MGMA backs garment industry to boom when US sanctions are lifted

Myanmar’s leading garment industry body has been buoyed by the lifting of sanctions it hopes will see a return to the glory days for the sector, when in the early 2000s a majority of country’s garments were shipped to the US. Speaking at a manufacturing trade fair in Yangon yesterday, U Myint Soe, chair of […]

Garment industry expected to earn US$10 billion from export in a decade

The export value from the garment industry under Cutting-Making and Packing (CMP) system is expected to fetch up to US$10billion in a decade, it is learnt from Myanmar Garment Manufacturers Association (MGMA). “We expect garment industry to be in operation with 1,500 factories in 2025, with a total labour force of one million. To meet […]

KATRI to assist development of Myanmar textile export sector

No 3 Heavy Industry under the Ministry of Industry will work with Korea Apparel Testing Research Institute (KATRI) to improve Myanmar’s textile sector to enter the international market, according to Dr. Eun Ho Shin, the in-charge of KATRI. The cooperation aims at promoting the textile industry a under three-year-project to effectuate the development of the […]

Entrepreneurs ask finance minister to reconsider special tax

Planning and Finance Minister U Kyaw Win received a barrage of requests to cut taxes during a meeting with a group of almost 50 business associations in Yangon earlier this week. The minister met with entrepreneurs at the Union of Myanmar Federation of Chambers of Commerce and Industry, to ask their opinions on economic development and learn […]

Garment factory to be auctioned after owner disappears

A Taiwanese-owned garment factory of dubious legal standing has gone dark after the owner ran away in the midst of financial trouble, according to Yangon labour officials. Patrick Yan, owner of the UniPolar factory in Hlaing Tharyar township, was reported to local authorities by his employees who said he had failed to pay overdue wages […]

Myanmar apparel exports may double by 2020

Myanmar’s apparel exports are expected to more than double to $4 billion by 2020 owing to the favourable government policies and low labour costs in the country, according to industry insiders. One of the reasons for this is the high wages and relatively higher cost of production in countries like Vietnam, India, China, and South […]

Myanmar garment sector gets €2.8 mn EU boost

Small and medium enterprises in Myanmar’s garment sector are set to get a 2.8 million euros boost from the European Union. The cash infusion will support the second phase of a development initiative that aims to make the “Made in Myanmar” industry more competitive by building environmental awareness, sustainability and social protections for the workers. […]

Handicrafts Prospects Good, but Low Price, Illegal Exports Hurt

Myanmar has a long tradition of producing handicrafts ranging from wood carving to lacquerware to sword making, but this has been slow to turn into an organised industry even as the market for these items has risen. Myanmar’s handicraft market for both local and foreign buyers has grown in the last couple of years, and […]

Companies begin to feel the heat as import costs climb

Myanmar’s plummeting currency has prompted a vicious circle of rising prices in the import-dependent economy, in which even export-driven companies face rising costs, say businesspeople. New laws and regulations are urgently needed to control the kyat, they said, which has fallen by more than 25 percent to the US dollar this year to K1300 yesterday, […]

Draft automobile policy to be submitted this session

The draft of a new Myanmar Automobile Policy which aims to improve domestic car production and make prices more affordable will be submitted to parliament this session. The 13th session of parliament, which began yesterday, is likely to pass a number of laws that are currently under discussion. Pyithu Hluttaw representative U Myint Soe from […]