CNI News
2 July 2023

If everything necessary was imported without exporting anything, the need of foreign currency would increase, said Sn.Gen Min Aung Hlaing, chairman of the State Administration Council during the national economic promotion meeting that was held on 30th June 2023.

Although Myanmar has a good basis for domestic production, because the production was not encouraged, a lot of products are imported. For example, millions of dollars are being spent on dairy products, papers, bicycle and motorcycle tires which were produced in local in the past. But because the production was not encouraged, the factories had to stop, he said.

The GDP will increase in the agricultural sector and the industrial sector by increasing paper manufacturing industry, dairy production industry; rubber-based industries and cotton textile manufacturing industry, he added.

" When the State Administration Council has taken the responsibilities of the State, international sanctions have imposed. Various sanctions have imposed so as not to enable us to spend foreign currencies that we have already had and not to enable us to gain the foreign currencies earned from exporting products.    

If everything necessary is imported without having any exports,the need of foreign currencies will increase. So, manufacturing industries are responsible to manufacture products as able as they can." he said.

Then, he said that to spend frugally and systematically in order to avoid waste was needed and only when austerity could be conducted in detail, local budget deficits and foreign currency deficits could be reduced.

So, rather than purchasing products from abroad, Myanmmar people need to purchase and use local products State and regional governments needed to promote regional production to meet the regional consumption and then to meet domestic consumption and then to export.

The most reliable industries for domestic production are agricultural and livestock industries which must be promoted without failure by the states and regions, said Sn.Gen Min Aung Hlaing.

After that, paper, rubber, dairy products and cotton textile should be produced in local as able as the people concerned can to replace imports, said chairman of SAC.