Surviving Despite Challenges: SMEs Entrepreneurs Get Ready for Business Resumes

The COVID-19 global pandemic had a great impact on the economy in Myanmar, especially the small and medium enterprises (SMEs).

According to SME Development Department, more than 38,000 SMEs have been registered across Myanmar with over 30,000 small and about 8,000 medium enterprises as of November 2020. Yangon Region has around 7,000 SMEs, followed by Mandalay Region with over 6,300 and Ayeyawady Region with over 4,100.

One of the small industry owners who run a footwear business stressed the situation to be back in normalcy despite challenges still not over during the COVID-19 crisis.

Local Entrepreneur, MX Shoe, Soe Moe Aung: "Not only in Myanmar, but the whole world is also suffering this crisis. Our factories have been closed and have a great impact on the business. But I make preparations to run immediately after the COVID period. I plan to distribute the new designs of shoes to the markets. So, I am wishing to end the COVID pandemic. During this period, we face losses and difficulties but I strongly believe to run my business as usual."

Since Small and Medium Enterprises (SMEs) are the driving force for the socio-economic development of the country, the Government is laying down short and long term visions for the development of the sector.

SME Development Center was established in April 2012, and SMEs supporting program is being carried out continuously by enforcing the SMEs Development Law in April 2015, SMEs Development Rule in December 2016, SMEs Development Policy in December 2015 to reduce the barriers and to be competitive.