Garment Exports Double Spurred by Rising Orders From Europe

​​ Myanmar garment exports have doubled in 2016 compared to export values of the previous year, according to the Ministry of Commerce. Rising orders from European countries have caused the surge in garment exports, said U Win Myint, Director of Ministry of Commerce. As of December 15th, garment exports reached $1.05 billion, up from $460 […]

Myanmar Expected to Have Earned $2 Bn From Garment Industry

​​ It is expected that Myanmar could earn about US$ 2 billion from CMP (cutting, making and packaging) garment industry, which is running under a piecework system, in 2016, according to Myanmar Garment Entrepreneurs Association. US$ 1.65 billion was earned in 2015, and over US$ 1.1 billion has been earned between April and November of […]

Light Manufacturing to Lead Way in Foreign Investment

​​ RANGOON — Burma’s light manufacturing sector will lead the way in foreign direct investment in 2017 although investor concerns over the country’s infrastructure persist, according to the local business community. Foreign investors visiting in the last year had questions over energy supply, transport and land issues and heavy industry manufacturers are hesitant to invest, […]

New US trade preferences highlight challenges for Myanmar exporters

Myanmar’s business sector has welcomed US plans to lift almost all remaining sanctions against the country and reinstitute special trade preferences, but some industries could find it hard to take advantage of the new environment. US President Barack Obama announced this week that he intends to lift the state of emergency the US declared against Myanmar in […]

US restores GSP benefits to Myanmar

US president Barack Obama has signed a proclamation reinstating Myanmar’s (formerly Burma) eligibility for benefits under the Generalized System of Preferences (GSP) programme as of November 13, 2016. Since Myanmar is a least developed country (LDC), it will be able to export approximately 5,000 products to the US duty-free under this programme. The trade preference benefits were restored after […]

US and Myanmar agree to game-changing initiatives

In addition to the lifting of US sanctions on Myanmar that came as a result of a historic meeting at The White House yesterday between US President Barack Obama and State Counsellor Daw Aung San Suu Kyi, there will be several other initiatives that were agreed upon in Washington, including global health security and improved […]

Business community pins sanction hopes on State Counsellor’s visit to US

With State Counsellor Daw Aung San Suu Kyi set to meet US President Barack Obama in Washington today, many in Myanmar’s business community will be watching closely. The two are set to discuss US sanctions that have been in place for decades, and that investors are rearing to have removed. Businesses have long called for lifting sanctions they say cripple […]

US Investment in Burma Forecasted to Increase

RANGOON — US investment in Burma has strong potential to increase this year, experts said at a US-Burma Economic Relations seminar in Rangoon on Monday. Entitled “US-Burma Economic Relations: The Next Phase,” the seminar was jointly organized by the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) and the United States Chamber […]

Canada junks tariffs for Myanmar imports

Imports into Canada from Myanmar will now enjoy tariff free status after the Canadian government restored the country’s General Preferential Tariff (GPT) and Least Developed Country Tariff (LDCT). Myanmar’s eligibility for GPT and LDCT had been removed in 1997 as part of a widespread global response to concerns about human rights violations in the country. […]

Garment sector to hit $1.5b revenue mark

Revenues in the garment sector are expected to grow by as much as 50 percent for the 2013-14 fiscal year and reach US$1.5 billion, experts said. Daw Khaing Khaing Nwe, secretary of the Myanmar Garment Manufacturers’ Association, told The Myanmar Times that the sector has continued to benefit from relaxed trade rules from abroad, while […]