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Efforts For Private Sector: VP Attends 14th Private Sector Development Committee Meeting

1 February 2018

Private Sector Development Committee held the 14th meeting with entrepreneurs at UMFCCI in Yangon on Thursday.

Chairman of the Private Sector Development Committee Vice President U Myint Swe pointed out that the committee implemented 209 points reported by entrepreneurs, endeavoring to raise the ranking of the Ease of doing business indicators. He stresses the importance of resolve to overcome the difficulties and obstacles for the private sector development.

Vice President, The Republic of the Union of Myanmar, H.E. Myint Swe said “The government has been working on the private sector development since 2016, organizing 5 working committees. Small and Medium enterprises make up 99 per cent of the country’s economic force. They are important in the development of the nation. All of us have to cooperate to develop the private sector.

Yangon Region Chief Minister U Phyo Min Thin reported on the private sector development process in the region.

Chief Minister, Yangon Region Government, Phyo Min Thein said “We’re working on industrial zone development, scrutinizing the zone and reforming the management committee. The process will include clearing squatters near the zones – they will be resettled. We will raise electricity ratio. We will also establish economic zones.” 

Myanmar is ranked 171 among 190 economies in the ease of doing business, according to the latest World Bank annual ratings.

President,  UMFCCI, Zaw Min Win said “Flow of foreign investment depends on the ease of doing business ratings. We have to work to raise our rank – we are targeting to be ranked 100 by 2020.”

In the fiscal year 2017-2018, 5-billion USD foreign investments came in while domestic investment amounted to 1 billion USD and 3279 billion kyats. Export trade earned 3.8 billion USD – Private Sector Trade Volume reached up to 83 percent.