Laying the Foundation to Attract Businesses
April 19, 2018
Happy Myanmar New Year to all.
In my first blog, I had explained the vision of NYDC – which is to create 2 million new jobs. So what does it take to create 2 million new jobs? What are the requirements of turning this vision into a reality?
During the launch of NYDC in March, Yangon Chief Minister U Phyo Min Thein said that the improvement and promotion of the country’s manufacturing sector is one of the key focus of NYDC. The manufacturing sector is key to creating a large number of jobs within the shortest period of time as it is a sector that requires a large number of workers. It is therefore vital that the New Yangon City creates a foundation that is favourable to attract manufacturing businesses to the new City.
The key factors that would encourage and convince businesses to set up factories in the New Yangon City are i) an efficient and business friendly climate related to government policies and administrative systems: ii) reliable and sufficient supply of electricity and clean water; iii) good connectivity- roads, access to ports, telecommunications networks and other basic infrastructure support; and lastly, iv) skilled workers.
Having these key components lay the foundation for the creation of a strong manufacturing sector that creates new jobs. Without this foundation, we won’t be able to attract businesses and investors to the New Yangon City to set up factories. Without the factories, there won’t be jobs, and the NYDC’s vision of improving our people’s lives through access to new opportunities and employment will not come true. It would just be a dream.
NYDC’s foremost focus at this inception stage is to concentrate on attracting investors who would fund the development of these basic infrastructure works so that we could turn the dream into reality. Negotiations with many potential investors are underway to undertake these investments and we look forward to reporting to the public shortly in this regard.