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Firms to invest $24 mn in garment, bag making in Yangon

Mar '20
Pic: Shutterstock
Pic: Shutterstock
Companies from Myanmar, Hong Kong, China, Estonia and Taiwan will invest nearly $24 million in businesses in industrial zones in the Yangon region, including the Thilawa Special Economic Zone (SEZ), to manufacture garments and bags, according to the Yangon Region Investment Committee. The latest investment approved by the committee is likely to create 8,920 jobs.

Follow below are some of the prominent companies and their investment details, as per a report in a Myanmarese newspaper:

(1) Fineline Company Limited (Hong Kong), $2.087 million in bag making in the Thilawa SEZ
(2) Genesis Myanmar Garment Co Ltd, $4.285 million in bag making in the East Dagon Industrial Zone
(3) South Frame Myanmar Limited, (Estonia), $0.852 million in making photo frames
(4) Myanmar Journey Bags Co Ltd (Hong Kong), $1.622 million in bag making in the Wataya Industrial Zone
(5) Kai Sheng (Myanmar) Industrial of Taiwan, $0.911 million in bag making in Shwepyitha township
(6) Jiangsu Soho (Myanmar) Garment Company Ltd (China), $1.2 million in garment business
(7) Si Yuan (Myanmar) Co Ltd (Hong Kong), $0.906 million in a garment unit in Hlinethaya township
(8) Sunrise (Myanmar) Fashion Co Ltd (China), $4.5 million in garment business in the Thadukan Industrial Zone
(9) Ziran Non-Woven (Myanmar) Company Limited (Hong Kong), $2.9 million in producing and exporting polyester fibres in Industrial Zone (4) in Shwepyitha township
(10) Allland Fashion Limited (China), $1.002 million in garment business in the Hlinethaya Industrial Zone

The Confederation of Trade Unions of Myanmar (CTUM) estimates that more than 500,000 people work in the apparel sector in the Yangon region, with nearly 300,000 employed in 500 to 600 garment factories in Hlaing Tharyar town alone.

Fibre2Fashion News Desk (DS)

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