Myanmar government has called for coordination between the government and the private sectors to boost export in terms of quality and prices, at a time when the export market is facing competition with neighboring countries.
In a monthly gathering with entrepreneurs here Thursday, U Than Myint, Minister of Commerce, emphasized the availability of electricity to ensure production of quality export goods, taking into consideration of long, medium and short term basis.
He attributed the drop of export of oil and gas, forest products and mineral products last year to the fall of world market prices, prompting the reduction of export with natural resources.
As an alternative, the country has to emphasize on agricultural export, said the minister.
Encouragement of export-oriented businesses is covered by Myanmar's economic policy as part of efforts to reduce trade deficit and boost export earnings.
U Than Myint had vowed in April last year to boost the country's export volume three times higher within five years with the agricultural sector.
Trade deficit of Myanmar reached over 4.8 billion US dollars in this fiscal year 2016-2017 as of March 3, declining by over 350 million US dollars compared with the same period of the last fiscal year.
Of the total trade value of 25.757 billion US dollars, export amounted to 10.45 billion US dollars while the import was 15.303 billion US dollars during the fiscal year.
Courtesy of Global Times