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September 20, 2019

VP U Myint Swe wants Myanmar to ease rules for doing business

Vice President U Myint Swe delivers a speech at the 14th meeting between the government and businessmen at the UMFCCI in Yangon yesterday. Photo: MNA

Vice President U Myint Swe has urged the ministries and private sectors to make laws and policies that can guarantee the development of the private sector, as it plays an important role in creating job opportunities and increasing the income of the country.
He made the statement during the 14th meeting between the government and businessmen at the Union of Myanmar Federation of Chambers of Commerce and Industry(UMFCCI) in Yangon yesterday.
The government has permitted foreign investments worth more than US$5 billion and local investments worth Ks3.279 trillion (including $1 billion) in the country up to mid-January of the 2017-2018 fiscal year.
The foreign trade sector saw an increase of more than $3.8 billion compared with the same period last year, with the private sector’s involvement in the foreign trade being 83 per cent.
Rice exports have increased due to the efforts made by private rice enterprises, said U Myint Swe.
The vice president has also urged the concerned ministries to set priorities when they work to relax the rules indicated in the ease of doing business report.
He also praised the role of women in the economic sector, as women made up 49 per cent of the entrepreneurs in the country.
He also urged the participants in the meeting to openly discuss the challenges they are facing. Following the opening address of the Vice President, Union Minister for Commerce Dr. Than Myint, Yangon Region Chief Minister U Phyo Min Thein and Deputy Minister for Commerce U Aung Htoo discussed the arrangements to ease the rules for doing business.

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