Vice President U Myint Swe attends 7th regular meeting with Myanmar entrepreneurs

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June 23, 2017

With a view to fulfilling the needs of entrepreneurs encountered in the respective sectors, and to promptly, smoothly and successfully operate their businesses, the 7th regular meeting with Myanmar entrepreneurs was held at the meeting hall of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) in Lanmadaw Township, Yangon yesterday.

The meeting was attended by Vice President and Chairman of the Private Sector Development Committee U Myint Swe, Union Ministers Lt-Gen Kyaw Swe, U Ohn Win, Dr. Than Myint, U Kyaw Win, Deputy Ministers Dr. Tun Naing and U Win Maw Tun, Myanmar Central Bank Deputy Governor U Set Aung, Yangon region government Ministers, Permanent Secretaries, Directors General, UMFCCI President and central executive committee members, associate organizations of UMFCCI, Chin State chamber of commerce and industry vice chairman and departmental officials.

In his speech to the meeting, the Vice President said these meetings had been held since 2016 December and had reached the seventh time. In the past six meetings 91 suggestions were made all of which had been responded back to relevant businesses through the UMFCCI.

The regular meetings were held once every two months while five work committees responsible for five main components were holding their respective work committee meetings monthly and to date 25 work committee meetings have been held. Responsible persons from these work committees are in attendance today in order to follow up on the matters submitted by the entrepreneurs, said the Vice President.

A workshop was held to setup a framework and process for private sector development, set priority works by work committees to be undertaken within six months and programs to be undertaken in states and regions. Accordingly, meetings were held in May by the work committee on sourcing financing in Mandalay Region and the work committee on human resources development in Mandalay and Yangon regions. Necessary coordination with relevant ministerial departments was also done.

With the technical and financial support of United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), DaNa Facility and UK aid, workshops titled “Training for Increasing and Facilitating Investments in Myanmar” were held at Hpa-an in lower Myanmar and Sagaing in upper Myanmar.

During the FY 2017-2018, foreign investments of US$ 2.1 billion and local investments of more than Ks 500 billion entered into the Thilawa Special Economic Zone said the Vice President.
Setting policies alone is not enough to encourage private sector. Prevailing laws need to be assessed and amended as well as meeting regularly with main leaders of each economic sector to connect the public and private sectors. He urged the businesses to openly discuss the difficulties they were facing and come up with suggestions.

Afterwards, Minister for Commerce Dr. Than Myint and Minister for Natural Resources and Environmental Conservation U Ohn Win explained about work done by each ministry on private sector development.

Next, UMFCCI President U Zaw Min Win gave suggestions on private sector development and then UMFCCI border trade development work committee and Muse-Namhkan border trade merchants association discussed on border trade development, officials from Myanmar Gold Entrepreneurs Association, Myanmar Gems and Jewellery Entrepreneurs Association, Myanmar Lubricant Importers and Distributors Association and Chin State Chamber of Commerce and Industry suggested and discussed on their respective sectors. The Vice President, Union Ministers and officials responded and provided suggestions for coordination regarding the matters discussed.

The regular meeting came to a close after Vice President U Myint Swe delivered a closing speech.