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July 05, 2020

SME development can lift living standards

Nations around the world are increasingly focused on the development of small and medium enterprises and it is an example our country should follow.
Fostering SMEs has been shown to help people, especially those lower on the income scale, improve their quality of life.
SMEs constitute more than 99 percent of the world’s businesses and account for 55-95 percent in gross domestic product. In addition, more than 50 percent of the world’s workforce is employed by small and medium firms.
Professor U Aye Kyaw, principal of private business school Myanmar Human Resources, highlighted these points during a seminar in Yangon.
U Aye Kyaw, who is also a country program director of the Centre for Strategic and International Studies (CSIS), stressed the need to broaden the sources of economic growth and sustain growth momentum. He emphasized that helping SMEs to grow can help create new job opportunities, thereby alleviating poverty.
It is therefore important for organizations, as well as the government and political parties, to identify the right people for the right jobs. Simply put, it is time for these institutions to come to the sense that their main strength lies within their workforce.
After all, facilities, technologies and services are all imitable, whereas people are not. Similarly, creativity, decision-making skills and analytical skills are not the preserve of organizations but of individual humans. Nothing works without human resources.


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