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Mandalay to build textile industry park

A textile industry park will be established in Mandalay city, U Zaw Myint Maung, chief minister of Mandalay Region, said on Tuesday.

He said the government will work with the Japan International Cooperation Agency (JICA) to set up the industrial hub.

“Some businesspeople have proposed to establish a textile industry park that can employ about 50,000 people. We’ll work with JICA to establish it,” he said during an EU-sponsored forum on the business climate in northern Myanmar.

The forum discussed rules and policies that are obstacles to doing business in Myanmar. The chief minister said Mandalay welcomes investments, especially in agriculture and the garment industry, among others.

Mandalay city has US$3.7 billion (K5.69 trillion) in foreign investments and K5.07 trillion in local investments. He said the Investment Law affords equal rights to citizens and foreigners alike.

Although Chinese investments account for the lion’s share, there are also investments from European countries, which are trying to become a second engine driving the nation’s economy, Zaw Myint Maung said.

Kristian Schmidt, the European Union’s ambassador to Myanmar, said EU businessmen see a lot of opportunities in Mandalay.

“We think Mandalay’s economy is growing fast and there are good opportunities for European countries,” he said. “We want to take part in making Mandalay develop. Since the EU lifted sanctions against Myanmar in 2013, a lot of garment companies have entered.”

“Garment factories cause pollution by disposing of chemical dyes in the river. Our technology can prevent this,” Schmidt added.

From fiscal 2017-18 through February, five foreign investments with a total value of US$17.2 million were made, including $743,000 in hotels and tourism, and $2.21 million in agriculture.

Source: Myanmar Times

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