Vice-Senior General Soe Win emphasized that MSMEs are being enhanced with the aim of encouraging domestic products, substituting import commodities, and increasing export volume.

Chairman of the MSME Development Work Committee Vice-Chairman of the State Administration Council Deputy Prime Minister Vice-Senior General Soe Win said so at the 2/2024 meeting of the working committee at the Ministry of Industry in Nay Pyi Taw yesterday afternoon.

Speaking on occasion, the Vice-Senior General underscored that Southeast Asian countries secured 30-50 per cent of MSME to GDP, ASEAN countries 39 per cent, and OECD countries 41.58 per cent.

Moreover, he continued that Southeast Asian countries created 66.87 percent of employment opportunities, ASEAN countries 72.3 per cent, and OECD countries 62.25 per cent.

The Vice-Senior General noted that MSMEs are being enhanced to encourage domestic products, substituting import commodities, and increasing export volume.

He disclosed that as the MSME ratio to GDP is expected to reach some 30 per cent, regional and state MSME agencies need to increase the ratio of MSME to GDP and create more employment opportunities through their OROP (One Region One Product) under the leadership of region and state chief ministers.

So far, he revealed that a total of 102 state-owned factories, 47,119 private owned factories, 33 industrial wards, three special economic zones, and two deep sea ports have been earmarked to encourage MSME operations across the nation.

He highlighted that relevant ministries conducted 387 training courses from January 2022 to date 5,512 times with an attendance of 117,118 trainees, and 875 trainees are attending the courses.

He underlined that in accord with the guidance of the Prime Minister, it is necessary to emphasize the operation of manufacturing and industries, development of services, an increase of State GDP, efficient production of quality foodstuffs and consumer goods at home to reduce import volume, encouragement for the development of MSME businesses, cultivation of quality long-staple cotton to develop production chains cotton, and turning out skilled workers.

He stressed that the working committee formed by the State Administration Council must have efficient governance for the prompt development of MSME businesses. Moreover, the effective governance must conduct selective intervention and adaptive service provision in order to contribute to the MSME businesses, he added.

The Vice-Senior General urged the working committee to strategically invest primary inputs in the correct places while managing human resources, monetary, and inputs under the limit.

Hence, he added that agencies need to correctly choose the mechanisms for conducting domestic and foreign market research based on MSME surveys to enhance work process, give services and guide the work process according to the market demand.

In addition, the Vice-Senior General emphasized that MSME agencies need to pay flexible guidance to potential MSME in order to overcome relevant difficulties depending on market response.

He pointed out that it is necessary to systematically enhance capacity and work

power of the survey and research branches and conduct monitoring and inspection branch formed by the work committee through training.

He highlighted that training courses must be opened continuously for development of human resources for factories from industrial zones operating MSME

businesses.

Secretary of the Work Committee Deputy Minister for Industry U Yin Maung Nyunt reported on accomplishment of minutes of the previous meeting and work progress of the work committee.

Deputy Ministers U Yin Maung Nyunt, Daw Than Than Lin and U Win Shein read the reports to be submitted to the work committee.

Vice-Chairs of the work committee Union MInisters U Win Shein and Dr Charlie Than discussed implementation of the cotton, textile and oil crop measures in accord with the guidance of the Prime Ministers, implementation of policies of MSME, financial measures, and value-added products of agriculture and livestock farms and OROP tasks. Work Committee members Union ministers, the Nay Pyi Taw Council chair, chief ministers of regions and states, deputy ministers and scholars also discussed implementation of relevant sectors, display of MSME products at international expos, conducting of vocational courses, encouragement for development of domestic and foreign market research works, and procedures and frameworks of MSME development.

The Vice-Senior General gave concluding remarks after coordinating the discussions. — MNA/TTA

Source- The Global New Light Of Myanmar

ACCORDING to the interviews in the sandalwood market, Chinese buyers are purchasing as much sandalwood as they can.

There are orders from big local merchants to produce sandalwood sculptures in Myanmar.

“There are orders for sandalwood in the sculpture sector that produces it. Big traders buy it. The Chinese mainly buy it. If the price of Chinese yuan goes up, there is a change in the price. Farmers are growing it in their capacity. Some grow many plantations. China buys as much as they can,” said a sandalwood trader from Pauk Township.

The quality of sandalwood differs depending on its colour.

“There are many varieties. If the core is brown, it is the best. The white core is the second best. And there are pale cores. If there is a fungus in the core, it cannot be sold,” he said. Sandalwood is used in consumer goods such as cosmetics, traditional medicines, furniture, and sculptures.

“If it is over ten years old, it can be cut and used, but if it is more than 15 years, it is better. As far as I know, most of them are planted in Pyin Oo Lwin and Shan State, and they are also grown in upper Myanmar. In Pakokku, Myaing and Pauk of Magway Region, people grow by throwing natural seeds. That is the best way,” he added. —  Thit Taw/ZN

Source- The Global New Light Of Myanmar

STATE Administration Council Member Deputy Prime Minister General Mya Tun Oo, who is Chairman of the Myanmar Investment Commission, attended the 8/2024 commission meeting in Nay Pyi Taw yesterday.

During the meeting, the commission allowed eight new investments in industrial, service, oil and natural gas, transport and communication sectors, including increasing the capital of the ongoing investment activities. The investment amount of these businesses reached US$9.255 million and over K46 billion, creating

1,972 job opportunities.

Electric vehicle assembling projects were included among the permitted businesses.

Among 53 countries and territories that have invested in Myanmar until the end of August 2024, Singapore, China and Thailand are the leading investors in 12 economic sectors, with 28.43 per cent of the total investment in the energy sector, with 24.39 per cent in the oil and natural gas sector and 14.46 per cent in the manufacturing sector. 

The Myanmar Investment Commission verifies and approves the investment proposals submitted by domestic and foreign investors. Investment services for current investors are being provided under the Myanmar Investment Law. MNA/KTZH