Gov’t pledges to relax laws, to fight illegal trade, to revive tourism, to build estates

 January 13, 2017

The Union Government would relax some laws in order to help private sector, pledging to take stringent measures on illegal trading, said Vice President U Myint Swe yesterday.

At the meeting with entrepreneurs in Yangon yesterday, the Vice President expressed the government’s commitment to development of the private sector, calling on the five working committees under the Private Sector Development Committee he chaired, for carrying on their respective duties in order to assist entrepreneurs in overcoming their challenges in terms of relaxing the laws that no longer comply with the current situations.

“However, as for some parts, it will take time as some laws are to be amended. Yet, we will implement as soon as possible,” said the Vice President.

The remarks come at the second regular meeting with Myanmar entrepreneurs at the meeting hall of the Union of Myanmar Federation of Chambers of Commerce and Industry in Yangon yesterday.

The second meeting is aimed to help solving difficulties, suggestions and submissions of private entrepreneurs and businessmen as soon as possible in accord with rules and regulations.

The first meeting was held on 1st December 2016. The Private Sector Development Committee comprising of 18 members, was formed on October 24, 2016, and held its first meeting with entrepreneurs on 1st December last year.

Five working committees were formed under the committee in order to carry out improvement of laws, rules and regulation, financial sector, trade and investment, redrawing nationalized sector in business on commerce and services and human resources building.
At the meeting, developers suggested the committee to reduce the tax in order to boost the real estate sector including tax over condominium and under K15-million affordable housings. They also discussed issues related to import and export and establishing Health Care Zone in Yangon.

Regarding the affordable housing, Union Minister for Planning and Finance U Kyaw Win suggested the private investors to construct low-cost housings for the pensioners on the land allotted by the government.

Meanwhile, Yangon Region Chief Minister suggested to review 29 industrial zones, which are facing the problem of squatters, in order to run through the Public-Private Partnership model.

Regarding the tourism sector, Union Minister for Hotels and Tourism U Ohn Maung stressed the need to establish a public company to building the tourism fund. He also suggested the entrepreneurs to form companies first before applying license for tourism business.
In the previous meeting, sector on illegal trade, sector on foreign exchange rate, sector on upgrading imports, power supply sector and New Yangon City Project sector discussed 27 matters.