A man sells fried nibbles in downtown Yangon. Ko Ko Htay/The Myanmar Times

The European Union has provided €8 million (K13.67 billion/US$8.93 million) in funding for a project to boost Myanmar’s micro, small and medium enterprises.

The project, called ARISE Plus Myanmar, which was launched on Friday, will help the country’s small businesses explore business opportunities in Southeast Asia, the EU and other global markets.  

The Ministry of Commerce and the International Trade Centre (ITC) will be the project’s main implementing arm.

“We will try hard to achieve quality products with the assistance of the project. We will produce high-quality and value-added products,” said Commerce Minister U Than Myint. 

Although Myanmar was isolated from the outside world for more than half a century until recently, it has made significant progress in opening its markets in the past decade, making the project vital to the country, EU Ambassador to Myanmar Kristian Schmidt said. 

“This project will help to bring fair and all-inclusive development and employment opportunities to the prioritised export sector in line with the strategy set out by the Myanmar government, as well as ensure the manufacturing of high quality products,” said Arancha Gonzalez, executive director of the ITC.

The project will promote high value crops, such as oils, pulses, honey, avocados, pomelos, pineapples, and garlic. A second component will focus on sanitary standards that protect humans, plants and animals from germs and pollution. A third component will focus on coming up with trade policies that remove non-tariff barriers so that small businesses can export their products.