Job creation reports drop in October

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Women wearing face masks sew clothes at a workplace in Yangon during the first wave of COVID-19 in Myanmar. Photo: Phoe Khwar

The job creation in October slowed further than the rate in September 2020, according to the statistics issued by the Myanmar Investment Commission (MIC).
The domestic and foreign enterprises permitted and endorsed by the Myanmar Investment Commission (MIC) and the region and state investment committees in October created over 4,500 jobs, which plunged from 11,990 jobs in September.
In the first month (Oct) of the current financial year 2020-2021, the foreign enterprises created over 1,488 jobs for locals. They added the recruitment of the existing foreign businesses. The domestic enterprises under the Myanmar Investment Commission created 3,058 jobs for local people. They included an increase in employment by the existing enterprises.
MIC and the relevant investment committees gave the go-ahead to seven foreign enterprises from China, Singapore, the Republic of Korea and Viet Nam in manufacturing, livestock &fisheries and agriculture sectors in October. They brought in estimated capital of US$117.68 million, including the expansion of the capital by existing enterprises. Meanwhile, 14 domestic enterprises invested K62.96 billion in manufacturing, real estate, hotels and tourism, agriculture and other service sectors.
In the previous budget year ended 30 September 2020, the domestic and foreign enterprises have created about 200,000 jobs since October 2019. The job creation includes employment of about 5,000 expatriate workers in Myanmar, according to the Directorate of Investment and Company Administration (DICA).
A total of 118 domestic investments were given the green light during the past FY. Domestic investments by Myanmar citizens, including an expansion of capital by existing enterprises, reached K1,710 billion as well, according to a press release issued by the MIC.
MIC is prioritizing the labour-intensive businesses. The commission ensures to approve responsible companies by assessing environmental and social impacts. The commission is working together with the relevant departments to screen the projects, DICA Director-General U Thant Sin Lwin said.
In the incumbent government period, domestic and foreign projects employ over 670,000 locals, according to the DICA.
Those enterprises have created over 96,000 jobs in the FY2016-2017, 110,000 jobs in the FY2017-2018, over 53,000 jobs in the 2018 mini-budget period, over 180,000 jobs in the FY2018-2019 and 210,000 jobs in the FY2019-2020 respectively. — GNLM (Translated by Ei Myat Mon)

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