YANGON, Dec. 31 (Xinhua) -- Myanmar is planning to accelerate development of small and medium enterprises (SMEs) starting early January by introducing work sector competitions across the country.

The products from the SMEs will be displayed and those which are up to standard in the regional competitions will contest in the final round in Nay Pyi Taw, First Vice President U Myint Swe told businessmen in the capital Saturday, the official Global New Light of Myanmar reported Sunday.

He pledged that the government will be working together on obtaining cash investment, main infrastructural requirement of electric power and obtaining loan without collateral.

Loans will be provided to those entitled within 30 days, he said, disclosing that the state-owned Myanmar Economic Bank will provide the loan totalling 200 billion kyats (about 147 million U.S. dollars).

Myanmar local experts , who have international experiences in SME development will be assigned as advisors, he added.

According to research by the Central Statistical Organization , 98 percent of the more than 120,000 businesses registered in Myanmar are SMEs.

In the employment sector, of the 21.9 million workers, 83 percent are working in un-registered SMEs.

Businessmen were urged to take the advantage of the newly enacted Myanmar Companies Law for the development of SMEs.

Meanwhile, the Central Bank of Myanmar has allowed export financing and related banking services early this month to support the export and import sector.

On Dec. 9, Myanmar held an Entrepreneurs Summit-2017 in Nay Pyi Taw, in which State Counselor Aung San Suu Kyi encouraged young entrepreneurs in the country to use cutting-edge technology for the development of the nation, while taking advantage of the country's unique location and abundant resources.

Aung San Suu Kyi reiterated the need to promote the intelligence and quality of the citizens and the role of the government in building a sustainable economy, urging regional governments to support entrepreneurs in their respective states and regions to establish SMEs and share their experiences with young entrepreneurs to carry out innovation.