25 November
Since 2018, the country has been implementing the Myanmar Sustainable Development Plan (MSDP) 2018-2019, which includes a number of reforms programs for the growth of multiple sectors, apart from the economy.
The MSDP, one of the most important strategic plans of Myanmar, regards the private sector as the main driver of job generation, especially for young adults. As the country has already adopted a market-oriented economic system, the reforms programs of State-owned businesses lend support to the private sector development strategy.
The current economic environment of the nation calls for the promotion of micro industries and small and medium-sized enterprises as they are vital sources for job and income generation for a majority of the country’s population. On its part, the government is working on creating high-quality jobs and making structural changes through its economic digitalization program. Furthermore, it is inviting and encouraging innovations and initiatives from every corner.
The last few years have seen the country promulgating two important laws – the Myanmar Investment Law and the Myanmar Special Economic Zone Law. Both laws offer tax incentives and protection and rights to investors. Apart from clearly interpretable laws and rules, the broader establishment of an investor-friendly and stable business environment is also a crucial factor for robust economic growth of the country. Understanding this necessity well, the government has been allowing relaxation of laws and rules in the respective sectors.
Thanks to these endeavors, the country is witnessing significant growth in economy and investment and increase in job opportunities.
Myanmar now ranks 165th on the World Bank’s Doing Business 2020 index, up from 171 in the previous year. The index, released on 24 October, also shows that the country scored 46.8 on it, which is 3.3 higher than the previous year’s mark. The country has also made strides in several areas and is among the top 20 reformers for the year.
This has been a significant success for the country, and a result of the cooperation between the government and the private sector. But, we should not stop there. We must continue our task of facilitating the functions of government departments and reducing unnecessary procedures and formalities.
So, we all must strive for further development of the national economy through reforms programs, digitalization, inclusive involvement, and public-private cooperation.
National development is an endless task that needs boundless energy and enthusiasm.
GNLM
