YANGON – The Myanmar Garment Manufacturers Association (MGMA) expects the garment industry to gain US$ 1.5 billion in foreign investment by 2015 if political reforms continue.
Enterprises that deal in cutting, making and packing are creating job opportunities as foreign investment grows in the garment sector. Garment exports made record earnings with US$ 1.1 billion in the period from January to December last year.
“The garment enterprises are now increasing due to EU’s Generalised System of Preferences (GSP) system,” said Myint Soe, chairman for MGMA.
“The orders from the EU and the U.S. are increasing due to the GSP system. Now we have to meet U.S. investors because they want to offer the same system. But it depends on political situation in Myanmar … because the sanctions are being lifted step by step,” added the MGMA chairman.
Korea, Hong Kong, China as well as Japan and ASEAN countries are all investing in Myanmar’s garment industry. However, Myanmar is also facing a shortage of skilled workers.
The prospects for garment enterprises may be good if Myanmar’s political situation continues to stabilise, according to the MGMA chairman.
Source: ELEVEN Myanmar