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FDI in garment sector creates 20,000 new jobs in Myanmar
12
Sep '13
The increase in Foreign Direct Investment (FDI), especially in the garment sector, has created around 20,000 new jobs in Myanmar (previously Burma), according to Government data.
 
During the first five months of the fiscal year 2013-14, the FDI reached US$ 1.8 billion, and was mostly focused in the garment manufacturing sector, reports Democratic Voice of Burma.
 
Aung Naing Oo, the director-general of the Directorate of Investment and Company Administration (DICA), said the majority of investments came from East Asian countries such as South Korea, Japan and China.
 
Every single garment factory that opens in the country creates an additional 1,000 jobs, he added.
 
Mr. Naing Oo added that during April-August period of the current fiscal year, 20 garment factories have so far been approved, resulting in creation of about 20,000 additional jobs.
 
A quicker process now exists for setting up a garment factory, which enables it to become operational within six months after acquiring the relevant permits, he added.
 
According to Mr. Oo, this fiscal year DICA is expecting around US$ 3 billion of FDI in the country
 

Fibre2fashion News Desk - India

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