Myanmar's garment industry has set an ambitious export revenue target of $12 billion and create around 1.5 million new jobs by 2020, the Myanmar Garment Entrepreneurs Association has announced.
The industry has gained momentum since 2014 when its export earnings amounted to $1.5 million. By mid-2015, the industry created over 230,000 jobs.
The local garment industry, including the CMP system, receives a massive inflow of foreign investments. Foreign investments in the industry amounted to 26.5 per cent of the total investment in 2013, 27.4 per cent in 2014 and 29 per cent in 2015. Among the foreign investors are major brands such Sweden's H&M and America's GAP.
Myanmar's minimum wage is now the lowest in Asean countries at 3,600 kyats or about $3 per day.
The garment sector is included in Myanmar's National Export Strategy (2015-2019) as part of a strategy to boost the country's export income to narrow down huge trade deficits.
Last year, the Myanmar government agreed to implement the Initiative on Labour Law Reform and Institutional Capacity Building to improve labour rights and practices in the country. (SH)
Fibre2Fashion News Desk – India