fbpx

Myanmar Garment Sector Sees Explosive Growth

European and Asian countries are increasingly placing orders for Myanmar garments, said Aung Htoo, the deputy minister for commerce at the opening ceremony of Myanmar SUMEC Win Win Garments in the Shwepyithar Industrial Zone.

The local garment sector is said to be young, but it is rapidly growing and has momentum, said Aung Htoo.

In 2010, export earnings from the garment sector reached US$337 million (459.5 billion kyat). In 2014, it increased to nearly US1 billion, a three-fold increase, according to the commerce industry. In 2015, export earnings amounted to US$1.46 billion, accounting for 10 per cent of the nation’s total export value.

In 2015, exports of garments to the EU market increased 80 per cent.

The Commerce Ministry has formulated a 10-year strategy in cooperation with Myanmar Garment Entrepreneurs Association.

The number of garment factories has increased in recent years to over 400. In 2016, the garment sector employed up to 350,000, about 90 per cent of them women.

Export earnings from CMP garment sector is expected to reach US$1 billion, according to the Myanmar Garment Entrepreneurs Association.

Source: Eleven Myanmar

To see the original article click link here

NB: The best way to find information on this website is to key in your search terms into the Search Box in the top right corner of this web page. E.g. of search terms would be “property research report”, ”condominium law”, “Puma Energy”, “MOGE”, “yangon new town”,”MECTEL”, “hydropower”, etc.

.

Looking for foreign investors to invest in your business in Myanmar