Mawlamyine, November (27)
Economists and businessmen have criticized the coup council’s efforts to develop all aspects of Micro, Small and Medium-sized Enterprises (MSMEs) as ineffective because they are incompatible with the conditions on the ground.
After the military leader established a fund of 400 billion Kyats for the growth of the country’s economy, he said at a meeting of the Financial Commission held in Nay Pyi Taw on November 24 that he will establish additional budgets for the development of MSMEs.
The junta leader declared that manufacturing industries must be encouraged and that efforts must be made to manufacture products first to meet domestic demand before exporting them to other markets.
Even though the military leader promised to speed up the export of goods from MSMEs, he hasn’t been able to provide electricity on the ground in a timely manner.
A garment business owner said that after the military coup, he was struggling to run his business due to power outages and the skyrocketing price of raw materials.
The military leaders also stated that plans must be developed in the fiscal years 2022–23 and 2023–24 to encourage agriculture, livestock, and rural development for the socio-economy of the people.
After the military takeover, there have been frequent power outages in Myanmar, and there are now just two to three hours of electricity accessible each day as opposed to the previous five hours.
Additionally, MSMEs are unable to recover due to the impacts of the military coup, such as inflation-driven high fuel and commodity prices.
An economist pointed out that in order to redevelop MSMEs, political stability should be prioritized instead of imposing policies and restrictions.
There are over 45,000 MSMEs registered under the Private Industrial Enterprise Law, and over 250,000 enterprises registered with other Ministries.
However, following the military takeover, businesspeople have noted that MSMEs require loans and other assistance in order to maintain regular operations and long-term sustainability.
News-Than Lwin Times