One of the reasons for this is the high wages and relatively higher cost of production in countries like Vietnam, India, China, and South Korea, which is driving entrepreneurs to Myanmar. Secondly, entrepreneurs from China, South Korea, India, and Vietnam are keen on investing in the garment sector of Myanmar to take advantage of the benefits it enjoys with developed markets of the US, EU, and Canada.
The new foreign investment law, which was passed in 2012, increased the maximum shareholding of foreign parties in manufacturing to 50 per cent, making the country a suitable sourcing destination for garments. The law also allows foreign investors to lease land for an initial period of 50 years, tax exemption for first 5 years, and tariff-free import of raw materials to these companies.
According to U Myint Soe, chairman, Myanmar Garment Manufacturers Association (MGMA), the export volume in 2015 was $1.46 billion. The garment industry of Myanmar employs more than 250,000 people and accounts for 10 per cent of export revenues. (HO)
Fibre2Fashion News Desk – India
| On 15th Apr 2021
IFC, a member of the World Bank Group, is supporting the garment...
| On 15th Apr 2021
The import of textiles and apparel by the United States declined by...
Faruque Hassan, managing director of Giant Group, has taken charge as ...
Social media critical in regeneration of businesses
Blockchains will be in heavy use by early adopters by 2025
Opportunity now to reimagine processes & systems in a digital environment
P V Kadole
Nine co-operative organisations from Ichalkaranji came together to form an ...
Established by <b>Shyam Gupta</b> in 1978, Gargee Designer's (GD) offers...
<b>Gus Bartholomew</b>, co-founder of SupplyCompass, explains to <b>Subir...
Loomia designs and manufactures soft circuit systems that can be produced...
Fitesa is a leader in the nonwoven fabrics industry, specialising in...
Twinery Innovations by MAS
Twinery-Innovations by MAS is the innovation arm of Sri Lankan company MAS ...
Gramin Vikas Evam Chetna Sansthan
Ruma Devi is a jet-setting promoter of artisans who has empowered...
Designer <b>Suman Nathwani</b> talks about her journey of opening a...
A Humming Way
A Humming Way (AHW) is inspired by the old-world regalia of Rajasthan...
Letter to Editor
Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.
Subscribe today and get the latest information on Textiles, Fashion, Apparel.
Download Free Report
Rising Opportunities in Technical Textiles Market: 2020-2026
Thank you for showing interest in our free report on 'Rising Opportunities in Technical Textiles Market: 2020-2026'
You will receive an email shortly with a link to download the report and in case if you don't receive our email, you can write back to firstname.lastname@example.org.