On 27 June, the Embassy of Denmark in Myanmar outlined its help thus far in supporting small and medium businesses in the country.
The Embassy of Denmark in Myanmar’s Facebook page spoke of how small and medium businesses are considered to be the ‘backbone’ of many economies.
Covid-19 and climate change has had a vast impact on small and medium-sized enterprises (MSME’s) throughout the world and some small and medium business in the Myanmar textile industry have faced many of these challenges in recent years.
There was an obvious drop in foreign orders in the Myanmar textile industry and production lines have had to be reorganized to focus on domestic markets.
Thus Denmark’s support via its Economic Funds’ (RBF) has been extremely been beneficial to the people of Myanmar and has helped to sustain businesses and important industrial jobs.
RBF has provided support to over 300 MSMEs since it was established in Myanmar in 2012 and the report on their page said the total is about 8500 kyats, $22 billion (approximately US$13 million) towards energy efficiency, water efficiency, waste-effective product production, workplace safety and health, food safety and sewage sanitation. Funds were provided to implement one or more related businesses.
On this MSME Day, the Myanmar MSMEs were honoured as the backbone of the struggling economy.
To read a previous article about Denmark’s support of small businesses, specifically the garment industry, in Myanmar, please click here.