Myanmar President U Min Aung Hlaing said soaring commodity prices remain the country’s biggest economic challenge, attributing them to an imbalance between supply and demand and rising production costs.

Speaking at a Union Government meeting in Nay Pyi Taw on July 7, he stressed that boosting domestic production is essential to stabilizing prices. He said higher production would increase exports, generate more foreign currency and help balance the country’s income and expenditure, easing inflationary pressures.

The president also called on ministries and regional governments to expand agricultural exports, noting that rice and other farm exports declined last year. He urged greater private investment in agriculture and emphasized increasing rice production for export.

U Min Aung Hlaing further highlighted the need to accelerate agro-based industries, strengthen micro, small and medium-sized enterprises (MSMEs), promote tourism, improve product quality and packaging, and increase value-added exports instead of shipping raw materials. He also urged officials at all levels to work more effectively to drive economic growth.