Thai Bank to launch program to develop Small and Medium Enterprises in Mon State’s capital
Thai Bank to launch program to develop Small and Medium Enterprises in Mon State’s capital
Mon News Agency, 10 Apr 2017
URL: https://monnews.org/2017/04/07/thai-bank-to-launch-program-to-develop-small-and-medium-enterprises-in-mon-states-capital/
With the aim of developing the capacity of Mon State’s Small and Medium Enterprises (SMEs), the Ministry of Industry will launch a program to train and provide resources to the state’s companies in collaboration with a Thai bank.
Based on a Memorandum of Understanding (MoU) between the Myanmar (Burma) government and Kasikorn Bank, the bank will train businesspeople on a variety of industry practices and help them to get access to small business loans. The program, which will eventually include several large cities, is being launched in Mon State’s Mawlamyine and Tanintharyi Region’s Myeik, according to the SME Development Department’s Deputy Director, Daw Aye Aye Win.
“Myanmar and Thailand are neighbors, and border trade between our two countries is really key, so we’re first implementing the MoU in two border cities, Mawlamyine and Myeik. We’re going to begin working with SMEs in Mawlamyine this coming May,” she said.
At a signing ceremony held on March 30 at the Emerald Palace Hotel in Myanmar’s capital Nay Pyi Taw, Daw Aye Aye Win told reporters that SMEs need support to help them become competitive in international markets.
She said that the K Bank training would teach businesses about business structure, accounting techniques, taxes, marketing, human resources, finance, and how to establish credit.
Myanmar’s SMEs are regulated under the 2015 Small and Medium Enterprise Development Law which classifies them by investment capital, workforce and cash flow. However compliance with the law is far from universal.
“SMEs in Mon State generally do not comply with the SME law, so we need to work to get them compliant,” said Dr. Aung Naing Oo, Deputy Speaker of the Mon State Hluttaw (parliament).
The business environment in Mon State is characterized by a large number of small and medium businesses, with most people employed in agriculture, rubber and salt production, and fisheries. Many of the state’s businesses are also oriented towards Thailand, just across the border.
Based on a Memorandum of Understanding (MoU) between the Myanmar (Burma) government and Kasikorn Bank, the bank will train businesspeople on a variety of industry practices and help them to get access to small business loans. The program, which will eventually include several large cities, is being launched in Mon State’s Mawlamyine and Tanintharyi Region’s Myeik, according to the SME Development Department’s Deputy Director, Daw Aye Aye Win.
“Myanmar and Thailand are neighbors, and border trade between our two countries is really key, so we’re first implementing the MoU in two border cities, Mawlamyine and Myeik. We’re going to begin working with SMEs in Mawlamyine this coming May,” she said.
At a signing ceremony held on March 30 at the Emerald Palace Hotel in Myanmar’s capital Nay Pyi Taw, Daw Aye Aye Win told reporters that SMEs need support to help them become competitive in international markets.
She said that the K Bank training would teach businesses about business structure, accounting techniques, taxes, marketing, human resources, finance, and how to establish credit.
Myanmar’s SMEs are regulated under the 2015 Small and Medium Enterprise Development Law which classifies them by investment capital, workforce and cash flow. However compliance with the law is far from universal.
“SMEs in Mon State generally do not comply with the SME law, so we need to work to get them compliant,” said Dr. Aung Naing Oo, Deputy Speaker of the Mon State Hluttaw (parliament).
The business environment in Mon State is characterized by a large number of small and medium businesses, with most people employed in agriculture, rubber and salt production, and fisheries. Many of the state’s businesses are also oriented towards Thailand, just across the border.