Mr Mikhail Margelov, Vice-President of the Etalon Group in Russia, said that the group has been planning to set up joint ventures with Myanmar and Vietnam developers, according to the report of Myanmar Economic Attache in Moscow citing the online news https://realty.ria.ru/20241111/etalon-1983058335.html.
Etalon Group is the first ever group to attract foreign developers in the Russian construction market, who are not from the Commonwealth of Independent States (CIS). At present, the final discussion to create a JV with Myanmar and Vietnam developers is being undertaken, Mr Mikhail Margelov said.
He highlighted that construction sectors are battered by a labour shortage. Etalon Group is executing real estate management and construction works across Russia. At present, the Russian construction sector is facing low employment, ranking fourth after trading, mining and industrial engineering industries. The skilled labour shortage in the construction industry has become severe to finish work, Mr Anton Glushkov, President of the National Association of Builders addressed on 18th Moscow Real Estate Forum.
Labour shortage hiked up wages of concrete workers and welders up to 35 per cent, real estate experts said. According to a report from Russia’s Ministry of Construction, construction workers are estimated at 12 million. The construction industry falls short of 200,000 workers to meet demand. At present, Russia’s unemployment rate is 2.4 per cent and is likely to remain at 2.6 per cent until 2027, Russia’s Ministry of Economic Development forecast.
Recruitment of traditional migrant workers from CIS is more difficult and expensive. Thus, they tend to the Asian and African markets for potential labour force. There were migrant workers in Russia from 81 countries in 2022. Russian overseas recruitment agencies are attempting to hire builders from South East Asian Nations including Myanmar to tackle labour shortage problems in the construction industry.
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