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December 10, 2019

Five new sectors to be listed on National Export Strategy

 

Five new sectors are planned to be put in the National Export Strategy (NES), said U Aung Soe, Director General of Myanmar Trade Promotion Organization, Strategic Trade Promotion Division, under the Ministry of Commerce.
The five sectors are fruits and vegetables, handicrafts, value-added agricultural food products, jewelleries and ICT products, as proposed by relevant associations.
At the moment, authorities are still negotiating details of the plan.
The National Export Strategy Myanmar is a detailed framework and decision-making instrument to guide the country’s trade development and boost its export competitiveness.
It outlines concrete, market-based solutions to address constraints affecting Myanmar’s competitiveness in global markets. It is the NES’s vision to create “sustainable export-led growth and prosperity for an emerging Myanmar.” The NES provides a targeted plan for Myanmar to effectively allocate resources (financial, technical and institutional) to specific trade development priorities. In doing so, the NES aims to stimulate the country’s trade and export sector, creating jobs and contributing to the overall socio-economic development of the country.
NES program was launched in 2015 and includes textiles and garments, forestry products, beans, pulses and oilseeds, rice, fishery, rubber and tourism sectors. The five new sectors to be listed are value-added so it will earn more income than selling raw materials and will further expand the market, said U Aung Soe.
The NES goals of export competitiveness and diversification are guided by the following strategic objectives – fostering sustainable, inclusive and equitable export-led growth; ensuring a consistent, predictable and transparent policy, legal and regulatory framework; developing competitive, diversified and branded exports; building modern, enabled and supportive institutions to respond to exporters’ diverse needs; building physical trade infrastructure.
In 2017-2018 fiscal year, export products under NES, such as rice, fishery products and garments earned record incomes, it is learnt.
NES was drawn up to 2019, and the proposed new sectors will be included in the NES around 2020.

 

By May Thet Hnin

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