Ministry of Commerce – Myanmar
Boosting Trade to Support Economic Growth
The Ministry of Commerce focuses on promoting Myanmar’s economic growth through trade, according to Union Minister H.E. U Win Myint. He adds that additional objectives for the ministry are to support market-oriented trade policies, to encourage the production of added-value goods, and to assist both exporters and importers.
To stimulate Myanmar’s foreign trade, the ministry created a Department of Trade Promotion as well as a special trade training institute to develop human resources for trade activities. The ministry also sends representatives to Myanmar’s main trade partners and organizes domestic and international trade fairs. Now the ministry aims to set up trade centres throughout the country. The minister points out, “We base our activities on four main pillars, which are trade promotion, trade facilitation, trade education, and trade liberalization.”
Challenges for Myanmar in developing its international trade include the need for better transport infrastructure, more reliable electricity supplies, greater agricultural productivity, and an end to US economic sanctions. U Win Myint points out, “The EU has lifted its sanctions on Myanmar and this has already had a big positive impact on Myanmar’s trade and economic growth. I hope that the US lifts its sanctions soon.”
Exceptional advantages for trade-oriented investors
Myanmar offers exceptional opportunities for FDI in trade-oriented activities, including rich natural resources, a very strategic location in a fast-growing region, motivated human resources at low costs, and Generalised System of Preferences (GSP) status with many countries.
U Win Myint notes the great progress the new government has made over the past three years and welcomes US investors to explore opportunities in Myanmar. He says, “We need to add value to our products, for example our rubies and teak, which are the highest-quality in the world. We welcome the lifting of US sanctions and the strong growth of bilateral trade between Myanmar and the US.”