State Fund to Boost MSME Investment Capital

 

Regional raw material-based value-added manufacturing is the most reliable production method.

 

IF efforts are made with good intentions and a strong commit­ment to working for the development of the coun­try, the national economy will inevitably improve and grow, said President of the Republic of the Un­ion of Myanmar U Min Aung Hlaing, who chairs the MSME Development Central Committee, at the central committee meeting at the Ministry of Industry and MSME Development in Nay Pyi Taw yesterday morning.

 

In his speech, the President underscored that MSME businesses can be operated with a small amount of capital to produce a large num­ber of products. If basic requirements can be met, they can make a signifi­cant contribution to the country’s economy.

 

He noted that MSME activities are being car­ried out with the objec­tives of strengthening the national economy, increasing domestic pro­duction, substituting im­ports, and generating higher foreign exchange earnings through the pro­duction of value-added goods for export.

 

He highlighted that domestic consumption can be sufficiently met, and products can also be exported abroad by devel­oping MSME businesses and increasing produc­tion. Therefore, it is nec­essary to produce goods that meet market demand for good quality.

He stressed that each citizen will also develop greater trust and confi­dence in their country by improving the econo­my, as well as a stronger sense of patriotism and a willingness to defend the nation.

 

The President iden­tified regional raw ma­terial-based value-added manufacturing as the most reliable production method.

 

He spotted that in­vestment capital will be raised for MSME devel­opment through the State economic promotion fund.

 

He emphasized the necessity of developing human resources for ag­riculture and livestock, the state’s primary in­dustries.

 

The President urged all to manage the produc­tion of quality products from cotton, bamboo, rubber, coffee and other crops.

 

Chairman of the MSME Development Work Committee Vice-President (1) U Nyo Saw reported that the dif­ficulties faced in MSME businesses, such as ac­cess to financial capital, technology, markets, hu­man resources, and in­formation, as well as the creation of adequate infra­structure and a favourable business environment, are being addressed through the MSME Agency and regional agencies estab­lished at various levels.

 

Union Minister for Industry and MSME De­velopment Dr Charlie Than, who is also Central Committee Secretary, de­tailed the central commit­tee’s formation, functions, meetings, developmental activities, and Union-level exhibitions.

 

Union ministers, the Central Bank of Myanmar Governor, the UMFCCI President, the Patron of Federation of Myanmar Engineering Societies and officials participated in discussions on the de­velopment of MSMEs with support in relevant sec­tors and the production of human resources.

 

In concluding re­marks, the President pointed out that regard­ing financial investment, banks should support na­tional economic develop­ment by allocating more funds to production and business sectors rather than making large-scale investments in real estate markets.

 

He underlined that, as collective action can create strength, MSME production businesses can also achieve signifi­cant success through the cooperative system.

 

He noted that Myan­mar possesses abundant natural resources, favour­able land and water condi­tions, and a strong founda­tion in many areas. People have to work actually in unity. If efforts are carried out with good intentions and a strong commitment to improving the country, the national economy will undoubtedly improve and develop.

 

Also present at the meeting were Vice-Pres­ident (2) Nan Ni Ni Aye, Commander-in-Chief of Defence Services Gener­al Ye Win Oo, Union min­isters, the Nay Pyi Taw Council Chairman, chief ministers of regions and states and officials. — MNA/TTA