Developed countries have achieved economic growth through agriculture and livestock farming and, from that foundation, have established themselves as industrial nations. Similarly, developing countries are also working to ensure food security and produce surplus through agricultural and livestock sectors, while expanding manufacturing industries and promoting national development through MSMEs (micro, small, and medium enterprises).
Myanmar’s basic economic sector consists of agriculture and livestock farming. Building on this foundation, efforts are underway to increase production to promote national development through MSMEs. The government is providing necessary investment capital for the development of MSME businesses through state-backed loans and is also implementing required easing measures. It is also necessary to make efforts to ensure access to the required human resources. In economic development activities, MSME enterprises based on the agriculture and livestock sectors must be promoted and developed.
Approximately 46 per cent of the country’s population are rural residents who earn their livelihoods in agriculture, livestock farming, and related activities. Only through the development of the agricultural and livestock sectors, and the increase of rural incomes, can rural development be achieved, which in turn will contribute to national economic growth by promoting MSME businesses. Promoting investment based on agriculture and livestock will help meet the growing demand for food due to population increase, support economic development, and add value to products, thereby achieving key development goals.
In promoting national economic development, increasing production is a key requirement. Economic growth and stability largely depend on manufacturing industries. By producing the necessary goods domestically through industrial sectors, the reliance on imported goods can be reduced. As foreign currency expenditure decreases, foreign exchange outflows will also be reduced, which in turn will support the national economy in multiple ways.
To promote the development of the industrial sector, including MSMEs, electricity generation and distribution must be strengthened. In order to ensure access to electricity, renewable energy should be prioritized, and small-scale production should be carried out to support the operation of local industries. If so, MSME businesses will operate their production without too much reliance on the national grid.
Today, in order for MSME businesses to survive in an evolving modern economic environment, the government is creating and promoting opportunities to enhance their competitiveness in the digital market system. Therefore, efforts should be made to ensure the availability of raw materials, inputs, capital, and human resources in production activities. It is urged that the government, business owners, and the public work together in unity to promote the development of MSME enterprises.