Economic Committee needs to persuade businesspersons to invest in agriculture, livestock and manufacturing industries directly benefiting the State and the people
Two terms of democratic government left more than US$12 billion each of trade deficiency, totalling some $25 billion. These trade deficiencies were propped with cash assistance and loans, said Chairman of the Economic Committee Chairman of the State Administration Council Prime Minister Senior General Min Aung Hlaing at the committee meeting 7/2023 at the SAC Chairman Office yesterday morning.
Amid sanctions and destructions, the Senior General recounted the government strived to promote the State economy to hug above nine per cent of GDP (+3 per cent of GDP in the 2021-22 financial year from -5.9 per cent of GDP in 2019-20 FY).
Currently, the government spends more than US$600 million on the import of cooking oil yearly. Hence, the State economic promotion fund was allotted to ensure local oil sufficiency, with a plan to increase the production of cooking oil at home in 2025 and to shape the country to become an oil exporter country.
The Senior General recounted that attempts were made to hinder the ways for the country not get deserved foreign exchange so as to face economic crises, adding that unscrupulous persons made misinformation to raise commodity prices.
The Senior General stressed the need to prioritize the businesses to have a quick win and instructed officials to take action against manipulators of the commodity prices under the procedures.
The Economic Committee needs to persuade businesspersons of investing in agriculture, livestock and manufacturing industries directly benefiting the State and the people, urging them not to do businesses which can be easy to earn incomes.
As neighbouring countries expose the operation of trade and services based on illegal remittance agencies (Hundi), action must be taken against Hundi agencies that harm the State economy whereas the trade process should be done in linking banks for monetary affairs.
The Senior General pointed out that some banks have not been operating their processes in a correct way since the current government took office. As such, it is necessary to systematically monitor the work processes of banks.
The Senior General underscored that it is necessary to implement Kyaukpyu, Dawei and Thilawa special economic zones to have quick progress to benefit the State and neighbouring and regional countries. Likewise, projects of Kyaukpyu and Dawei deep seaports must be implemented as quickly as possible.
The government must provide impetus to the businesspersons doing business to contribute to the State economy.
The Senior General pointed out that agriculture and livestock zones and industrial zones must be supervised to allocate the land plots to those who will actually run the businesses.
Regarding the tourism sector, the Senior General urged regional and state authorities to make preparations for enhancement of the inbound and outbound tourism services in the open season, and they all must review the measures of State economic promotion.
The Senior General gave guidance that relevant ministries have to cooperate with companies in building crude oil mills and oil refineries at the strategic sites for the production of cooking oil. Use of cultivable lands in other ways must be supervised under the rules and regulations.
Operating economic zones is the best to expedite the momentum of the State’s economic promotion. Officials need to restrict the process for businesspersons not to spend unnecessary payments along the trade routes.
The Senior General stressed the need to upgrade border trade camps in Kampaiti, Muse, Chinshwehaw, Tachilek and Myawady. He unveiled that the government is considering the construction of the Muse-Mandalay railway as well as the Chinshwehaw-Lashio railway. The project of railway from Kyaukpyu deep seaport to Mandalay is being implemented for the improvement of commodity flow. The Senior General instructed officials to strive for the resumption of the Tamu road contributing to the India-Myanmar-Thailand tripartite communication route.
In conclusion, the Senior General underscored that the export of commodities should not harm local consumption, urging all to try hard to secure success in the implementation of the projects.
Source: The Global New Light of Myanmar