A Chinese company and a Myanmar-based firm are collaborating to set up a garment manufacturing facility at a project cost of US $20 million, which is expected to create employment opportunities for thousands of people.
According to Eleven Myanmar, the MD of Myanmar-based Lat War Garment Company – Dr Khin Maung Aye was quoted as saying that his company and Chinese firm – Sumec Textile & Light Co Ltd, were setting up a garment factory in Bago region.
“We have already started the process of setting up the unit for which we have already employed 200 people. Phase one of the project will employ around 1,500 people and on completion of phase two, over 5,000 people will get employment”, Aye said.
A memorandum of understanding on setting up the garment factory at Yedashe was signed by Lat War Company and Sumec Textile on July 4.
To encourage investment in the apparel industry, the Myanmar has permitted 100 percent foreign investment under the foreign investment law.
Sumec ranks among top 20 Chinese textile and garment export companies and is among top three in Jiangsu province. In 2013, its export value stood at $498 million and domestic trade turnover exceeded RMB 680 million.