Vice President U Myint Swe addresses the 4th regular meeting with Myanmar entrepreneurs

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With a view to fulfilling the needs encountered in respective sectors, for entrepreneurs to promptly and smoothly meet success in operating their businesses, the 4th regular meeting with Myanmar entrepreneurs was held at the meeting hall of the UMFCCI on Minye Kyawswar Road, Lanmadaw township, Yangon at 8 am yesterday.

At the meeting, the Vice President, Chairman of Private Sector Development Committee U Myint Swe said, “the PSDC has met with businesspersons for 4 times for the development of the private sector. At the first meeting held on 1st December, 2016, 27 decisions were made, at the 2nd meeting held on 13 January 2017, 11 decisions and at the 3rd meeting held on February 18, 16 decisions—54 decisions in all. Respective ministries and working committees from Regions and States are dealing with the reports submitted by the three meetings, sending reports of their performances to the UMFCCI. And, the UMFCCI has been informing the respective businessmen accordingly. Ministries have sent the accomplishments as records. With a view to making economic enterprises in the country to develop and helping to solve difficulties of entrepreneurs effectively, the committee for private sector development was formed and 5 sub-committees were formed to support the main committee.”

The Vice President  added, “The Working committee for the development of rules and regulations is to work on amending laws needed to be amended concerning rules and regulations which are no longer compatible with current situations and giving legal advice for promulgating new economic laws. The Working committee for performing the search for monetary sources managed to stabilize the currency, due to cooperation with responsible officials from respective departments including the Central Bank of Myanmar, and the Ministry of Planning and Finance. The Working committee for upgrading trade and investment are solving the delay problems in loading and unloading at the port which occurred from the arrest of illegal smuggling of timber and logs and drugs found in import-containers of a cargo ship. The committees managed to make commodity flow smooth as much as possible. The Working committee for renewing the sector of the State in economic and service enterprises is cooperating with all respective departments to help solve difficulties encountered by entrepreneurs. The Working committee for building fundamental human resources will hold a seminar in March, on cooperation between the government and private sector for the development of human resources in the private sector.”

He added “On assessing the foreign investment in the financial year 2016-2017 when the incumbent government took office, the target was estimated at US $ 6 billion but the actual investment was US $ 6.612 billion, thus exceeding the estimate.  Committees are implementing for Regions and States to develop proportionally, via investments from home and abroad. The Investment Commission has issued an order with the approval of the Union government concerning designation of zone 1, zone 2 and zone 3 which are to be exempted from income tax under the investment law depending on regions, states and townships.”

He said “The Private sector played an important role in the economic development of the State. The State will fulfill the needs of entrepreneurs and lay down policies which can be implemented in accord with the time. Accordingly, regular meetings with entrepreneurs will be held once a month.”

Afterwards, Dr Than Myint, Union Minister for Commerce, U Myint Thaung, Yangon Region Cabinet’s Minister for Planning and Finance and U Win Maw Tun, Deputy Minister for Education clarified concerning performances.

Present at the 4th regular meeting with entrepreneurs were Dr Than Myint, Union Minister for Commerce, U Win Maw Tun, Deputy Minister for Education, Yangon Region Cabinet’s Ministers, departmental heads, Chairman of the UMFCCI and responsible personnel and entrepreneurs.