SAC Chairman Prime Minister Senior General Min Aung Hlaing delivers speech at meeting 8/2023 of Economic Committee of the Republic of the Union of Myanmar

NAY PYI TAW October 18

    The Economic Committee of the Republic of the Union of Myanmar held meeting 8/2023 at the meeting hall of the Office of the State Administration Council this afternoon, with an address by SAC Chairman Prime Minister Senior General Min Aung Hlaing.

It was also attended by Council members Lt-Gen Yar Pyae, Lt-Gen Nyo Saw and U Shwe Kyein, Union ministers, deputy ministers and officials together with region and state chief ministers through video conferencing.

Needs to correctly operate State-owned factories and manage efficient utilization of land plots

     First, the Senior General made an opening speech, saying that with regard to functions of ministries, some enterprises of ministries were dissolved in implementing the market economic system, and some enterprises were given to private sector for operations as well as operation of joint venture services. In the previous term of the government, some businesses implemented by ministries were halted, causing burden for the State.

So, in the tenure of the Tatmadaw government, appropriate factories are being re-operated Likewise, halted businesses and factories of some ministries have taken land plots with various reasons. For the sake of the State, these land plots should be taken by the factories or the organizations capable of operation for production. Primarily, it is necessary to manage production for the State. In so doing, government and private sectors need to separately do operations.

In this regard, the operations must be implemented under the prescribed policies, rules and regulations. These businesses must be handed over those who are capable of successfully implementing the production. The tasks being undertaken by the government contribute to development of the State and people, so it is necessary to strive for achieving success in doing businesses.

Needs to efficiently spend State budget and successfully implement the projects within set periods

    The government allocates budgets whereas ministries and region and state  chief ministers need to demand budgets for implementing the actual projects and development undertakings. As the government needs to spend the budget on transport, health, education and other sectors for development of the country, they have to systematically calculate the actual needs of budgets to be demanded. Projects in regions and states must be successfully implemented in the set period with the efficient spending of the State budget.

Only when agricultural sector meets high yield, will country have domestic food security and export surplus  

    Regarding the monsoon crops, Myanmar primarily emphasizes agricultural tasks.

The Senior General recounted he had urged all to cultivate monsoon crops meeting the target. It is necessary to have cent percent success of cultivation.

With respect to the per acre yield, the whole country has met 96.24 baskets of summer paddy in 2022-2023 cultivation season. As such, it is necessary to meet the target yield for monsoon crops. Only when agriculture sector meets

the high yield, will the people have sufficiency of foods and export the surplus products abroad. Hence, all ministries and region and state governments need to strive for achieving success in agricultural tasks.

Then, Secretary of the Economic Committee Union Minister for Planning and Finance U Win Shein submitted a report.

Next, region and state chief ministers and Union ministers gave clarifications in their respective sectors.

Union Minister for Planning and Finance U Win Shein reported on financial matters, Union Minister for Investment and Foreign Economic Relations Dr Kan Zaw on efforts for increasing local and foreign investment amounts, economic cooperation with international organizations, Union Minister for Agriculture, Irrigation and Livestock U Min Naung on development of livestock sector, export of livestock products to foreign countries, and discussions with foreign customers to increase export volume, Union Minister for Industry Dr Charlie Than on development of industrial sector, operation of factories at full capacity, systematic operations, Union Minister for Legal Affairs Dr Daw Thida Oo on seeking legal remarks for business agreements and contracts, Union Minister for Hotels and Tourism Dr Thet Thet Khine on discussions with local and foreign private organizations and officials from governments for development of tourism sector, and other measures. The Senior General gave necessary guidance to them.

In conclusion, the Senior General pointed out that appointment of legal consultants must be systematically arranged for taking legal measures in a correct way. Region and state authorities have to efficiently apply the legal consultation in their projects. Ministries and regions and states are to efficiently spend the allocated budgets on relevant projects.

So, it is necessary to effectively scrutinize the spending of budgets by forming the budget advanced scrutiny committee.

They have to actually implement the projects to have accomplishment, and if they create chance for implementation of plans, the budget of the State will have a great change.

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