Japan has been Myanmar’s top market for garment till this year, with South Korea the largest investor in the industry, according to Myanmar Garment Manufacturers Association.
“South Korea invested the most in the garment industry. It has at least 20 garment factories running. The foreign countries which invested in the industry are Japan, South Korea, Taiwan, China and Malaysia. There are also some from the West. 20 or so countries are working in the industry including Germany and Turkey. The country has nearly 300 large garment factories. Among them, about 90 percent are owned by nationals. There are also joint ventures with foreign companies. The foreign companies which made 100% investments in the industry represent about 5 percent of the total,” said Aung Win, the vice chairman of the association.
He also added that Japan was the top market for Myanmar’s garment according to last year’s figures.
“South Korea was the second largest market. It’s expected to export more to European market in coming fiscal year (2014-15) as a result of the country’s readmission to a preferential EU trading scheme. Japan is still at the top for Myanmar’s garment till this year. But [we] can’t say whether the top market will become the EU or the US in the coming year,”
After the US imposed economic sanctions on Myanmar in 2003, the country was more and more relying on Japanese market for its garment export.
Source: ELEVEN Myanmar