The Micro, Small and Medium Enterprises Development Work Committee (MSMEDWC) Chairman Vice President U Myint Swe opened the 7th Micro, Small and Medium Enterprises (MSMEs) Product Exhibition & Competition (Yangon) at the Myanmar Expo Fortune Plaza (Exhibition Hall), Thakayta Township, Yangon yesterday.
First the opening ceremony of the 7th MSME Product Exhibition & Competition (Yangon) was held and Vice President U Myint Swe, Union Minister U Khin Maung Cho, Yangon Region Chief Minister U Phyo Min Thein, Deputy Ministers U Aung Htoo and U Maung Maung Win and region government minister for planning and finance U Myint Thaung cut the ceremonial ribbon and posed for a commemorative group photo with attending guests.
Speaking at the opening ceremony, Vice President U Myint Swe called on MSMEs in Myanmar to make the best use of digital technology as part of efforts for turning their businesses into a digital economy.
“In each country of the world businesses were conducted in many forms and had been transforming. Now is the time when information technology is used to transform towards a digital economy and MSMEs in our country need to strive towards going along with the transformation and to use digital technology in their manufacturing, service and trading,” said the Vice President.The aims for holding regional products exhibitions and competitions are to increase import substitute products, connect the manufacturing and trading sectors of the regions, MSMEs transforming from traditional family businesses to innovative businesses and to expand markets and cooperate in the global value chain.
“MSMEs are the driving engine to overcome the challenges faced in conducting the country’s economic development and to have a balanced economic and social development. MSMEs are the market forces as well as productive forces and are a service link. As such regional products exhibitions and competitions were held to promote MSMEs and create opportunities for further progress,” said the Vice President. Yangon Region is the most populous in Myanmar and is where most commercial businesses are based and Yangon is a commercial capital that mainly connects with local and foreign businesses. Yangon Region is considered a market where MSMEs’ trade, service and manufacturing were interlinked.
In addition to being strategically placed, Yangon Region is where there is an international airport and a port where sea going ships dock and thus have better transportation, energy, basic infrastructures, have more opportunities to connect with local and foreign businesses and many job opportunities. Arrangements were made for Myanmar MSMEs to participate in foreign trade fairs in order to gain international experience and obtain new markets. Myanmar MSMEs exhibited their products at the 15th China-ASEAN Expo in Nanning and the 15th China International SME Fair (CISMEF) in Guangzhou during October and there were orders from China enabling increase in the manufacturing of products, it is learnt.
In addition to this, ten award winning MSMEs from Myanmar were sent to the Business Matching Meeting and New Value Creation Exhibition 2018 held for businesses of ASEAN countries and Japan in Tokyo, Japan from 11 to 17 November.
Kayin State and Mon State will jointly hold the event in Mawlamyine and in Myeik for Taninthayi Region. Finally a national level products exhibition and competition involving all states and regions will be held in the Nay Pyi Taw Union Territory where National Awards will be presented. The 6th ASEAN Coordinating Committee on Micro, Small and Medium Enterprises meeting and related meetings were hosted by Myanmar in Nay Pyi Taw from 5 to 9 November.
At those meetings development projects for MSMEs in ASEAN region were proposed, implemented, reviewed, matters relating to increasing production capability, technology and innovation, policies required to expand market, amendment legal frameworks, development of entrepreneurship and human resources were discussed. For the development of MSMEs in Yangon Region support services were provided to connect with banks to obtain loans and supports. Today under the leadership of the Yangon Region Chief Minister, MSMEs with potential were selected and endorsed to get loans directly from the banks. U Myint Swe also urged the Myanmar MSMEs to strive together towards becoming a MSME community that provide good products and services required by the market, support economic and social development and maintain the environment.
Next, Yangon Region Chief Minister U Phyo Min Thein explained about the status of works conducted for the development of MSMEs in the region.
Afterwards Union Minister U Khin Maung Cho, Chief Minister U Phyo Min Thein, Deputy Ministers U Aung Htoo and U Maung Maung Win and region government minister for planning and finance U Myint Thaung accepted donations made by companies to conduct the exhibition and competition and presented certificates of honor to the donors in return.
Later, officials from Kanbawza Bank, Myanmar Citizens Bank, Small & Medium Industrial Development Bank (SMIDB), Asia Green Development Bank, AYA Bank and CB Bank presented bank loans to MSMEs in Yangon Region that had potential.
The 7th MSME Product Exhibition & Competition (Yangon) is being held at the Myanmar Expo Fortune Plaza in Thakayta Township, Yangon for three days from 16 to 18 November.
Vice President U Myint Swe, Union Minister U Khin Maung Cho and officials then attended the opening ceremony of SME Center held at the SMIDB on Pansodan Street, Kyauktada Township, Yangon. — MNA (Translated by Zaw Min)