Myanmar's second five-year plan to target economy

Myanmar is drafting its second five-year plan (2016-17 to 2020-2021) aiming to boost economic growth by encouraging investment in the public and private sectors through the process of industrialisation, officials said on Thursday.

The second five-year plan is to be implemented in the tenure of the new government which is expected to start in April, the next fiscal year 2016-17, Xinhua news agency reported.

President U Thein Sein suggested at the Myanmar Project Commission (MPC) meeting in Nay Pyi Taw the realisation of public-private partnership in reaching sustainable development goals in key areas of health, education and electricity provision.

The second five-year national plan and the 20-year long-term National Comprehensive Development plan (NCDP) from 2011 to 2031 should serve as a framework for future projects, said U Thein Sein, who is also the chairman of the MPC.

In the first five-year plan from 2011-12 to 2015-16, the MPC prioritised the basic need of food, clothing and shelter for the public in line with the changing trend of the country, he recalled stressing the need to implement matters in the remaining three months before the close of the first five-year plan at the end of 2015-16 when the current government term is to expire and a new government is to assume office in accordance with the Nov. 8 election result.

Myanmar's 20-year NCDP was framed by the current government in partnership with the UN Development Programme (UNDP), the Asian Development Bank (ADB) and the Economic Research Institute for ASEAN and East Asia (ERIA).

The NCDP is aimed at increasing the country's GDP to $180 billion in 2030-31 and its per capita GDP to $3,000, the report added.