State-owned factories must be operated with benefit, said Chairman of the State Administration Council Prime Minister Senior General Min Aung Hlaing at the State economic promotion meeting at the SAC Chairman Office in Nay Pyi Taw yesterday afternoon.
Myanmar embraced 3.2 per cent increase of State economy in 2022-23 financial year. The Senior General expressed his review that economic change of the country depended on trade and incomes as well as human resources. Myanmar stood seventh to eighth positions in GDP in ASEAN countries. Thai’s GDP stood with US$536.16 billion, Malaysian GDP US$407.923 billion, Viet Nam’s GDP US$406.452 billion and Myanmar’s GDP US$60 billion. These countries’ export position of agriculture and livestock farm is very different from Myanmar.
Lesser volume of Myanmar’s agriculture sector participates in the GDP of the nation. Myanmar cultivates 14.9 million acres of monsoon paddy this year, and more than 13 million acres of land are farmlands. Of them, 6.6 million acres of farmlands are placed under the double crops and 7.3 million acres under beans, sunflower, tapioca or other crops. If one acre of crop produces K1 million worth of products, the country will get products worth K7,300 billion. If so, participation of agricultural sector in the GDP will increase.
Oil crop cultivation was undertaken on 800,000 acres of land without oil palm in 2022-23 FY. It may yield 690,000 tonnes of oil. All oil crops can be produced for 126.2 per cent of oil sufficiency. If all cultivation of oil crops is undertaken, oil sufficiency of the nation will be 249.5 per cent. The Senior General also highlighted cultivation of cotton, kitchen crops, coffee, tea and livestock breeding farming tasks.
The Senior General underscored that the country faced more than $12 billion of trade deficit from 2011 to 2016 and $12.61 billion from 2016 to 2021. The government solved the spending of foreign currency from the international aid and loans.
The Senior General urged all to practise the thrift for spending the money except necessary spending without fail. Hence, people need to use locally made products instead of imported ones.
The Senior General noted that the government will import necessary volume of fertilizers for agriculture sector. Moreover, it is necessary to use natural fertilizers and bio-fertilizer for the agricultural farms.
The Senior General said that power generation projects were suspended and cancelled in the previous government terms. So, the country is not sufficient in electricity. Hence, it is necessary to generate electricity from small scale hydropower plants and solar power projects.
Deputy Prime Minister and Union Minister for Planning and Finance U Win Shein reported on restrictions in promotion of State economy and solving ways, GDP increase from 2020 to 2023 in financial years, development of agriculture, industry and service sectors, disbursement from State economic promotion fund, inflation rate, and management for State owned enterprises.
The chairman of Nay Pyi Taw Council and chief ministers of regions and states also presented reports on undertaking for development of MSME, local food sufficiency, expansion of agriculture and livestock farms, increase of export volume, incomes of foreign exchange, and opening of industrial, agriculture and livestock schools.
SAC members, Union ministers and senior military officers reported on reform for State owned enterprises and industries for having economic effectiveness, betterment of market economic system, assistance for MSMEs, capital, quality seeds, inputs and techniques for boosting production of agriculture and livestock farms.
In his speech, the Senior General said if groundnut and sesame oils are produced at home, the country will have oil sufficiency. He urged region and state authorities to manufacture tyres and tubes in relevant states and regions. It is necessary to restrict illegal trade which can harm incomes of the State.
In his concluding remarks, the Senior General stressed that State-owned factories must be operated with benefit. Agriculture and livestock products are sure raw materials of MSME businesses. Human resources are being turned out for operating manufacturing process which plays a key role in promotion of State economy. The Senior General urged all region and state chief ministers to arrange learning of all school-age children to have school education and techniques.
MNA/TTA
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