Thein Sein meets top entrepreneurs

Nearly all the top entrepreneurs, including Tay Za, Chit Khaing, Aike Tun, Nay Aung, Tun Myint Naing, Thein Wai (or) Mr Serge Pun, Ko Ko Htway, Kyaw Win, Zaw Zaw, Aung Ko Win, Yan Win, Zaw Win Shein, Maung Weik, Thar Htay, Myat Thin Aung, Htay Myint, Thein Tun, and Khin Maung Aye attended the meeting, which was billed as a discussion between the president and entrepreneurs from private businesses and representatives from economic organisations.

Among the entrepreneurs present, some are involved in various sectors and have a monopoly over the economy.

Besides the president, other cabinet members present included the Ministers of the President’s Office Soe Thein, Aung Min, and Tin Naing Thein; Commerce Minister Win Myint; Construction Minister Kyaw Lwin; Environmental Conservation and Forestry Minister Win Tun; Transport Minister Nyan Tun Aung; and other ministers and deputy ministers. Also attending were Yangon Region Chief Minister Myint Swe, and members of the President’s National Economic and Social Advisory Council.

In his opening speech, Thein Sein said that the reason for the meeting was, “to listen to the economic challenges and situations of entrepreneurs who are actually working in the field. Only then can we politically address the difficulties and desires of the private businesses which play a leading role in the economic development of the country.”

Regarding the economic instability of the country, the President said: “If one looks back at Myanmar’s history, he or she will find that we still have not been able to possess a stable national economy. Especially after we gained independence, if one looks at the national economic models selected and implemented by various political systems, he or she will find that these models have not been able to accomplish economic successes and country development. The country’s economy will develop only when private businesses develop as they make up 90 percent of the economy, so we have been undergoing economic reforms from the basics during our government’s office term.”

Some of the crucial reforms implemented by the government include stabilising foreign currency exchange, reforming the banking system, and introducing an independent central bank system. All these have helped the government change other financial and budget policies, the president said.

More than 200 people, including representatives from the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) and economic organisations, submitted reports to the president on the difficulties they have been facing.

The entrepreneurs discussed the challenges in various sectors including electricity, investment, and tax difficulties faced by industrialists and small- and medium-sized enterprises, financial investment in the tourism sector, requirements of the rice sector, the restriction on high-rise buildings for the construction sector, and technological challenges in the textile industry. There were also submissions on the high cost of animal feed, a request for the government to grant tax-exemptions for the import of animal feed in the fishery and livestock sector; a request to lower the taxes for gems entrepreneurs and set down a clear policy for the gems sector; and a request for the government to carry out its investment and financial changes slowly and correctly.