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Foreign investors to set up garment units in Myanmar
21 Sep '16
1 min read
The Myanmar Investment Commission (MIC) has received expression of interest to set up garment factories in the South East Asian country from apparel manufacturers in South Korea and Hong Kong. MIC is now in the process of allocating land to these companies and is discussing potential locations with regional governments in Yangon and Bago.
This interest closely follows the US decision to offer benefits under the Generalized System of Preferences (GSP) programme from November 13, 2016. Myanmar is a least developed country (LDC) and will now be able to export approximately 5,000 products to the US duty-free under this programme.
“The talks with the investors are still at the discussion stage and we will give land to them for factories, which is most likely to be in Yangon and Bago, where there are jetties,” committee secretary Aung Naing Oo was quoted as saying by Myanmar Media.
According to the Myanmar Garment Entrepreneurs Association (MGEA), Myanmar has 400 garment manufacturing units, which together employ more than 350,000 workers. (AR)
This interest closely follows the US decision to offer benefits under the Generalized System of Preferences (GSP) programme from November 13, 2016. Myanmar is a least developed country (LDC) and will now be able to export approximately 5,000 products to the US duty-free under this programme.
“The talks with the investors are still at the discussion stage and we will give land to them for factories, which is most likely to be in Yangon and Bago, where there are jetties,” committee secretary Aung Naing Oo was quoted as saying by Myanmar Media.
According to the Myanmar Garment Entrepreneurs Association (MGEA), Myanmar has 400 garment manufacturing units, which together employ more than 350,000 workers. (AR)
Fibre2Fashion News Desk – India
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