Yangon workforce capacity enough for businesses: union minister

Writer: 
Nilar

Yangon Region has an sizable workforce to cater to businesses as 64 percent of the population of over 6 million is able to work, said Union Minister for Planning and Finance Kyaw Win.

According to estimated data in 2017, the region has a population of over 6.2 million, and 64 percent represents the workforce. So we can assume we have an adequate workforce for businesses in the region, said the minister.

Being a commercial capital, Yangon plays a key role in developing national economy. As Yangon used to be the capital of Myanmar, it has the largest per capita income. It is blessed with coastal areas and river routes, contributing to international trade.

According to figures released up to March this year, 49 countries had invested 1,470 projects worth US$76.08 billion in 11 sectors.

The largest investment goes to oil and gas production sector with 29.48 percent and energy sector with 27.62 percent.

The minister praised the Yangon Region Investment Committee for its performance in attracting investments.

In the previous 2017-2018 fiscal year, Myanmar Investment Commission approved a total foreign investment of US$6.119 billion. But according to long-term foreign investment projects, the target of the over US$6 billion had been exceeded.

Yangon Region represents 23 percent of the countrys GDP and its annual economic growth rate is 9.2 percent.