Suu Kyi challenges Myanmar firms to add value
MYANMAR needs to export valueadded products instead of just sorting and exporting raw materials, said State Counsellor Aung San Suu Kyi during the Second Entrepreneurship 2017 ceremony held at Naypyidaw on Saturday.
“Our country is rich in farm products and natural resources but everyone know that we are struggling to compete with neighbouring countries and regional countries in the quality of our products. So we have to invent new technologies to produce valueadded products based on demand instead of producing and exporting raw materials,” she said.
Myanmar requires money, markets and mentorship to develop its economy, she said, adding that she knew entrepreneurs are facing difficulties to find investments and loans. Still, they have to find other ways to ensure their businesses survive rather than depending on loans. Successful business people need to invest in shares in new businesses, she said.
If big enterprises invest in small enterprises, it would improve the chances of survival, she said.
“The second necessary thing is markets and it is important that entrepreneurs create new markets for their products as well as manufacturing products based on existing market demand”.
As well, entrepreneurs “need to find ways to create new markets instead of depending on the government”. And successful business people would have found ways to enhance the quality of their products, she said.
“The last one is mentorship. Entrepreneurs from Myanmar can build networks to seek advice and help from successful businessmen in the Asean region. I suggest businessmen in Myanmar build a network to help entrepreneurs,” she said.
The state counsellor pointed to the aid government provided small and medium enterprises to develop the entrepreneurial sector, and to the Myanmar Young Entrepreneurs Association for cooperating with government departments to set policies to develop the entrepreneurial sector.
“Our country is strategically important in the region,” said Suu Kyi, noting its location between populous and rapidly developing China and India. The location provided both advantages and challenges. “We will have to overcome the challenges and use the advantages as opportunities.”