Master plan for MSMEs to be released in February

The government plans to release its master plan Micro, Small and Medium Enterprise (MSME) in February 2020, said U Min Ye Paing Hein, deputy minister for the Ministry of Planning, Finance and Industry.

MSMEs form more than 99 percent of the economy and the sector’s development cannot be ignored as it is crucial to the country’s growth, said U Aung Htoo, the Deputy Minister of Commerce.

Discussions regarding the plan’s approval have already been conducted this month, he said during the MSME Agency and Regional MSME Action Plan Introduction Ceremony held in Nay Pyi Taw yesterday.

The master plan lists eight goals including developing human resources, existing markets and new markets, introducing new techniques, improving access to loans, clarifying rules and regulations as well as providing infrastructure, support and training.

Many MSMEs now face challenges in getting the necessary loans and some of their difficulties are due partly to the policy changes of the government. The business environment could improve if the relevant ministries ease certain restrictions in the policies and processes.

But U Aung Htoo said although many MSMEs are struggling, more than 100 businesses are found to have achieved varying degrees of success at the international level. So, by reviewing the experiences of these businesses, more can be done to make the next year a better one for the MSME sector.

In addition, he urged traditional MSMEs to take up modern technologies for their businesses.

Source: Myanmar Times

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