23 December 2022
THE government is giving encouragement to the development of micro, small, and medium-scale enterprises as part of managing the manufacturing of products as an import-substitute measure and promotion of export volume. It emphasizes the improvement of the manufacturing sector among trading, service and other sectors in the MSMEs.
MSME business plays a key role in the development of the State economy. So, the MSME Development Law and policy were enacted in 2015 and by-law in 2016 in order to create new job opportunities. Although more than 40,000 MSMEs have been registered across the nation, the majority of products do not get good prices in the market due to low quality. Practically, the root cause of low quality depends on outdated machinery and technology and lesser developed human resources.
As Myanmar is able to practically manufacture the products such as foodstuffs, beverages, textiles, garment products, leather products, finished wood products, medicines and botanical products, rubber and plastic products, minerals, basic metal products, furniture, agricultural produce, livestock and forest products, priority must be given to manufacturing measures. It is because these products can be produced with an adequate volume of raw materials at home without technical requirements.
It is important to create good environments for developing MSME businesses and fulfilling other requirements in addition to protecting the domestic market for locally made goods. Moreover, authorities need to levy increased tariffs against imported goods similar to locally made products, effectively suppress and eradicate illegal trade activities and eliminate corruption cases so as to develop MSME businesses.
As now is an opportune time for entrepreneurs to strive for improvement of their businesses to achieve success with new ideas and strength in manufacturing high-quality products to be able to penetrate foreign markets as the government is encouraging MSME businesses for booming the State economy.
Anyone should not underestimate domestic raw materials. It is because a lot of these materials are available in relevant regions, and these are cheaper ones but high quality to be used in manufacturing. As such, MSME products should be manufactured with the use of domestic raw materials in relevant regions by saving production costs and minimizing loss and waste.
Up to now, most global countries are relying on MSME businesses to booming their economy. It shows a sound foundation can contribute much to the construction of great buildings. So also, the united strength of MSME businesses will be a reliable strength for the State economy.
