CNI News

25 Dec 2022

Emphasis must be placed not on the economic interests of a certain group of people but on inclusive economic development, said SAC Chairman Snr Gen Min Aung Hlaing.

He made the comment at the meeting with the Union of Myanmar Federation of Chambers of Commerce and Industry and afficialiated association in Yangon on 23rd December, 2022.

As the objectives of MSMEs are to encourage domestic economic development and to substitute imports, priority is given to the manufacturing sector that promotes domestic economic growth, according to the chairman.

He said, "The first and second democratic governments gave priority on imports rather than on domestic manufacturing, causing trade deficits. Giving priority to domestic manufacturing is more beneficial. As it is necessary to improve the economic conditions of the majority of the people, the government is promoting inclusive development rather than the interests of a certain group of people."

He added that efforts for economic growth were exerted through various systems and the market economic system was introduced during the term of the military government. The market economy was further developed when the country took the multiparty democracy system. The UMFCCI is urged to fully cooperate with the government for the economic development of the country.

Currently, the gap between the rich and the poor has widen and successive governments were not able to solve the problem.

Meanwhile, as inflation has risen and commodity prices have increased, the public has urged authorities to control the prices as well as to create job opportunities and enhance personal security.