An exclusive agency will be set up to enhance the development of small and medium-sized enterprises (SMEs), said an official from the Directorate of Industrial Supervision and Inspection.
This agency mainly aims to handle the SMEs which are usually seen as traditional types which need to be turned into the business type. Therefore, the Directorate of Industrial Supervision and Inspection will conduct matters concerning SMEs as an agency.
A business plan has to be submitted to the agency. Income and expenditure statement needs to be presented to the agency. To enhance SMEs,the government will contribute 30 per cent of the budget while interested associations invest 70 per cent, it is learnt.
Myanmar has been implementing the National Development Plan with an aim to accelerate growth, achieve equitable and balanced development and reduce the socio-economic development gap between rural and urban areas of the country. A country’s economic development depends on economic stability. The country would see an increase in the economic indicator, which generates more job opportunities, more exports and increase in balance of payment (BOP) ratio, according to the Ministry of Industry.
Source: The Global New Light of Myanmar