SME Centres to Open to Aid Growth

Small and Medium Enterprise (SME) Centres will open in Myanmar’s major cities to aid the development of the sector, which is seen as key to the economy’s growth.
Initially, the first centres will open in the capital city of Nay Pyi Taw, with further openings expected in early 2014.
“SMEs do not only play a key role in the state’s progress, but than also support local employment,” said U Win Aung, chairman of Federation of Chambers of Commerce and Industry (UMFCCI). “Therefore, the growth of SMEs is vital,” he said, before adding that a key role for the government is to establish an SME law.
SMEs make up more than 90 percent of registered companies within Myanmar, and local businesspeople involved in the sector are urging the government to encourage their growth.
“For the development of our country’s economy, allowing SMEs to flourish in the long term is vital,” said U Mya Theik an entrepreneur with an SME-classified company. “SMEs who employ fewer than 25 people should be allowed tax exemption,” he added.
The SME law is expected to be implemented in early 2014, sources say.