Myanmar's economy has declined since 2018 but it has now stabilized and improved, said Senior General Min Aung Hlaing, chairman of the State Administration Council (SAC) on October 18 while meeting with the MSME entrepreneurs at the State Hall in Mawlamyaing, Mon State.
In the meeting, Senior General Min Aung Hlaing said that in the past there was no encouragement for domestic manufacturing, but only imports and consumption from abroad resulted in domestic needs. We are working to reduce the importation of basic consumer goods and food products that can be produced locally from abroad, and we are doing so because of the large foreign deficit. Similarly, we are encouraging enough production for food, drinks and consumer goods by improving domestic manufacturing activities. Due to the control of imports from abroad, domestic industries are strengthened and jobs are abundant. In the past, Although difficulties have arisen due to the high manufacturing costs, lack of raw materials, not getting enough fuel and energy occurred in the production of cement and technical requirements, now they have taken steps to restore operations. He said that since 2018/2019, the country's economy has declined, but now the country's economy has stabilized and improved.
Manufacturing needs raw materials, fuel and electricity. Many electricity projects were implemented in our country, but they were stopped due to various reasons. Therefore, there are domestic electricity needs, and on the one hand, fuel and gas prices have risen. At present, solar power generation activities are being carried out. In Mon State, solar power generation activities can be carried out for a period of time. If the factories use solar energy, it will save the cost. Therefore, he wants them to make efforts to produce electricity using solar energy, he said.
In some countries, electric vehicles are being used for public transportation to save fuel. We are making efforts to use the transportation system that uses electricity in the country. The fuel needed for vehicles and motorcycles that are used daily has to be imported from abroad, so there is a cost of spending foreign currency. Therefore, efforts are being made to implement a transportation system that uses electricity to save fuel. If this can be done, the cost of fuel will be greatly reduced, and it will bring many benefits to the nation, said Senior General Min Aung Hlaing.
The meeting was attended by the joint secretary of the council, Lt. Gen. Ye Win Oo, Union Ministers U Win Shein, Dr. Kan Zaw, U Tin Htut Oo, U Hla Moe, Dr. Charlie Than, U Aung Naing Oo and Mon State Chief Minister U Zaw Lin Tun, Chief of General Staff (Army, Navy, Air) General Maung Maung Aye, senior military officers from the Office of the Commander-in-Chief of Defence, Commander and officials of the Southeast Regional Command, State government members and Myanmar Entrepreneurship and Micro, Small & Medium Enterprise (MSME) in Mon State.
