The government is working together with the private sector to promote locally produced goods, including those made in the states and regions beyond Yangon. The aim is to export the goods and narrow the trade deficit, which is in line with the National Export Strategy.
Last week, the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) together with the government held the Unique Product, Unique Region workshop in Pathein township, Irrawaddy State.
The workshop aimed to showcase, identify and promote products made in Pathein with export potential. Local businesses such as Pathein Umbrella, Pathein Pawsanhmwe Rice Enterprises attended the workshop.
The UMFCCI is raising efforts to connect more products made by local small and medium enterprises (SMEs) to the National Export Strategy, which now prioritises products such as beans, pulses and oilseeds, fisheries, forestry products, textiles and garments, rice and rubber.
Among the goods produced by local SMEs that are currently exported is the iconic Pathein umbrella, which is now being sold in Europe. “Our products are quite popular in Europe, especially Germany. Now, we are looking to export to the UK and US,” said a representative from Pathein Umbrella.
The company has already met with the UK embassy to discuss export opportunities and will meet with the US embassy soon. Pathein umbrellas are coveted for use as decorative pieces at beaches, resorts, shops and homes.
“We are trying to help the SMEs across the states and regions grow and promote their goods so that will be fit for exports under the National Export Strategy,” said Daw Khine Khine Nwe, Joint Secretary General of the UMFCCI.
Myanmar exports hit their highest level in 50 years in 2017-18, with rice exports estimated to have increased to 2.5 million-2.8 million tonnes compared to the previous estimate of 2.2 million tones. Garment exports also increased.
However, improving rice and garment exports were not sufficient to narrow the current account deficit, now 5pc of GDP compared to 3.9pc last year. Imports, driven by strong domestic consumption of overseas goods and demand for capital goods to supply infrastructure projects, grew 12pc during the year, according to the Asian Development Bank (ADB).
Based on the ADB’s estimates, the current account deficit will widen further to 5.4pc of GDP over the same period.
Source: Myanmar Times
To see the original article click link here
