Illegal import through border threatens existence of small, medium enterprises: Myanmar vice president

Source: Xinhua| 2019-08-25 10:58:41|Editor: ZX
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YANGON, Aug. 25 (Xinhua) -- Myanmar has exposed illegal import worth of 12.99 billion kyats (8.65 million U.S. dollars) from September 2018 to July 2019, according to the Private Sector Development Committee (PSDC) Sunday.

The exposure was made following the formation of Illegal Trade Control and Prevention Groups by the PSDC, led by Myanmar Vice President U Myint Swe.

Warning at a meeting with business persons in Yangon on Saturday, U Myint Swe said illegal import through the border was threatening the existence of small and medium enterprises and in order to increase cooperation between union level departments to reduce the rising global illicit trade environment index due to illegal trade, the Illegal Trade Eradication Steering Committee was also formed to effectively eradicate such illegal trade countrywide.

U Myint Swe revealed that as of Aug. 9 during 2018-19 fiscal year, Myanmar's trade volume reached 30.04 billion U.S. dollars, in which the private sector shared 25.1 billion U.S. dollars or 84 percent.

He added that as of the end of July 2019, 1,779 foreign investments worth of 81.25 billion U.S. dollars poured into Myanmar, while 1,605 local investments injected 19.05 trillion kyats (12.69 billion U.S. dollars) into the country.