July 06, 2017

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Yangon’s economy–the strength of the nation

By Nandar Win, Myat Sandi

Yangon’s growing economy can be seen in the construction of new complexes such as Sule Square seen on the right, which was opened in December 2016.  Photo: Phoe Khwar

Yangon Region is a place where most of the income of the nation earns. All the goods are also flowing into the region from every corner of the country. Economic development in this region will surely bring about development of other regions and states. The following is the views of economic experts on development of Yangon:

Economic Researcher U Khin Maung Nyo (Economics)
“Yes, they are doing out of their goodwill. But I think Yangon is shouldering a great burden. Whatever they say, people have very high hope on them. It is just like the saying ‘Nothing bears out in practice what it promises incipiently.’ My opinion is that a well planned and brilliantly executed idea is needed. Nature of the economies proves the fact that the fewer the rules the better for carrying out the economic activities. But there may be differences based on the different types of economy. Some say it is a good time for doing business but some think differently. It is because of the type of the business. A year ago, some said that construction works were bad, but now it seems pretty good.”

U Thurein Aung (Vice President, Myanmar Japan Thilawa Development Ltd.)
“Yangon is a very important region as it is an economic hub of the country. Projects implemented and policies laid down in Yangon can have great influence on other parts of the country with good prospects. I would like to say that whatever decision is made, it will have a great impact on the whole country.”

U Wai Phyo (Vice President, UMFCCI)
“Yangon’s economic situation is good but there are many difficulties and limitations. Industrial zones and roads are expanded because only when Yangon sees development, will the whole nation be prosperous.
There has been a great migration from all parts of the country to Yangon to find good jobs and as a result the city became a big city.
Consumer goods and food prices are high in Yangon and other parts of the country follow suit. Commodity prices needs to be controlled to become a wealthy nation. As long as the prices cannot be controlled, the middle class cannot improve itself.
Increase the salary is not the answer because this will end up in spending and the nation will not develop.
There will be no wealth. Every country has a problem of high commodity prices. Therefore, it is a must to control the price. This is the responsibility of the government.
To gain economic development, there should be more talks and discussions between the government and the entrepreneurs.
There must be trust between them. They must support each other.”
U Thet Lwin Toe (Vice Chairman, Myanmar Tourism Federation)

“With a great tradition, Yangon lies on sea, land and air routes. Regarding tourism industry, Yangon needs to preserve its cultural heritages and create tourist attractions which have no impact on environment. Yangon is a place for human resource development and it is a strategic point for national security. The city is being expanded, and its economy is also expanded. It has only one waterway, Yangon River. Therefore it is important to maintain the watercourse through discussions with experts. Master plan is needed for the long run.”
U Thardu (Chariman, Myanmar Arts and Crafts Association)

“Currently, we have to struggle on our own. I believe there will be more good opportunities for the people as the government has entered into the second year term. I saw weakness in cooperation with government departments. I would like to suggest the government to give support to those who deserve, I mean, government should support the businesses that will bring benefit to the nation and its people.”

Daw Ohnmar Maw (Executive Director, Awards Logistics Co., Ltd.)
“It is expected to see development not only in major business but in small and medium enterprises due to great interest of big international companies as well as SME entrepreneurs around the world. At this juncture, government’s support for local entrepreneurs is of great importance to be able to compete with foreign firms in every business sector. Only when the country doubles its efforts, can it be able to compete with ASEAN countries and abreast of international communities.”  (Translated by Wallace)

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