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UMFCCI to team up with international organisations for import substitution

The Republic of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) will cooperate with international organisations to develop import substitution, said U Ye Min Aung, vice president of UMFCCI.

“Domestic products cannot keep up with imported goods. We need to track the standards, specifications, customs duty and quota plan. We will study how other countries such as Thailand, Viet Nam and China make import substitution policies. Having studied the know-how to develop import substitution in neighbouring countries, we have a plan to pursue it, focusing on the promotion of domestic production,” said U Ye Min Aung.

Currently, the production of import-substitution enterprises is decreasing, as they cannot keep pace with imported products.

“In the washing powder industry, there were some four or five factories, and now only one has survived, while the remaining are forced to shut down their operations. This also harms employment opportunities for the local people. We need to discuss this anti-dumping practice with the government,” U Ye Min Aung maintained. This being so, the development of small and medium enterprises is crucial to compete against the international market, create market share for domestic enterprises, get access to loan plans and share good opinions with the producers, he noted.

Source : Global New Light of Myanmar

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