Chairman of State Administration Council Commander-in-Chief of Defence Services Senior General Min Aung Hlaing addresses meeting 1/2021 of Economic Affairs Committee

Nay Pyi Taw February 23

Meeting No (1/2021) of the Economic Affairs Committee took place at the meeting hall of the State Administration Council Chairman’s Office here this afternoon with an address by Chairman of the Economic Affairs Committee Chairman of the State Administration Council Commander- in-Chief of Defence Services Senior General Min Aung Hlaing.

The meeting was also attended by Council Members Lieutenant-General Moe Myint Tun and Sai Lone Saing, Union Ministers Lieutenant-General Soe Htut, U Win Shein, U Aung Naing Oo, U Chit Naing, U Tin Htut Oo, Admiral Tin Aung San, U Khin Maung Yi, U Aung Than Oo, Dr Pwint Hsan, U Shwe Lay, Dr Thet Thet Khaing, U Maung Maung Ohn, Attorney-General of the Union Dr Daw Thida Oo and Auditor-General of the Union Dr Kan Zaw and officials.

Addressing the meeting, the Senior General said the economic sector is very wide. As the economy, a major driving force of a country, is crucial, this committee will have an effect on the economic reform of a country. To improve the economy, which sector should be based is also important. There must be good foundations to improve the economy of the country. Sound economy relies on those responsible for adopting policies and their efficiency.

One individual or group alone cannot carry out such tasks and cooperation is necessary. Reviewing the facts and data from the Ministry of Commerce and the Ministry of Planning, Finance and Industry, there are trade deficits. There is also a deficit at a union level. Therefore, manufacturing and exportation must be encouraged. Cooperation is important to improve national economy. The country has a population of over 54 million. Blessed with land, human and other resources, the country has good prospects for doing business.

What factor needs to be based must be considered in conducting manufacturing businesses. Natural resources cannot be easily tapped or sold for a long term. They must be maintained and kept in reserve for the future of the country. It is also necessary to reduce extracting natural resources. Meanwhile, measures must be taken for production of import-substitute goods. Foodstuff import must be cut and domestic production is required. Thus, domestic manufacturing must be boosted.

Electricity plays an important role in manufacturing, so efforts must be made to increase power generation.

Then, socio-economy and productivity will improve. Ways must be sought to use the workforce of those who have completed basic and university education in respective sectors among 54 million population. The role of employees and employers also needs to be considered. There must be guarantees, attractions and trust for investors. Economy is wide and directly related to monetary affairs. In approving investment, prospective benefits alone cannot be complacent. In collecting taxes also, efforts must be made to improve the number of taxpayers rather than improved taxes. The State should receive revenues it deserves. In the sector of factories and workshops, regular operation must be encouraged. If they have difficulties, assistance must be provided through cooperation.

Relevant ministries need to help by adopting policies to improve the quality of products from factories.

Every country has a ministry of industry. Citizens need to participate as a major role in businesses. Thus, the committee doesn’t need to be magnanimous but needs to be a goodwill attitude towards approving investment. Consideration is necessary to make sure the citizens do not make losses. The Economic Affairs Committee is an organization mainly responsible for better economy.

Therefore, those responsible need to decide correctly and speedily on implementing their respective tasks. They need to pave the way for investors to do their business smoothly and conveniently.

Afterwards, Secretary of the Economic Affairs Committee U Win Shein reported on formation of the committee, meetings of the committee and decisions of it.

Then, Union Ministers for the Home Affairs, for the Planning, Finance and Industry, for the Agriculture, Livestock and Irrigation, for the Information, for the Natural Resources and Environmental Conservation, for the Electricity and Energy, for the Commerce, for the Construction and for the Social Welfare, Relief and Resettlement reported on matters on approvals, documentation, issuance of notifications, appointment of securities commission members and the increase of cash rewards for them and signing the MoUs and agreements.

Then, Union Minister U Aung Naing Oo reported on measures to be taken on projects for international cooperation, MOUs signed with the international community, agreements on international aids implemented currently and to be implemented in the future. Auditor-General of the Union Dr Kan Zaw reported on reformation of the procedures of the Office of the Auditor-General of the Union and findings of the reports, and Union Minister U Khin Maung Yi on displays at the copper and gems for emporiums.

Afterwards, the Senior General said that he believed the veteran members of the committee will be able to perform their duties as the best and they were required to help recover the economy that has been damaged by the pandemic. It was necessary for relevant authorities to take urgent measures as soon as possible and for relevant authorities to perform their tasks in terms of their schedules and to report without delays and what should be reported and to hold negotiations with respective departments. He said that it was necessary for relevant ministries and individuals to be fair and carry out the tasks seriously. It was important to adopt firm policies and correct altitude. In conclusion, the Senior General said that the meeting would contribute to the economic recovery of the country.