Myanmar needs help in talent development

Myanmar needs help in developing its local talent base and looks to investors for the boost, business leaders said Monday at the Myanmar Economic Seminar.

“We have an abundance of hardworking, young people, but lacks manager-level workers capable of leading the local staff,” said Takayoshi Nakatani, managing director of the local subsidiary of the Japanese logistics firm Fujitrans.

Myanmar’s economy is among the fastest growing in Asia; it is seen to grow by an average of 7% over the next three years, according to the World Bank.

Local leaders said the more than 50 million people need help in developing human resources to support the anticipated continued growth.

This need is alongside the required boost in infrastructure, they added.

Ko Ko Gyi, managing director of food and real estate conglomerate Capital Diamond Star Group, requested the Japanese government to share its experience and knowledge in vocational training.

“Even relatively large companies like us are having issues with human resource development,” he said. “So smaller businesses must be facing even more challenges.”

Nakatani added: “The reality is that talent acquisition has been a challenge…the [workers’] potential is extremely high, so we must train them over time with a long-term perspective that we are all in this together.”

“For the moment, the situation is extremely tough.”

The Myanmar government is trying to bring more foreign investment into the country. Set Aung, deputy minister for national planning and finance, said regulatory and policy reforms are under way to achieve this. The creation of the Thilawa special economic zone on the outskirts of Yangon points to this.

“We are trying to create a favourable, predictable and friendly climate [for investors]. We have to assure investors that there is policy stability and transparency,” he said in his keynote speech.

In turn, he said, Myanmar expects investors to transfer technology to its people.

Source : HRD Asia