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Myanmar president calls for boosting small, medium enterprises

Xinhua, March 2, 2017 Adjust font size:

Myanmar President U Htin Kyaw has called for boosting small- and medium-sized enterprises (SMEs), stressing their role in the country's economic development, Myanmar News Agency reported Thursday.

"SMEs are pioneers in creative entrepreneurship and can better adapt to the changing market demand than larger businesses," U Htin Kyaw said at a meeting of the Central Committee for SME Development in Nay Pyi Taw.

"Not only should we encourage the development of SMEs but review and amend necessary policies, laws, bylaws, rules and regulations so that they can better complement the SMEs," he said.

The president proposed forming a working committee for the development of SMEs.

State Counselor Aung San Suu Kyi, who is also joint-chairperson of the Central Committee for Development of SMEs, said SMEs' improvement cannot be ignored as they make up 99 percent of the country's economic force.

She believed that professionals and experts will collaborate on how to best implement strategies and policies on developing the SME sector.

The state counselor stressed the need to work within the rules and regulations of the Association of Southeast Asian Nations (ASEAN) while remaining focused on the country's need in establishing SMEs.

There are 50,694 SMEs across Myanmar, according to Minister of Industry U Khin Maung Cho. Endit