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Myanmar to establish MSME Association to support economy

 

Date: 2020-12-14

News Type: Marketing News

 

The MSME Association of Myanmar will be established soon to support micro, small and medium enterprises (MSMEs), said U Zaw Min Win, president of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI).

“The UMFCCI will establish the association, which includes businesses from various sectors across the country. We’ve already written the organization’s rules and will submit them to the Directorate of Investment and Company Administration’s office soon,” he said.

MSMEs play a crucial role in driving the country’s economy and contributes to creating more job opportunities. As such, more effort should be channeled into developing and supporting this segment of the economy, he said.

 Often, MSMEs face financial difficulties and a lack of advice and information. They also need support in developing their tax and financial statement review process, investing in technology and human resources and achieving higher quality production. 

So far, a total of 70866 businesses have registered at the Myanmar MSME development agency, with the industrial and food industries accounting for the bulk of those registered. In Myanmar, 90 pc of businesses are MSMEs. 

 

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