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Myanmar gov't to ease restrictions to create loan opportunities for private sector

Xinhua, April 23, 2017 Adjust font size:

Myanmar government is planning to relax restrictions and rules to create opportunities for providing loan for private sector development, an official report said Sunday.

Citing the fishery industry, Vice President U Myint Swe, who is chairman of the Private Sector Development Committee, said the sector stands one of the businesses which requires loan to turn to a modern farming method from the traditional one.

As part of efforts for providing favorable investment environment to local and foreign investment, the government has enacted laws and issued necessary rules and notifications, forming institutions to carry out the tasks, he told a coordination meeting of the committee in Nay Pyi Taw.

In wake of erratic weather which adversely affects fishery production and fish resources, he stressed the priorities and concerted efforts by all stakeholders in the farming sector to boost the export.

EI Nino hit the country in summer in 2016, causing drop of fishery exports in the year and missing the government's annual targets for export earnings.

According to statistics, foreign direct investment in the country's livestock and fisheries sector amounted to 557.763 million U.S. dollars as of March this year since late 1988. Endit