Myanmar textile exports surpass $1b
Exports of textiles and garment exports from Myanmar have exceeded $1 billion at the end of the country’s fiscal year in March, according to the Myanmar Garment Manufacturers Association.
“Prices are up this year and foreign investors are looking to invest in the textile industry,” an association spokesperson said.
Khin Maung Aye, managing director of Lat War garment factory said growth will begin surging when the European Union’s generalised system of preferences, which gives duty-free access to exports from least developed countries, is reinstated for Myanmar in June 2013.
The industry is expected to grow to 2,000 garment factories, creating about 1.2 million jobs in total, Aye was quoted as saying by Eleven Myanmar. The Myanmar Investment Commission has already said it granted approval to 10 companies to open garment factories in industrial zones this year.
Myanmar’s large and inexpensive labour market has caught the eye of global manufacturers, but it will need to upgrade logistics, improve power supply and infrastructure and ensure compliance with international labour standards, including a ban on child labour, to attract buyers from global brands, they say.
For investors in energy-consuming textile factories, it is particularly frustrating there is no immediate solution in sight to bridge the gap between electricity supply and demand. The Yangon Electricity Supply Board has been cutting electricity in several industrial zones in the Yangon region from January 1, 2013 by seven hours a day from 4pm to 11pm.
Exports of textiles and garment exports from Myanmar have exceeded $1 billion at the end of the country's fiscal year in March, according to the Myanmar Garment Manufacturers Association. “Prices are up this year and foreign investors are looking to invest in the textile industry,” an association spokesperson said. Khin Maung Aye, managing director of Lat War garment factory said growth will begin surging when the European Union’s generalised system of preferences, which gives duty-free access to exports from least developed countries, is reinstated for Myanmar in June 2013. The industry is expected to grow to 2,000 garment factories, creating...
Exports of textiles and garment exports from Myanmar have exceeded $1 billion at the end of the country’s fiscal year in March, according to the Myanmar Garment Manufacturers Association.
“Prices are up this year and foreign investors are looking to invest in the textile industry,” an association spokesperson said.
Khin Maung Aye, managing director of Lat War garment factory said growth will begin surging when the European Union’s generalised system of preferences, which gives duty-free access to exports from least developed countries, is reinstated for Myanmar in June 2013.
The industry is expected to grow to 2,000 garment factories, creating about 1.2 million jobs in total, Aye was quoted as saying by Eleven Myanmar. The Myanmar Investment Commission has already said it granted approval to 10 companies to open garment factories in industrial zones this year.
Myanmar’s large and inexpensive labour market has caught the eye of global manufacturers, but it will need to upgrade logistics, improve power supply and infrastructure and ensure compliance with international labour standards, including a ban on child labour, to attract buyers from global brands, they say.
For investors in energy-consuming textile factories, it is particularly frustrating there is no immediate solution in sight to bridge the gap between electricity supply and demand. The Yangon Electricity Supply Board has been cutting electricity in several industrial zones in the Yangon region from January 1, 2013 by seven hours a day from 4pm to 11pm.
