Lack of infrastructure, skilled labors and access to capital are some of the key challenges for Myanmar small and medium enterprises to grow and compete in recent dynamic and open economy. To break down the barriers, on 10th February International Council for Small Business Myanmar (ICSBM) open in Yangon to advance the development of entrepreneurship and small businesses across the country.
Supported by DaNa Facility, and funded by the UK Department for International Development, ICSB Myanmar will conduct free training, seminar and conference, monthly to scale up entrepreneurship, innovation, start-ups, communication skills, IT and e-commerce. ICSB Myanmar stressed that scaling up the skills of SMEs will improve the country’s development.
Vice President, ICSBM, Richard Dare: “…In some way, FDI could be a mix blessing. So we’ve seen that somewhere around 8 or 8 plus percent GDP growth. The good point of that is there would be more capitals in this system. The bad point of that is that much FDI will air mark for large businesses or the government projects. So it won’t really get to the local people in reality. And what will get to local people is inflation. … And the inflation will harm poor people. It will harm small businesses. So our view is that what’s really important is that the small businesses understand the best practice of the business strategy….”
UK Aid believes ICSB Myanmar will be a great support for local SMEs, and urged the government officials to update some regulations that are inappropriate in the modern day.
Head, DFID Myanmar, Gavin McGillivray: “… We, UK Aid are very happy to support. We believe that small business is particular important. Because small business typically is quicker moving, more entrepreneurial, able to take risks, able to move quickly to see the opportunity. So in the modern world where economic activity is very dynamic, it changes very quickly. Having a vibrant small business sector would give Myanmar a big advantage… In terms of the challenges for the small businesses, I would say that, one is infrastructure in the country has had very little investment over the last decades compared with other countries in South East Asia…. ”
Entrepreneurs feel optimistic and welcome the moves of ICSBM. Entrepreneur, Saw Myint: As the economy start thriving these days, a lot of entrepreneurs don’t know how to run and expand their business. And due to the education standard, most of the graduates are lack of skills and experiences. So it will be great that people can advance their skills through the training, seminar and conference lead by the international expertise.
As over 90% of the Myanmar businesses are SMEs, ICSB Myanmar ensures that they will bring academics, government forces, business practitioners as well as young entrepreneurs together for the future growth.
*By MITV- Myanmar International Television