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Myanmar to expand textile and garment industry
09
Apr '15
Myanmar is to expand its textile and garment industry under the country’s new national export strategy to boost economic growth, with the sector’s export earning targeted at $2 billion for the 2015-16 fiscal year, according to media reports.
 
With foreign investment accounting for 90 per cent, the sector created 100,000 jobs in 2014-15, according to the Myanmar Garment Manufacturers Association.
 
Myanmar’s garment export has almost doubled from just over $900 million in 2012 to about $1.7 million in 2014.
 
The five-year national export strategy, which also covers six other sectors and is aimed at tackling trade deficit, focuses on rice, peas and pulses, fishery products, timber and forest products, rubber and tourism.
 
Official statistics show that foreign investment in the manufacturing sector reached $5.458 billion as of February this year since late 1988 when the country opened to foreign investors.
 

Fibre2fashion News Desk - India

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