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September 17, 2019

PSDC, businesspersons discuss trade sector development at 28th regular meeting in Yangon

Vice President U Myint Swe addresses the 28th regular monthly meeting between businesspersons and Private Sector Development Committee in Yangon yesterday.  Photo: MNA
Vice President U Myint Swe addresses the 28th regular monthly meeting between businesspersons and Private Sector Development Committee in Yangon yesterday.  Photo: MNA

Vice President U Myint Swe, Chairman of the Private Sector Development Committee (PSDC) addressed the 28th regular monthly meeting between businesspersons and PSDC held at the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) in Yangon yesterday morning.
In addressing the meeting Vice President U Myint Swe said that after forming the PSDC to effectively implement matters in private sector development framework it had been meeting with businesses in UMFCCI starting from December 2016 to resolve difficulties faced by the businesses and this was the 28th meeting. Up to 27th meeting 349 issues and suggestions raised and submitted by the businesses were responded to relevant businesses through the UMFCCI. Some matters were fully resolved while there were also matters that were still being resolved as it needed time.
For such matters, officials from the five works committees made arrangements for public-private dialogues among private businesses and relevant ministries to resolve the matters in stages, said the Vice President.
The trade sector played an important role in the development of a country’s economy. Private and public sectors were cooperating towards increasing annual trade volume and during fiscal year 2018-2019 (as of 31 May) trade volume reached US$ 23.49 billion which was US$ 0.464 billion more than the same period of the last fiscal year. Private sector participation in this was US$ 19.501 billion or 83 per cent.
Illegal imports through the border were threatening the existence of small and medium enterprises (SMEs) and PSDC have formed illegal trade control and prevention groups in nine regions and states. As of May 2019 there were 594 arrests of an estimated K 10.371 billion worth of illegal imports were made. 50 per cent of the proceeds from the sale of the confiscated illegal imports went into the Union Government fund. Informants and arresting organizations were rewarded with 20 and 30 per cent respectively. If the arrests were made under the arrangement of the State/Region government, 30 per cent of the sales proceeds went into the State/Region government fund, 20 per cent to Union government fund, 20 per cent to informants and 30 per cent to the arresting organizations.
For a sustainable development of local businesses in the Myanmar’s national investment sector, they needed to seek out not only the local market but also the international market too. They needed to internationalize. Just as foreign investors were investing in Myanmar now, Myanmar businesses were urged to do business in other countries. The government had appointed commercial attaches in nine countries – China, Singapore, Thailand, Hong Kong, Belgium, United States of America, South Korea, Japan and India. Businesses can contact these commercial attaches to conduct businesses or obtain news and information through the Ministry of Commerce.
The World Bank and Asian Development Bank had estimated that Myanmar’s economic development was likely to rise in 2019 and 2020. While inviting foreign investment for the country’s development, efforts were being made for the convenience of local businesses. For the public to know the services provided by the government and for transparency, everyone’s participation was required.
Associations and entities participating in today’s meeting were urged to discuss openly the difficulties they faced with the relevant Union Ministers, Deputy Ministers and officials who were in attendance, said the Vice President.
Next, PSDC Vice Chairman and Union Minister for Commerce Dr. Than Myint explained about Myanmar’s current trade status, arrangements made to increase export, restrict and prevent illegal import.
Afterwards, Union Minister for Planning and Finance U Soe Win explained about creating good economic environment for public sector development, status of loan made to agriculture and livestock sectors, status of establishing Public Private Partnership Center (PPP Center) to successfully implement work on the Project Bank.
Following this, Union Minister for Investment and Foreign Economic Relations U Thaung Tun explained about Corporate Governance arrangements made to create good environment for investors and status of investments.
Yangon Region Chief Minister U Phyo Min Thein then explained about arrangements made for agriculture and livestock sector development in the Region and arrangements made to increase export.
UMFCCI President U Zaw Min Win also explained about the status of implementing decisions made at the past meetings, public-private discussions held for private sector development, increasing export and status of sector wise works.
Later, Myanmar Fisheries Federation Vice Chairperson Dr Daw Toe Nanda Tin and General Secretary U Win Kyaing, Myanmar Fertilizer, Seed and Pesticides Entrepreneurs Association Joint Secretary U Maung Maung Khaing, Palaung Self-Administered Region Leading Body Chairman U Win Kyaw and UMFCCI Vice President U Ye Min Aung explained about sector wise difficulties faced and provided discussions and suggestions.
Next, the Vice President, Union Ministers, Yangon Region Chief Minister, Deputy Ministers and officials gave comments and suggestions to ensure coordination based on the suggestions made.
The meeting came to close after a concluding speech by the Vice President.
The following senior officials attended the meeting:
Vice-Chairman of PSDC and Union Minister for Commerce Dr. Than Myint, Union Minister for Planning and Finance U Soe Win, Union Minister for Investment and Foreign Economic Relations U Thaung Tun, Yangon Region Chief Minister U Phyo Min Thein, Deputy Ministers U Aung Htoo, U Win Maw Tun and U Maung Maung Win, Yangon Region government ministers, UMFCCI President, Vice Presidents and members, Shan State Palaung Self-Administered Region Leading Body Chairman, officials from 5 work committees, departmental heads, officials from Myanmar Fisheries Federation and Myanmar Fertilizer, Seed and Pesticides Entrepreneurs Association and departmental officials. — MNA (Translated by Zaw Min)

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