MIC should focus on investment that creates jobs: economists

The Myanmar Investment Commission (MIC) needs to prioritise investment that creates more JOBS, economists told the Myanmar Global Investment Forum in Nay Pyi Taw on September 16.

“The aim of this forum is to ensure a foreign investment boom,” Energy Minister Zeya Aung said, noting that the forum was the third one organised by the MIC and Euromoney. He added that the reforms introduced by the current government were already having a dramatic effect, as the country gross domestic product would surge by 7.8 per cent this fiscal year.

Karin Finkelston, the International Finance Cooperation’s vice president for the Asia Pacific region said a reduction of foreign investment would create obstacles to JOB creation. She said more improving the investment climate could attract foreign investment. This could be achieved through policy changes, new taxation legislation and solving difficulties create by different adminstrative levels.

Finkelston identified basic infrastructure as another obstacle to foreign investment. “The availability of energy and electricity plays a vital role in basic infrastructure and it is need to increase production and investment, which creates jobs,” she said.

“We all know that Myanmar is an agriculture-based country. Therefore, productive agro-businesses need to emerge, and the banking sector needs to be developed to give small and medium sized enterprises a boost,” she added.

Kobsak Pootrakool, executive vice president of Bangkok Bank, noted that large investments were regional in scope while smaller investments in Myanmar were only interested in the local market. Investors consider the level of skilled workers so education is critical to draw investment that creates jobs, he said.


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