Private sector development is the main driving force behind economic growth

Yangon May 27    

    Private sector development is the main driving force behind the national economic growth, noted Vice President U Henry Van Thio in northern Yangon yesterday morning.
    He was speaking at the opening of a new factory where 225 million aerated concrete blocks-AAC and 90 million autoclaved pressed concrete bricks-APC are manufactured annually.

    The State is encouraging the public-private partnership-PPP in its mission of prioritizing the private sector development, the vice president explained, adding, its PPP programme is privatizing the convertible industries.
    Under the State’s PPP programme, Mother Industrial Co., Ltd converted a government-owned sand brick factory in Insein Township north of Yangon into an advanced industry, manufacturing AACs and APCs beginning 24 this month. The vice president also highlighted the importance of industrial development for the export promotion, realization of an economic model that strikes a balance between the agricultural and industrial sectors, and job generation of citizens living in the country and returning from abroad.

    Union Minister for Industry U Khin Maung Cho and Managing Director of the company U Soe Yi also gave speeches at the ceremony in which the VP unveiled the factory plaque and the minister, Yangon Region Hluttaw Speaker U Tin Maung Tun, Region Minister for Rakhine Affairs U Zaw Aye Maung and officials formally inaugurated the factory.
The Global New Light of Myanmar