To effectuate the development of local businesses, the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) will give guidance on the needs in seven different sectors — agriculture, construction, energy, manufacturing, tourism, technology and finance, said U Zaw Min Win, the chairman of UMFCCI.
The UMFCCI will submit an assessment report in each sector to the government by April, 2017 in which the government will negotiate the matters concerning private sector development. The federation will put an idea about the needs for development activities of local businesses.
The government subsidies in the private sector can bring about benefits for local businesses.
The development plan will be drawn up by local experts in cooperation with foreign experts.
To improve the private sector, there are weak points in law, procedures, monetary market and other areas.
The government and private sectors need to join hands to fulfill the requirements and to create a better opportunity, it is learnt.
Source: Global New Light of Myanmar
