UMFCCI suggests four points for the country’s economy

 

Zaw Min Win, President of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) submitted the four-point suggestion to Myanmar State Counsellor Aung San Suu Kyi.

On August 27, Myanmar State Counsellor Aung San Suu Kyi held a talk with local entrepreneurs at Nay Pyi Taw.  

The four points are: export promotion, investment promotion, import-substitution and reducing heavy reliance on dollar.

“It can be said that currency depreciation against US dollar can develop export sector normally. But rampant foreign currency fluctuation in a short period of time may have a big impact on the country’s economy,” he said.

In addition, he also suggested that for the export promotion, the government should review the overall supply chain system, exercise demand-based agricultural policy for export promotion, open import-supported banks as quickly as possible and provide tax incentives to marketable products. He also called for the swift formation of National Export Promotion Council (NEPC) through cooperation between the government and private to effectively carry out the export promotion.

The government should allow the expansion of overseas banks into Myanmar which will bring their own stash of foreign currencies to the country and ensure the actual inflow of investment amounts proposed by foreign investors at Myanmar Investment Commission (MIC).

He also suggested that the government should pay more attention to import-substitute businesses as they can reduce trade deficit levels and create more employment opportunities. It also needs to effectively control illegal trade.

He called on the government to strictly control price fixing of products, buying, selling and settlement in dollar and implement a plan to carry out trading in currencies of neighbouring countries quickly in order to reduce the reliance on dollar.

For the effective implementation of four major points and sustainable development of businesses, the relations of agricultural, industry, trade and economic policies is crucial. In doing so, views, experience and suggestions of the private sector are to be taken into account. The government needs to a policy discussion platform where the government and private businesses can hold regular meetings.

Local gold price hit a record high of Ks-982,500 and the value of a dollar stood at between Ks-1540 and Ks-1560, on August 28.