FDI spurs creation of 60,000 new jobs

New local and foreign investment has spurred the job market in Myanmar, resulting in the creation of more than 60,000 new jobs last year.

According to the Myanmar Investment Commission (MIC), 61,487 new jobs were created during January and December. The MIC said it has allowed more investment in the hotel building and manufacturing sectors this month. 

Official data shows that companies from 25 countries have invested more than US$34 billion in business projects in Myanmar, while local companies have invested more than Ks 3871 billion in the country up to now, in accordance with foreign and national investment laws.

During the year, foreign and local business people invested the most in the manufacturing, garment, hotel construction and food industries.

China used to be one of the largest investors in the country, with most of its money focused on exploration of natural resources and mining. However, it made only a few investment projects in the year.

According to updated figures as of the end of December, local business people invested the most in the manufacturing sector, at Ks 901 billion, while foreign investors focused mainly on the oil and natural gas sector, with US$13 billion in investments.

Among population aged 15 and over, 75.70 per cent was employed in  2010, according to a World Bank report published in 2012.

When launching the recruitment programme to support its business expansion in the country in the past four months, Norway-based Telenor – in line with the commitment to investing in the growth and development of local talent – placed a priority on the hiring of Myanmar citizens, including those who are living in Myanmar or those who are living outside of the country and who want to participate in this landmark project.

The company is currently assisted by 160 full-time middle-management staff, consisting of 60 Myanmar citizens, under its plan to start operations within eight months after getting the licence. By the end of this year, it expects to employ 1,000 people. 

It also expects that Telenor Myanmar’s operations would create another 2,000 job opportunities through indirect employment with local business partners and vendors.

The influx of foreign investment as well as local business’ investment has resulted in the opening of several job agencies. Our Internet search showed at least two web sites - www.myjobs.com.mm and www.myanmarjobsdb.com - which is a unit of the Asia-wide recruitment network.

Greater investment also demands better infrastructure. Foreign organisations like the Asian Development Bank are also filling up vacant positions, to seek foreign expertise in supporting the operations in the country. As shown on ADB website, it is now open for applications for an international power sector advisor and a national administrative assistant.