NAY PYI TAW: In a bid to boost micro, small and medium enterprises in Myanmar, the European Union (EU) has set aside 8 million euros (RM37 million) for the country’s entrepreneurs to explore new business opportunities.
The four-year project, dubbed ARISE plus Myanmar (Asean Regional Integration Support by the EU) aims to get local businesses to tap markets in Southeast Asia, the EU and other global markets.
The trade assistance project also hopes to contribute to inclusive and sustainable growth by providing greater connectivity and economic integration between Myanmar and the Association of Southeast Asian Nations (Asean) in line with the Asean Economic Community (AEC) Blueprint 2025.
Launched here last week, the Ministry of Commerce and the International Trade Centre (ITC) will be the project’s main implementing arm, according to The Myanmar Times.
EU Ambassador to Myanmar Kristian Schmidt said although isolated from many countries for more than half a century, the nation has made significant progress in opening its markets in the past decade.
This makes the project vital to the country, Schmidt said.
“We will try hard to achieve quality products with the assistance of the project. We will produce high-quality and value-added products,” said Commerce Minister U Than Myint.
“This project will help to bring fair and all-inclusive development and employment opportunities to the prioritised export sector in line with the strategy set out by the Myanmar government, as well as ensure the manufacturing of high quality products,” said Arancha Gonzalez, executive director of the ITC.
The project will also help bring more women into the labour market, and create higher-paid jobs, Gonzalez said.
The project will promote high value crops, such as oils, pulses, honey, avocados, pomelos, pineapples, and garlic.
A second component will focus on sanitary standards that protect humans, plants and animals from germs and pollution.
A third component will focus on coming up with trade policies that remove non-tariff barriers so that small businesses can export their products.