The Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) is to open a centre to build capacity of local businesses in a bid to bolster the economy.
U Win Aung, chairman of UMFCCI, said that the centre to build capacity of business owners and workers will be established with the cooperation of Japan.
“We have already discussed this with Japan and we are prepared to open the centre. We will provide education programs relating to business operations and introduce technologies that can improve the firms’ production,” he said.
UMFCCI currently holds weekly meetings to discuss about the challenges and obstacles faced by the local businesses and find solutions. Dr Zaw Oo, economic advisor to the President, said that the issues found in the weekly meetings are submitted to respective government departments.
“The departments cooperate with us to find solutions and solve the difficulties. The government has already reduced some tough regulations to help local businesses,” he said.
Dr Zaw Oo said that Western investors are watching Myanmar and waiting on the outcome of the upcoming election late this year. He added that local business firms need to prepare quickly as more foreign businesses are expected to enter the country following the election.