Senior General Min Aung Hlaing stressed that the UMFCCI should actively work to promote the development of production and ensure that businesses operate properly with management to maintain fair pricing and ensure the quality of products.

The Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) held its 34th annual general meeting at the National Theatre in Yangon yesterday afternoon, with an address by Acting President of the Republic of the Union of Myanmar and State Security and Peace Commission Chairman Senior General Min Aung Hlaing.

In his speech, the Senior General said that the government and the private sector are mutually supportive partners, working hand in hand to implement initiatives that promote the nation’s socioeconomic development.

He noted that as a nation, when formulating and implementing economic policies, the government studies and evaluates policies and guidelines that are suitable and adaptable to the changing circumstances before putting them into practice. In successfully implementing the established policy processes, the understanding and cooperation of the private sector play a crucial role.

He underlined that as private entrepreneurs implement the established policy processes on the ground, the government is always ready to address the challenges and difficulties the private entrepreneurs encounter. Likewise, private entrepreneurs can directly report the challenges and policy-related suggestions through the relevant sectors, enabling the government to coordinate and make necessary adjustments as needed.

The Senior General pointed out that since the private sector will play an increasingly important role in the future economic landscape, they have to place emphasis on discussing and providing guidance on how the national economy should be managed based on fundamental national data, and how regional economies should be conducted according to differing local conditions.

He highlighted that through the current dialogue mechanisms between the government and the private sector, effective implementation of processes — until tangible results are evident in the nation’s development and public service operations — can strengthen mutual understanding and foster closer collaboration between the government and the private sector.

He remarked that in striving to achieve Myanmar’s long-term, sustainable, and inclusive economic development, foreign investment plays an indispensable role in strengthening domestic economic sectors, creating employment opportunities, and facilitating the transfer of new technologies and international best practices. International friends and partner organizations can continue to actively collaborate and contribute to creating a mutually beneficial investment environment in Myanmar. Regarding trade, the Senior General emphasized that there are products, onshore and underground mineral resources, and garment-related products. In utilizing mineral resources, it is necessary to focus on industries that produce renewable materials, such as timber and bamboo, as well as water-based product manufacturing.

The Senior General unveiled that a plan is underway to reduce collection of taxes in the near future. The government is taking actions to ensure the best outcomes for the national economy, and on the other hand, it is expected that merchants and industrial and handicraft associations conduct their businesses properly and correctly.

He urged the UMFCCI to actively work to promote the development of production and ensure that businesses operate properly with management to maintain fair pricing and ensure the quality of products. Reducing poverty within the country is a matter of national prestige; therefore, to uphold this prestige, collective efforts should be made to advance the nation’s economic development.

The Senior General spotted that the UMFCCI is necessary to actively participate and cooperate on behalf of the private sector, according to relevant sectors and fields, regarding the nation’s upcoming policies, business processes, suggestions, technologies, challenges faced, and priority matters that need to be addressed.

He expressed his hope that if the cultivation targets are fully achieved, an additional US$8 billion could be earned per year, and if multiple crops are planted, the additional revenue could reach around US$12 billion. By increasing production and exporting products abroad, the country would be able to secure sufficient foreign exchange earnings.

He continued that it is necessary to ensure the economic development of rural communities and to increase the output of agricultural products. Industrial and handicraft entrepreneurs should collectively work to raise the economic standards and improve the living conditions in rural areas.

Concerning the garment industry, he underscored that efforts should also be made to achieve further development beyond the current level. Pawsan rice and coffee already have markets abroad, and efforts should be collectively made to produce other products that can access international markets.

The UMFCCI President extended greetings while the general secretary read the annual report and the financial statement for 2024-25 financial year.

The Senior General had documentary photos taken together with UMFCCI executive committee members and guests.

The Senior General viewed round the booths of the exhibition displayed in commemoration of the UMFCCI 34th AGM.

Also present at the ceremony were Commission Secretary and Joint Executive Chief General Ye Win Oo, Union ministers, senior Tatmadaw officers from the Office of the Commander-in-Chief, the Yangon Region Chief Minister, the commander of Yangon command, deputy ministers and diplomats.

MNA/TTA

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