Hong Kong-based Prosperity Knitwear Myanmar Ltd has invested US$5.5 million in setting up a garment factory at the former Thilawa industrial zone area this month, and it plans to up the investment to up to $45 million in 2015.
The firm has investments in China, Hong Kong and Bangladesh. The opening ceremony of the company’s office in Myanmar was held on October 9.
“We have invested $5.5 million and will increase it up to $45 million next year. The factory will be operational in December. Currently, we are training employees, as there is a lack of skilled workers here,” said the company’s spokesperson, Moe Yu Wai.
The garment factory will produce sweaters and export them with the Marks and Spencer brand to England, Italy and Canada.
“The factory’s products won’t be distributed locally. They will be exported to European countries,” she said.
The factory will provide a total of 2,500 jobs to locals. It currently employs 200 people.
Prosperity Knitwear Myanmar Ltd received investment approval from Myanmar Investment Commission on September 28. It will receive the business licence soon, Moe Yu Wai said.
Source: ELEVEN MYANMAR