Rising commodity prices, driven by supply imbalances and high production costs, are undermining national development.

The government in its tenure needs to ana­lyze the prospects of peace and stability of the State and development of the nation, said President of the Re­public of the Union of Myanmar U Min Aung Hlaing at the meeting of the Union government at the President’s Office in Nay Pyi Taw yesterday afternoon.

Speaking at the meeting, the President noted that the govern­ment has to take responsibility for the development of the nation with utmost effort. In doing so, the country needs the restoration of peace and stability.

In highlighting the role of the State economy, the Presi­dent stated that high commodity prices pose major challenges to the State’s efforts for national de­velopment, resulting from supply and demand imbalances and in­creased production costs.

He urged relevant ministries to systematically supervise the production of a larger export volume. He also invited local businesspersons to put their in­vestments in manufacturing agricultural products for export purposes, including paddy bran oil production for domestic consump­tion. They need to emphasize the increase in rice export volume.

The President underlined that as facts and figures are of great importance in formulating the plans and projects for boosting the State economy, the data men­tioned in relevant sectors must be aligned with the on-ground situation.

The President outlined that it is necessary to seek ways to reduce the import of fuel and edible oil. More­over, he noted that relevant ministries, region, and state authorities have to imple­ment the plans to generate electricity from coal-fired power plants.

In the transport sector, the President revealed that the schedules of rail trans­port have been expanded for public transport and com­modity transport to reduce the fuel consumption rate.

The President stressed the need to conduct re­search in the agriculture and livestock activities as well as the supply chain of internal and external mar­kets to bolster production.

Regarding the trade sector, he stated that as il­legal trade brings loss to the State economy, it is neces­sary to inspect and super­vise the trade process to be legalized.

The President gave guidance on operating the comprehensive assembly of electric cars at home to create job opportunities for the people.

The President instruct­ed regional and state minis­ters to actually work in their respective sectors dutifully for the sake of the regional and national interests.

Union ministers and chief ministers from regions and states participated in the discussions in relevant sectors.

In the concluding speech, the President un­derscored that it is neces­sary to consider security, beautification and smooth transport in addition to food supply, accommodation and services in efforts to develop the tourism sector.

In carrying out efforts for national development, the President urged all meeting attendees to learn lessons from previous events and experiences that occurred in the country and continuously analyze and seek solutions on how to im­prove and perform better during the period in which responsibilities are being undertaken.

The meeting was also attended by Vice-Presidents U Nyo Saw and Nan Ni Ni Aye, Union ministers, the Nay Pyi Taw Council chair­man, the Chief of the Gener­al Staff (Army, Navy and Air) and officials, together with chief ministers of regions and states through video­conferencing. — MNA/TTA