Fast Retailing, the Japanese company which operates casual clothing chain – Uniqlo is contemplating setting up a garment production unit in Myanmar.
This comes within weeks of the European Union suspending sanctions on Myanmar and also with the objective to reduce dependence on China.
Currently, Fast Retailing sources nearly 70 percent of its apparel requirements from China. But with costs rising in China, Fast Retailing is looking at countries beyond China.
According to a survey of Japan External Trade Organization (JETRO), Myanmar's labor costs were US $95 per month in 2011, only one-fifth of that in China.
Fibre2fashion News Desk
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