The ministry has green lighted foreign investors who collaborate with local businesses to invest in export-oriented value-added manufacturing, according to Ministry of Commerce on January 22. The ministry aims to expand export volume, raise productivity and diversify overseas markets through developing value-added manufacturing.

Through value-added manufacturing, local businesses will benefit from the capital, technology and investment, U Khin Maung Lwin added.

The ministry has prioritised increasing exports for the 2017-18 fiscal year. The current administration has opened up gold, beef and buffalo exports.

Joint ventures are encouraged to source raw materials locally and manufacture them to value-added products in Myanmar.

If the small and medium-sized enterprises receive sufficient support, the country can then export value-added products and not just raw materials, U Aung Kyi Soe, general secretary of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI), said.

This is in line with what the State Counsellor said in December. She noted that the country should export finished products instead of exporting raw materials alone.

For this fiscal year up until January 12, over US$10 million worth of exports are estimated, an increase of $1.8 billion compared to the same period in the previous year, according to data from the commerce ministry.

Source: https://www.mmtimes.com/news/ministry-focus-value-added-exports.html