Belgium-based textile manufacturing company, Beaulieu International Group is seeking to invest in Myanmar, according to official reports.
Beaulieu’s Director Peter Desmet and his group visited the office of Directorate of Investment and Company Administration in capital Nay Pyi Taw to discuss the legal requirements for setting up a labour-intensive business in Myanmar.
Beaulieu International Group produces an extensive range of textile-related products including raw and intermediate goods. The company holds a strong market position in Asia and Europe. Its carpets are particularly successful in Europe.
The group has about 3,500 employees in some 30 sites across eight countries. In 2012, the Beaulieu International Group’s turnover was € 1.4 billion.
Since 2011, a number of foreign businesses — including many textile manufacturing firms — have began operations in Myanamar which has a 60 million population and promises abundant labour and potential consumers.
Among the new comers in 2013, most foreign textile businesses are from Thailand, Singapore, Hong Kong, China and Korea, according to the Directorate of Investment and Company Administration.
Recently, European Union reinstated its Generalised System of Preferences, a programme offering tax advantage to imports from Myanmar as well as other developing countries. This has attracted foreign manufacturing businesses who want to start operating in Myanmar.
Source: ELEVEN Myanmar