Yangon Region Chief Minister Phyo Min Thein has called for efforts to develop the banking system that serves as a vehicle to national economy. 

He made the remark during the 28th annual general meeting of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) held at LOTTE Hotel in Yangon. 

"We need to make efforts for further development of our banking system for the improvement of micro, small and medium enterprises and for the success of Myanmar's economy," said the chief minister. 

There are over 70 brother associations under the UMFCCI and the success of the federation goes together with that of the private sector in the country, he said. 

"Such an effort plays an important role in our democratic transition and economic reform. This is why the government is encouraging the efforts of the UMFCCI. MSME development is important for private sector. Ninety percent of the country's businesses are MSMEs. So the UMFCCI exists as an important role model," the chief minister commented. 

He also called for government-private cooperation in the continued implementation of Myanmar Sustainable Development Plan.