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Thai investors prefer Myanmar as garment base - Report

26
Mar '12
Thai textile and garment businesses hunting for new locations to set up production bases to retain their competitiveness are viewing Myanmar as a preferred potential destination, according to a report by Thailand-based Kasikorn Research Centre.

In fact, Thailand's garment manufacturers are looking at mitigating location risk by setting up their production bases in Myanmar, as it offers benefits like lowest production costs and wages across Asia, the research centre stated.

Myanmar procures majority of its textiles and garment requirements from Thailand, and with a year-on-year rise of 30 to 35 percent, Thai textile and garment exports to Myanmar are likely to grow to US$ 245 million to US$ 255 million during the current year, the report said.

Thai garments are quite popular in Myanmar and Myanmar Government's wage hike policy has led to a rise in purchasing power of people there. Hence, spurred by flourishing garment trade between the two nations, demand for related items like textiles is also likely to grow, it added.

However, the research centre has advised Thai businesses to consider the potential risks of doing business in Myanmar. The risks are in the form of Myanmar's great reliance on overseas capital, technology and expertise for developing manufacturing processes, possible fall in availability of skilled workforce due to migration of workers to Thailand, and lastly the significant time expected to be taken by Myanmar for fortifying its position in international textile and garment trade.

Fibre2fashion News Desk - India


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