address at Mingalar Hall in Lamadaw Township yesterday morning, the vice president said rules and guidelines will be issued in order to ensure proper implementation of economic policy.
“The State Counsellor met with entrepreneurs and allied organizations at the Myanmar International Convention Centre 2 in Nay Pyi Taw on October 22, giving advice for smooth operation in implementing projects, as well as, expressing the need to frequently meet with businesspersons. In answer to her urge to meet with entrepreneurs, Union Ministers and myself, discussed today for the first time”, said U Myint Swe.
“In implementing national economic policies, we have been dealing with the tasks by drawing up policies and processes, according to their respective economic sectors. We released investment policies to improve national economy. Likewise, rules and regulations will be released very soon. According the new investment law, in the year to come, investment sectors will be categorised into zone 1, zone 2 and zone 3 for balanced development with relief for tax to be designated according to their status.”
U Myint Swe said the first meeting of the development committee for the private sector was held on November 28, and because the economic development sector is so broad, a road map was needed for systematic performance.
“With the help of Asian Development Bank, the framework and working processes of development in the private sector of the country was compiled in consultation with responsible persons. Five working committees will be formed to implement five panels. It is essential to solve problems that can be easily dealt with, without hesitation. If there are problems which cannot be solved immediately, it is necessary for respective ministries and organizations to discuss and assess promptly.”
Afterward, U Kyaw Win, the Union Minister for Planning and Finance, and U Zaw Min Win, the chairman of Union of Myanmar Federation of Chambers of Commerce and Industry also made comments.
Present at the meeting were U Kyaw Win, Union Minister for Planning and Finance, U Phyo Min Thein, Yangon Region Cabinet’s Chief Minister, U Set Aung, vice chairman of the Central Bank of Myanmar, Yangon Region Cabinet’s ministers, entrepreneurs and responsible persons, it is learnt.

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