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July 05, 2020

Chin State gets priority for future business development

Chin State will get priority for future business development in townships such as Mindat (pictured). Chin State is the least developed region in the country and one of the poorest. Photo: Tin Win

The Ministry of Planning and Finance said yesterday that Chin State will be prioritised for help in its future business development.
The news was learnt at a meeting in Yangon yesterday between First Vice President U Myint Swe and members of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI).U Kyaw Win, Union Minister for Planning and Finance, said cooperation with Japan International Cooperation Agency (JICA) has already been established and priority will be given to Chin State in the form of help for SMEs. Vice President U Myint Swe also instructed relevant ministries to develop the private sector in Chin State as soon as possible.
The Union Minister for Planning and Finance and the Vice President were responding to Dr. Shwe Hein, the Vice President of the Chin State Chamber of Commerce, who spoke of the difficulties faced in the development lagging Chin State.
Dr. Shwe Hein said SMEs in Chin State did not receive any loans and requested reductions of many requirements in applying for loans at SMIDB Bank in Monywa, Sagaing.
Other officials said that help for Chin State, one of the least developed and most poverty stricken regions in Myanmar, has already started.
Ministry of Commerce Permanent Secretary U Toe Myint Aung said the consumer affairs department of the commerce ministry is already opened in Chin State and Directorate of Investment and Company Administration-DICA Director General U Aung Naing Oo told of an investment bank branch opening in September. A Ministry of Commerce office will also open to assist with trade and investment in Chin State, it was learnt.
Replying to a question about providing market contacts, planting and packaging techniques and investments for exporting Chin State organic products locally and internationally, specifically neighbouring India, China and Southeast Asian countries, Myanmar Central Bank director general U Win Thaw said the market for Chin State coffee is possible, as the U.S. and Japan are showing interest.


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