YANGON, Feb. 2 (Xinhua) -- Myanmar First Vice President U Myint Swe has called for relaxing restrictions on doing business for the private sector, Myanmar News Agency reported Friday.
Meeting with businessmen in Yangon's Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) Thursday, U Myint Swe called for laws and policy to guarantee the development of the private sector which plays an important role in creating job opportunities and increasing the income of the people in the country.
U Myint Swe said the government has granted foreign investment worth more than 5 billion U.S. dollars and local investment worth 3.279 trillion kyats (2.52 billion U.S. dollars) as of mid-January of the current fiscal year 2017-18 ending March.
The foreign trade sector saw an increase of more than 3.8 billion dollars compared with the same period of the last fiscal year with private sector's involvement in the foreign trade being 83 percent.
Rice export has also gone up due to efforts made by rice traders, he said, praising the role of women in the economic sector which made up 49 percent of the entrepreneurs in the country.
UMFCCI held a convention in Yangon in December last year, pledging to strive to promote economic development through private sector.
A total of 17 decisions were made at the convention, calling for government-private cooperation for effective promotion of economic development in the country.
