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July 14, 2020

Workshop held to setup framework and process for private sector development

Vice President U Myint Swe addresses the workshop on Private Sector Development Committee. Photo: MNA

Private Sector Development Committee held its first workshop in Nay Pyi Taw Park Royal Hotel on April 5.
The Committee Chairman Vice President U Myint Swe said the workshop was held to set up a framework and successfully implement programs for the systematic development of the private sector that will have a huge impact on the development of the national economy. The Private Sector is the main economic engine that would drive the national economy and it must be developed for the national economy to develop. With the consensus of the majority, only the five most important components of private sector was included in the development framework for the first 5 years program because the private sector was very wide and it was not possible to include all its components in the framework. The 5 components included were, development of laws and procedures, sourcing of financing, encouraging trade and investment, redefining government involvement in the economy and services and human resources development. He added that requests submitted to include additional components would be considered.
Furthermore, Vice President said monthly meetings were held with business owners selected and grouped by sector to resolve the difficulties they were facing. While the government was doing its part, related work committees would continuously and systematically record, review, co-ordinate and resolve short and long term works. Short and long term priority works included in the work program would be implemented according to a scheduled timetable. As the duration of the program was 5 years, yearly priority works would be identified and coordinated. Government’s conducts on private sector development would be explained to the attending donors at the workshop. Areas for public involvement and donor participation would be discussed and identified.
Moving onto the second part, the Vice President said that discussions, explanations and exchange of views would be held for the committee members to understand and implement the framework and program in addition to discussing future works. This would greatly support the future works. A very important step for the economic development of the country would be taken if the work committees, private business owners, associations and donor organizations jointly implemented the properly drawn up private sector development framework and programs.
Afterwards, a partner association for private sector development, Da Na Facility group leader Mr. Peter Brimble and Private Sector Development Committee joint secretary, Myanmar Trade Promotion Organization Director General U Aung Soe explained about matters relating to the framework and program.
Then, each component was discussed by responsible personnel from the Union of Myanmar Federation of Chambers of Commerce and Industry, Myanma Economic Forum and Young Entrepreneurs Association.
It is learnt that at the workshop, the role of the partner associations helping the workshop, laws and procedures component, sourcing of financing component, encouraging trade and investment component, redefining government involvement in the economy and services component and human resources development component would be discussed.
Private Sector Development Committee Vice Chairman Union Minister Dr. Than Myint, committee members Union Ministers Dr. Aung Thu, U Thein Swe, U Khin Maung Cho, Union Attorney General U Tun Tun Oo, Deputy Ministers Dr. Tun Naing, and U Win Maw Tun, Deputy Governor of the Central Bank of Myanmar U Set Aung, Private Sector Development committee members, members of Entrepreneur Association, representatives of international organizations helping and supporting private sector development, Permanent Secretaries, Directors-General and responsible persons attended the workshop.—Myanmar News Agency

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