Myanmar’s construction industry worth US$13.5bn by 2020

A report by Timetric Construction Intelligence Center (CIC) has found that that over the next five years Myanmar’s construction industry is to grow at a rate of 10.37% over five years. In 2015 the industry’s value was worth Ks9 trillion (US$8.2bn) and is expected to climb to Ks15 trillion (US$13.5bn) in 2020, according to the […]

Myanmar targets $12 bn of garment exports by 2020

Myanmar’s garment industry has set an ambitious export revenue target of $12 billion and create around 1.5 million new jobs by 2020, the Myanmar Garment Entrepreneurs Association has announced. The industry has gained momentum since 2014 when its export earnings amounted to $1.5 million. By mid-2015, the industry created over 230,000 jobs. The local garment […]

Myanmar’s clothing industry is set for significant growth in the coming years

Myanmar’s clothing industry is forecast to grow significantly in the coming years, according to a report in the latest issue of Global Apparel Markets from the business information company Textiles Intelligence. Forecasters have predicted that there could be up to 1.5 million jobs in the garment industry by 2020 compared with approximately 230,000 in mid-2015, […]

Rubber industry to be stamped with new law

A new law is being drafted to promote Myanmar’s rubber sector, as the commodity’s international value plummets and a number of plantations across the country are forced out of business. The law is being drawn up under Myanmar’s National Export Strategy, said U Khine Myint, secretary of the Myanmar Rubber Planting and Producing Association (MRPPA). […]

Renewed Sanctions Authority May Deter NES Implementation

US president Barack Obama’s recent renewal for a year of his authority to maintain sanctions on Myanmar may slow down the progress in implementing the National Export Strategy (NES), a senior official said. The United States eased broad economic sanctions on Myanmar in 2012 to reward its political opening but it still restricts business with […]

No turning back for Myanmar’s economy

The headlines on Myanmar in local and foreign media are often worrying – and not without reason. Myanmar’s army is embroiled in a border war, its peace process with 16 armed ethnic groups and alliances hangs in the balance, students are protesting against the education system and the recently freed media is discovering the limits […]

Trade Website Eyes Linking Local Businesses with Overseas

The Department of Trade Promotion is set to launch a website to share information and market data, according to Daw Thidar Win Htay, assistant general manager of the department. “The website will facilitate local businesses in linking with overseas markets while posting regulations, policy changes and market information. As trade centres are also being developed […]

Govt to launch Trade Development Council to energize exports

The government announced it will form the Myanmar Trade Development Council in 2015 in a bid to promote exports, according to a report from the International Trade Center (ITC). At present, the German International Cooperation Agency led by the Development of Export Department under the Ministry of Commerce, is providing cash assistance for the National […]

National Export Strategy to Be Ready by 2014

The National Export Strategy (NES) will be drafted by this year in a bid to improve trade and attract foreign investments, according to U Aung Min, in-charge of coordination of the NES. Previously, the government planned to finish drafting the strategy by December last year, but the Ministry of Commerce later asked to include the […]

Priority items chosen for National Export Strategy

In developing the country’s trade sector through an export-led growth model, six products and one service have been chosen as priorities for Myanmar’s National Export Strategy, according to the national consultant responsible for the strategy. “The priority export items have been chosen based on two criteria. One is its potential given the current trading situation, […]