More Economic Zones Needed to Boost Manufacturing: MIDA

Businesses and economists suggested that economic growth would depend on a growing manfacutring sector, liberalisation and revising the governing framework of different sectors.

Deputy minister for the Ministry of Commerce, U Aung Htoo, said that the ministry would boost export and simplify procedures for trade and exports. The comments were made to follow up the remarks made by U Kyaw Win, Union Minister for the Ministry of Planning and Financing during an interview after an investment forum on June 6.

Currently, the NLD-led government is trying to attract more investments by revising old regulations and legislations, and has released updates and directions in order to implement those revised laws. The working committee and sub-committees have been already formed to liberalise different sectors and to tackle corruption and red tape.

Top priorities including filling the infrastructure gap, improving access to financing and to technology – these remain major challenges for the economy and businesses.

Some businesses and economists at the investment forum said the government’s rhetoric to improve the business climate is rather vague.

“I think the new government has already prepared to boost the economy last year, and then they declared the economy was ready to take off,” said U Khin Maung Nyo, an economist.

U Khin Maung Nyo added that the government has revised legislations and regulations, formed new committees, and made liberalisation – now they are confident in really bolstering the economy.

“If the government can intensively push forward those three initiatives, it would really be a good sign. So we have to look carefully if the government can do it or not,” he said.

The investment forum was organised by Myanmar Investors Development Association (MIDA). The MIDA was founded three years ago and is led by U Khin Maung Aye, CB Bank chair.

“We need more economic zones to boost the economy because economic zones can help develop the manufacturing sector.

“Without much production, we can’t grow the economy. Our neighbouring countries approached economic growth by focusing on manufacturing as well.

“Of course, we have an enormous need for building the country’s infrastructure, but we can’t wait till they are all fully done. We need to do things in tandem with our infrastructure development,” U Khin Maung Aye said.

 

Source: The Myanmar Times

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