New Myanmar finance chief: Economic growth is priority

Economic growth is Myanmar’s number one priority, according to the finance minister designate. In an interview with The Myanmar Times, the National League for Democracy’s choice for Union planning and finance minister, U Kyaw Win, set out his views.

(From the Myanmar Times)

By Htin Lin Aung

Improving the financial sector, enforcing taxation and promoting rural development are together the key to economic growth, he said.

U Kyaw Win

U Kyaw Win

“Given the current economic climate, we are unlikely to see falling growth, but it is difficult to assess the rate of development because we lack detailed data. But we must try as hard as we can because we don’t have much time,” he said.

Myanmar’s economy is mainly based on agriculture and livestock, both of which have faced growing challenges over the past five years, he said.

“If we can draw up a strategic plan for rural development, the economy will develop rapidly over the next few years,” said U Kyaw Win.

“But there are no job opportunities for rural people, and many have flocked to the cities, exacerbating the problem with illegal residents. That’s why we need to promote manufacturing through rural development in order to boost exports.”

He also promised a review of the taxation system including exemptions. “That doesn’t mean a tax increase. But extensive exemptions from tax mean big losses for the country,” he said. Read more

 



Categories: Asia Unhedged, Southeast Asia

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