President says price hikes are the biggest challenge

Due to the imbalance of supply and demand and rising production costs, commodity prices are increasing, and the biggest challenge for us is the increase in commodity prices, said the Head of State, President Min Aung Hlaing.,This was stated by the Head of State, President Min Aung Hlaing, at the Union Government Meeting held on July 7 at the Union Government Meeting Hall, Presidential Palace, Nay Pyi Taw.,Economic development is important for national development, and the biggest challenge for us is the increase in commodity prices, he said. He stated that the reasons for this are the imbalance of supply and demand and the increase in production costs. He also said that the increase in production costs is a consequence of changes in currency value. Therefore, it is imperative to work towards increasing domestic production, he said. Only when the production of goods increases can export goods be obtained, and with the foreign currency obtained from that, imports can be imported, he said. He said that only when the country's income and expenditure are balanced can the increase in commodity prices be reduced to some extent. Therefore, ministries and regional and state governments need to strive to increase production, the Head of State said.,Furthermore, he said that relevant ministries need to systematically supervise and implement measures to increase the number of export products. He said that last year, agricultural exports to foreign countries decreased. He said that not only did the export of rice, the main crop, decrease, but the export of some other agricultural crops also decreased. Therefore, he said, domestic entrepreneurs need to participate and invest more in agricultural production businesses to produce and export more agricultural export products, and it is necessary to produce and export more rice, which is the country's main export crop, the Head of State continued.,Similarly, in promoting the national economy, the country is a developing country and operates an economy based on agriculture and livestock, so the agro-based industry must be implemented, he said. Likewise, MSME production businesses, which are the most basic and feasible production businesses for the country, need to be carried out at a rapid pace, he said. He also said that the national economy can be promoted by effectively implementing tourism sector promotion activities. He said that when working to develop the tourism industry, it is necessary to consider all aspects, not only ensuring security, beauty, and transportation in each region, but also providing good food, accommodation, and services. He said that traditional cultural products and local products produced in each region must also be high-quality products, and from packaging to quality, they must be good and of high standard, the Head of State said.,Furthermore, the country possesses many good water and land resources given by nature and also possesses abundant aquatic products, he said. He said that the national economy can be promoted by producing and exporting various other products, including increased production and export of aquatic products, after upgrading and innovating them to meet quality standards and exporting them to countries with market demand. He said that the most needed thing is to actually work, the Head of State said.,Similarly, he said that by producing and exporting domestic products and export products as high-quality products through MSME businesses, rather than exporting them at the raw material stage, it can greatly benefit the development of the national economy.,He said that when working for national development, it is necessary to learn lessons from past events that have occurred in the country and to constantly study, analyze, and find solutions on how to work well during the period of responsibility. He also said that Chief Ministers and responsible persons of regions and states need to make all-round efforts with good intentions and sincerity for the development of their respective regions, said the Head of State, President Min Aung Hlaing.,It is known that the Union Government Meeting was attended by the Head of State, President Min Aung Hlaing, as well as Vice Presidents U Nyo Saw and Daw Nan Ni Ni Aye, Union Ministers, the Chairman of the Nay Pyi Taw Council, and the Coordinator (Army, Navy, Air Force) and responsible persons, while Chief Ministers of regions and states attended via video conferencing.