Vice President U Myint Swe delivers the speech at the 10th meeting with Myanmar entrepreneurs at UMFCCI in Yangon on 23 September 2017. Photo: Myanmar News Agency
Vice President U Myint Swe, Chairman of the Private Sector Development Committee, attended the 10th meeting between the Private Sector Development Committee and Myanmar entrepreneurs held at the UMFCCI in Yangon at 9 am yesterday morning, and delivered a speech.
Also, present at the meeting were Union Ministers Dr Pe Myint, U Khin Maung Cho, Dr Than Myint and Yangon Region Chief Minister U Phyo Min Thein, Deputy Ministers U Aung Htoo, U Win Maw Tun and U Maung Maung Win, Yangon Region Ministers, UMFCCI President and members, officials from Myanmar Industries Association, Myanmar Rice Federation, Myanmar Printers & Publishers Association, Myanmar Furniture Industry Association, Sagaing Region Merchants and Industry Association, and Shan State (North) Merchants and Industry Association.
In his speech to the meeting, the Vice President said these meetings had been held regularly monthly since 2016 December and had reached the tenth time. During the nine meetings from 2016 December to 2017 August, entrepreneurs had submitted 142 suggestions that were collected by UMFCCI and the Ministry of Commerce had relayed these suggestions to the relevant ministerial departments, states and regions work committees. 136 replies to the suggestions had been sent back to the entrepreneurs. Some of the remaining suggestions are related to laws and would need time to respond.
Private Sector Development Committee meetings were held every two months and four had been held so far. Five work committees responsible for five main components were holding their respective work committee meetings monthly and to date 46 work committee meetings have been held. Responsible persons from these work committees also went to states and regions to meet with entrepreneurs and resolve the problems the entrepreneurs were facing. Private sector development is being implemented to be successful in real life situations. As of end August foreign investment this year totaled about US$ 3.9 billion which is an increase of 2.9 billion over a similar period last year, said the Vice President.
Private sector development needs to be conducted not only in developed, stable and peaceful regions but also in less developed, unstable and less peaceful regions as well. Only through this will work opportunities and income increase in these regions. For example, the Government is supporting the development of Kanyinchaung Trade Zone in Maungtaw region, Rakhine State while respective entrepreneurs and businesses in the region were seen to be investing in it. All need to work together to bring in more local and foreign investment. This will support peace and stability in the region as well.
The Investment Law was amended for private sector development throughout the entire country without leaving any region.
Tax rates were also adjusted and tax exemptions of seven years for least developed regions, five years for mid-level developed regions and 3 years for developed regions were set. Cooperation between government and private sector is required for country wide private sector development.
In discussing problems during the meeting, entrepreneurs are urged to discuss problems faced by the business sector and industries instead of individual businesses added the Vice President.
Afterwards, Union Minister for Commerce Dr. Than Myint, Union Minister for Industry U Khin Maung Cho, Region Chief Minister U Phyo Min Thein explained about work done by sectors on private sector development.
Next, UMFCCI President U Zaw Min Win gave suggestions on private sector development and officials from Myanmar Printers & Publishers Association, Myanmar Industries Association, Myanmar furniture Industry Association, Myanmar Rice Federation, Sagaing Region Merchants and Industry Association, Shan State (North) Merchants and Industry Association suggested and discussed about their respective sectors. The Vice President, Union Ministers, Deputy Ministers and officials responded and provided suggestions and discussed coordination matters.
The meeting then came to a close after Vice President U Myint Swe delivered a closing speech.
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