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Full capacity running of internal production businesses is important for national economic development, Chairman of the State Administration Council Senior General Min Aung Hlaing said at the 1/2023 meeting of National Planning Commission held in Nay Pyi Taw on 21 March.
The Senior General said the internal production businesses will ensure local food sufficiency by fulfilling the food demand. Moreover, the country will be able to reduce imports and increase exports.
A strong production sector will generate job opportunities. Hence, efforts should be made to develop all parts of the production chain, he added.
During fiscal year 2020-2021 starting from October 2020 to September 2021 there was a 5.9% drop in economic growth. But the nation saw a 2.4% economic growth in the six-month interim period and 3.4% economic growth in the first six months of fiscal year 2022-2023. The provisional estimated growth for the whole fiscal year is 3.4%, according to the relevant departments, the Senior General said.
Efforts should be made with added momentum for development of the farming and MSMEs, which are permitted to receive financial aid from national economic development fund, and for fulfilling the local demand more, he continued.
The Senior General urged that multiple means must be applied in inviting more local and foreign investment for the country, and the investment projects must be launched in time with the effective departmental coordination.
Also present were Vice Chairman of the commission SAC Vice Chairman Deputy Prime Minister Vice-Senior General Soe Win, commission member Union ministers, the Union auditor-general, the Union Civil Service Selection Board chairmen, the Central Bank of Myanmar governor, the Nay Pyi Taw Council chairman and deputy ministers. Chairmen of regions and states and self-administered area leading bodies took part in the meeting through video conferencing.
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