Myanmar should develop domestic production to grow local economy: Czech Republic

Myanmar should enhance domestic production and develop its local markets, says Martin Tlapa, Deputy Minister for Foreign Affairs of the Czech Republic, during a talk entitled “Economic Transition: The Czech Experience and its Relevance for Myanmar” last week.

In sharing appropriate approaches with Myanmar, Mr Tlapa said Myanmar should enhance the production of domestic products and raise their quality to international standards.

At the same time Myanmar must also boost foreign trade and work to ensure its people are experienced and knowledgeable. All this will require investments in technology, the help of partners, the support of the government and strong systems, Mr Tlapa said.

“The country’s economic development will require constant monitoring, management and funding. Large amounts of foreign investments will be needed to develop Myanmar’s infrastructure,” he said.

The deputy minister told The Myanmar Times the Czech Republic is looking closely into investment opportunities in Myanmar, citing the energy and water treatment sectors of Myanmar as areas with promising potential for investments.

At present, trade ties between Myanmar and the Czech Republic offer good prospects, he said.

Currently, the Czech Republic’s Zetor Tractors Co exports its product to Myanmar and Myanmar exports rice and other goods to the republic.

According to the Myanmar’s Ministry of Commerce, in 2017, the trade volume with the Czech Republic stood at more than US$22million. In the first six months of last year, volumes reached US$12 million.

The trade volume between the two countries for the first quarter of this year reached US$5.5 million.

Source: Myanmar Times

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