French Chamber and UMFCCI to Support Myanmar-EU Trade

The French Myanmar Chamber of Commerce and Industry (CCI France Myanmar) and the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) signed a memorandum of understanding (MoU) on May 5 to strengthen partnership with a focus on supporting SMEs and Myanmar businesses. CCI France Myanmar said that the agreement comes at a […]

Myanmar CMP garment exports to touch $2.2bn in 2017

Cutting, making and packaging (CMP) garment exports from Myanmar are likely to fetch around $2.2 billion this year, as local companies have bagged more number of orders from the EU and Japan, according to Myanmar Garment Entrepreneurs Association. Apparel orders from the EU have especially increased after reinstatement of GSP rights by the EU. In […]

KBZ Strengthens Remittance Services with US Banks

​​ After kicking off the US-Myanmar direct money transfer service, Kanbawza Bank (KBZ) has tried to establish a direct channel with US banks, KBZ managing director U Win Lwin told the media. Right now, KBZ has opened a USD settlement account in New York’s branch of Sumitomo Mitsui Banking Corporation (SMBC). Hence, direct money transfer […]

Myanmar manufacturing set for takeoff

With the end to economic sanctions triggering an investment boom and an abundance of low-cost labor, Myanmar’s nascent manufacturing industries look set for major growth. In the space of less than two years, Japanese clothing retailer Honeys has increased the number of production lines at its second factory in Myanmar from five to 34. The […]

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 […]