Instability and Sabotage Stall Economic Growth

If ethnic businesspeople invest in agriculture and livestock farming activities, production industries based on agriculture and livestock farms will develop, contributing significantly to the development of the State economy, said President of the Republic of the Union of Myanmar U Min Aung Hlaing at a meeting with Union ministers, the Nay Pyi Taw Council chairman, and regional and state chief ministers yesterday.

At the meeting, which took place at the President’s Office in Nay Pyi Taw, the President gave guidance on the efforts to develop the State economy.

In his speech, the President revealed that the statistics showed the State’s GDP rose about three per cent, contributing to the national economy. Still, its development is slower than that of the regional countries. As such, it is necessary to prioritize local investors while inviting foreign investments.

He pointed out that political instability and destructive acts undermine the State’s security measures and hinder the growth of production, services, and industries.

The President stated that due to the destruction of roads, bridges and other infrastructure caused by the acts of armed terrorists, the State has had to allocate additional financial resources, manpower and time for reconstruction and rehabilitation, making it difficult to implement the originally planned development projects at the intended pace.

In areas where territorial instability is ensuing, natural resources above and below ground are being illegally extracted and used for personal gain and exported to foreign countries through illicit channels, resulting in significant losses and adverse impacts on the country, he added.

Regarding the high prices of commodities, the President underlined that efforts must be made to increase production and ensure sufficiency of consumption. He noted that the unbalanced production and consumption, in addition to the high production cost, cause high commodity prices.

The President outlined that it is necessary to strive to raise the production of oil crops, rubber, cotton and kitchen crops as well as meat production.

The President instructed that instead of directly exporting broken rice abroad along with rice production, upgrading broken rice into higher-quality value-added products could generate increased income. Economic attachés assigned to different countries should also actively seek markets and promote the export of products from Myanmar to foreign countries.

The President urged that it is necessary to utilize the respective strengths of relevant regions and states in efforts to meet the targets and work diligently to achieve them successfully.

In addition to the economic measures, the President noted that it is necessary to make preparations and take measures to cope with the hot weather caused by the El Niño phenomenon until the onset of the monsoon season by conserving and efficiently using drinking water and irrigation water, opening cooling shelters, storing and conserving water in dams and reservoirs, taking measures to prevent unnecessary water losses, stockpiling fruits and food supplies that can be stored and consumed for extended periods, cultivating late-monsoon crops to achieve the targeted production goals, and ensuring the continuity of livestock farming operations. Also present at the meeting were Vice-Presidents U Nyo Saw and Nan Ni Ni Aye, Commander-in-Chief of Defence Services General Ye Win Oo, State dignitaries and deputy ministers, together with chief ministers of regions and states through videoconferencing.

MNA/TTA

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