Representatives of eight South Korean firms are visiting Myanmar to explore investment and trade opportunities in the textile and garment sector.
The Korean business delegation will discuss opportunities in various textile segments like dyeing, printing, fabrics, apparels and raw materials, according to the Korea Trade-Investment Promotion Agency.
In 2011, South Korea imported US$ 300 million worth of goods from Myanmar, with textiles and garments constituting a major share, according to South Korean statistics.
As of January this year, South Korean investment in Myanmar reached a total of US$ 2.9 billion in 48 projects.
According to the Myanmar Clothing Manufacturers Association, the country’s garment exports have declined by about 30 percent since the global economic crisis of 2008.
Power shortage and high value of Myanmarese currency are among the problems faced by the country’s apparel producers and exporters.
Myanmar imports raw materials from China and some other Asian countries for making clothing items that are mostly exported to Japan, South Korea and some European and Latin American countries.