Private Sector Development Committee holds 31st meeting with Myanmar entrepreneurs

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Private Sector Development Committee holds 31st meeting with Myanmar entrepreneurs


Date: December 09, 2019

The Private Sector Development Committee held the 31st meeting with Myanmar entrepreneurs at the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) office in Yangon yesterday morning.

Vice President U Myint Swe presided over the meeting which was also attended Yangon Region Chief Minister U Phyo Min Thein, Deputy Ministers U Aung Htoo, U Win Maw Tun and U Maung Maung Win, Yangon Mayor U Maung Maung Soe, chairpersons of five work committees, the vice chairpersons and officials, UMFCCI Chairman U Zaw Min Win, vice presidents and CEC members, permanent secretaries, directors-general, departmental heads, the representatives from Myanmar Livestock Federation, Muse – Namkham Border Trade Chamber of Commerce, Myanmar Fruit, Flower and Vegetable Producer and Exporter Association and officials.

At the meeting, Vice President U Myint Swe, in his capacity as the chairman of PSDC, said the five work committees of PSDC, which was formed three years ago, are implementing the tasks and instructions of PSDC, and are also solving the challenges of private firms in coordination with the Union Ministers and the State/Region governments.

The trade volume of Myanmar in 2018-2019 financial year reached US$35.02 billion, and the amount of trade in October alone was $3.032 billion this 2019-2020 financial year in which the private sector contributed $2.472 billion (82 per cent) in it.

The Vice President added that illegal trades through border areas have posed serious impacts on the local small and medium businesses, and that the PSDC formed special units to control illegal imports in nine States and Regions.

These units could prevent 1,065 illegal trades from September 2018 to October 2019, with a total value of K15.6482 billion.

Myanmar has formed the Illegal Trade Eradication Steering Committee to promote cooperation of state-level departments for implementing 13 tasks to address the rise of the Global Illicit Trade Environment Index contributed by the illegal trades of Myanmar.

During his recent visit to Taninthayi Region to attend the Taninthayi Region Investment Forum (2019), the Vice President arrived at Htikhee Border Trade Camp and the Mawtaung Border Trade Camp, and called for strict control of illegal trades, prevention for the micro, small and medium local businesses, collecting state revenue, prevention of bribery cases, ensuring fair competitiveness, practicing the carrot-and-stick approach in controlling illegal trades, and fighting against illegal-drug trafficking cases.

Vice President U Myint Swe concluded his speech with inviting written or verbal reports on difficulties of local entrepreneurs in trade sector.

Yangon Region Chief Minister U Phyo Min Thein then briefed on measures related to development of agricultural sector and MSMEs, and the responsible persons from business organizations presented their difficulties in respective sectors.

The Vice President, the Yangon Region Chief Minister, deputy ministers and officials coordinated the discussions.