CNI News
11 April 2024
When departmental officials submit pieces of information relating to trade, investment and other business activities to relevant ministry levels, if the pieces of information were wrong without being consistent with the ground conditions, the economy of the country may be affected, considered economic analysts.
Sr-Gen Min Aung Hlaing, Chairman of the State Administration Council, told a Russian News Agency that Myanmar's economy was on an upward trajectory several days ago.
Because of the speech, it was a matter of thinking whether the pieces of information received by top officials of the SAC was really correct or not, pointed out businessmen and economic analysts.
While seeing the exports
If the pieces of information regarding trade and investment were wrong, the decisions about those activities may be wrong and it was dangerous to the economy of the country, U Htay Aung Kyi, a banking expert, told CNI News.
"It is important to get the statistics right. The first step is data. Only after the data are translated, they have become information. Only after putting that information in the system and reviewing it, that review is right. If the review is wrong, all the remaining things will be wrong. It is dangerous." he said.
Moreover, if the data related to import and export were wrong, insurance of import and export licenses may be increased or declined, said traders.
If it happened like that, traders and businessmen could experience losses and delays. Because the Ministry of Commerce had reduced the number of export licenses, exporters were finding it difficult, U Thant Zin Tun, vice chairman of the Myanmar Corn Industrial Association, told CNI News.
" Traders find it difficult to export. An export license has limited the amount of export. For example, if you want to export corn, the number of tons you will export has been limited. So, we find it difficult to load the corn onto the ship because a larger ship can hold twenty thousand tons and above, but a smaller one, two or three thousand tons. So, if you have to use a larger ship, you'll find it difficult." he said.
While seeing the lower class
Although an export license was allowed to export over 20,000 tons in the past, about 3,000 tons only have been allowed to export now reportedly. 3,000 tons of goods are just fit for a domestic coastal vessel and there is a wide gap between a domestic coastal vessel and a larger ship used for export abroad, that can hold until 20,000 tons.
It was not east to get correct statistics related to trade from the departments at present because the right statistics were not be available in the past, said economic analysts.
It was necessary for departmental officials to present not only right data and information but also pieces of information on the reality of the current Myanmar economy to the Chairman of the SAC, pointed out businessmen.
