Thursday, 26 July 2012

Bloomberg on investment in Myanmar

Bloomberg has published an informative article on the statistics motivating increased foreign investment in Myanmar.
The currency dropped 1.7 percent in the past month to about 871 per dollar... reducing labor costs in a country where manufacturers can employ six workers for the price of one in Guangzhou, China... Laborers in Myanmar’s manufacturing industries earned an average monthly salary of about 50,437 kyat ($58) last year... A falling currency makes Myanmar wages and goods cheaper for foreign companies and overseas buyers... Myanmar is also attractive to manufacturers that want to diversify geographic risks... “The workers are very hard working and hungry for jobs,” said [the] chairman of... an umbrella group for most of the city’s garment manufacturers. “In a year or so, we will see a lot more investment to the country.”

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