State Fund to Boost MSME Investment Capital

 

If efforts are made with good intentions and a strong commitment to working for the development of the country, the national economy will inevitably improve and grow, said President of the Republic of the Union of Myanmar U Min Aung Hlaing, who chairs the MSME Development Central Committee, at the central committee meeting at the Ministry of Industry and MSME Development in Nay Pyi Taw yesterday morning.

In his speech, the President underscored that MSME businesses can be operated with a small amount of capital to produce a large number of products. If basic requirements can be met, they can make a significant contribution to the country’s economy.

He noted that MSME activities are being carried out with the objectives of strengthening the national economy, increasing domestic production, substituting imports, and generating higher foreign exchange earnings through the production of value-added goods for export.

He highlighted that domestic consumption can be sufficiently met, and products can also be exported abroad by developing MSME businesses and increasing production. Therefore, it is necessary to produce goods that meet market demand for good quality.

He stressed that each citizen will also develop greater trust and confidence in their country by improving the economy, as well as a stronger sense of patriotism and a willingness to defend the nation.

The President identified regional raw material-based value-added manufacturing as the most reliable production method.

He spotted that investment capital will be raised for MSME development through the State economic promotion fund.

He emphasized the necessity of developing human resources for agriculture and livestock, the state’s primary industries.

The President urged all to manage the production of quality products from cotton, bamboo, rubber, coffee and other crops.

Chairman of the MSME Development Work Committee Vice-President (1) U Nyo Saw reported that the difficulties faced in MSME businesses, such as access to financial capital, technology, markets, human resources, and information, as well as the creation of adequate infrastructure and a favourable business environment, are being addressed through the MSME Agency and regional agencies established at various levels.

Union Minister for Industry and MSME Development Dr Charlie Than, who is also Central Committee Secretary, detailed the central committee’s formation, functions, meetings, developmental activities, and Union-level exhibitions.

Union ministers, the Central Bank of Myanmar Governor, the UMFCCI President, the Patron of Federation of Myanmar Engineering Societies and officials participated in discussions on the development of MSMEs with support in relevant sectors and the production of human resources.

In concluding remarks, the President pointed out that regarding financial investment, banks should support national economic development by allocating more funds to production and business sectors rather than making large-scale investments in real estate markets.

He underlined that, as collective action can create strength, MSME production businesses can also achieve significant success through the cooperative system.

He noted that Myanmar possesses abundant natural resources, favourable land and water conditions, and a strong foundation in many areas. People have to work actually in unity. If efforts are carried out with good intentions and a strong commitment to improving the country, the national economy will undoubtedly improve and develop.

Also present at the meeting were Vice-President (2) Nan Ni Ni Aye, Commander-in-Chief of Defence Services General Ye Win Oo, Union ministers, the Nay Pyi Taw Council Chairman, chief ministers of regions and states and officials.

MNA/TTA

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