MSMEs for Economic Development : VSG addresses the Work Committee meeting

A Work Committee on the Development of Micro, Small, and Medium Enterprises held its meeting in Nay Pyi Taw on Wednesday. Chairman of the Work Committee, Vice Chairman of the State Administration Council, Deputy Prime Minister Vice Senior General Soe Win attended the meeting and delivered a speech.

He highlighted the critical role of geographic conditions in the nation's economic development and underscored its significance for achieving peace, prosperity, and socio-economic progress. Vice Senior General Soe Win emphasized the need to promote the long-term sustainability of MSME businesses while working towards increasing the country's GDP through the enhancement of regional product production.

He urged all participants to strive for the comprehensive development of the trading and service sectors, especially in producing agriculture and livestock products to ensure food security within the country. Import-substitute product manufacturing and the export of surplus goods were stressed, with a focus on utilizing local raw materials and ensuring timely market distribution.

The Vice Senior General also highlighted the changing trends in technology, innovation, and digitization as pivotal for MSME development. He called for the establishment of Incubation Centers to support start-up businesses, facilitate market networking, and expand international market access.

Vice Senior General Soe Win commended the successful cooperation among MSME agencies, led by the Chief Ministers of Yangon and Mandalay Regions and the Thilawa Special Economic Zone Management Committee. They generated over 6.5 billion kyats and over 28.4 million US dollars from January to August this year. He urged a continued focus on exporting new products and fostering collaboration among agencies to meet the demand for import-substitute products.

Furthermore, he stressed the importance of implementing Industrial Linkage Promotion Plans with three primary objectives: supporting local products, substituting imported items, and exporting surplus goods. The meeting progressed with officials presenting updates on their work undertakings. In response to these reports, Vice Senior General Soe Win coordinated the necessary actions and provided concluding remarks.