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December 10, 2019

UMFCCI to submit suggestion to improve Myanmar’s economy in coming 12 months

A farmer ploughs with a small machine on a field in Dala, Yangon on 2 June 2017. Photo: Phoe Khwar

IN an attempt to improve Myanmar’s economy in 12 months, Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) and its associate members will submit suggestions to the State in the first week of August, said U Ye Min Aung, the vice president of UMFCCI.
The representatives engaged in different industries need to put forward the suggestions about country’s economy to UMFCCI by 27 July in a bid to have a smooth flow in businesses. The suggestions include amendment of some facts on the custom duty and taxes and minimising office procedures and the barriers in businesses”, said U Ye Min Aung.
“The government’s smart intervention is needed because some businesses are required to control with regulation whereas some need deregulation. We need to focus on the stability of a macro economy in order to control the exchange rate and inflation by laying down monetary policy and fiscal policy. It is of vital importance that we need to analyse the strengths and weaknesses of the country and have to exert efforts to promote international trade”, he added.
“At the current period, Myanmar’s economy is lagging behind. We will make suggestions regarding loan access to small and medium enterprises, infrastructural development, control over soaring price of land, reduction of tax, invitation to foreign investors to create import substitute industries, combating illicit trade, establishment of laboratories which meet international criteria and creation of new gateway to more international countries”, he continued.
“We need to develop a master plan by laying down policy or drawing strategy on income from export products — agro products like rice, various peas, sesame seeds, fishery products, mineral products, etc. We need to assign appropriate duties to private sectors but the government needs to encourage the private sector financially and technically with strong policy and smart intervention. Sometimes, trade has become much easier through Government-to-Government (G to G) agreement”, said U Ye Min Aung.
The Union of Myanmar Travel Association discussed the difficulties faced in the tourism sector, different points of view between the government and private sectors and granting of visa-on-arrival for more countries at a recent meeting held at UMFCCI, said U Thet Lwin Toe, the president of this association.
A tourism marketing strategy will be drawn up in August by the aforementioned association to enhance the tourism sector. A summit meeting for development of the tourism sector is slated to be held in the coming months.
As a step to improve the country’s economy, an SME forum will be held on 29 July. Those engaged in the SME industry and economic experts will tackle the problems encountered in the industry. Additionally, an Export Promotion Forum is reportedly to be held in August.


 May Thet Hnin


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