In adherence to the new foreign direct investment (FDI) law of Myanmar, 25 foreign-owned garment units functioning under the name of Myanmar nationals have been converted into FDI businesses, Minister of National Planning and Economic Development Dr. Kan Zaw said, Global Times reported.
Presently 205 garment firms are operating in Myanmar, and increasing number of foreign garment producers, mainly from Asian countries, are eyeing Myanmar for investment, in view of positive developments in the country and introduction of the new FDI law, the Minister said.
Japan, South Korea, Germany and Hong Kong are some of the top investors in Myanmar, he said.
Further, the Minister informed that Myanmar exported around US$ 496.46 million worth of garments during the first five months of 2012-13 fiscal that started on April 1, 2012. The amount is almost 50 percent of last fiscal’s total exports, he added.
Responding to a query raised by a Member of Parliament during the ongoing session of the House of Nationalities (Upper House), Dr. Zaw said Myanmar’s garment export outlook seems positive as US has relaxed the ban on imports from Myanmar.