Home / Knowledge / News / Textiles / COVID-19 could hit FDI in Myanmar; 4000 workers lose jobs

COVID-19 could hit FDI in Myanmar; 4000 workers lose jobs

18
Mar '20
Pic: Shutterstock
Pic: Shutterstock
The flow of foreign direct investment (FDI) into Myanmar could be affected by the COVID-19 pandemic, hitting manufacturing businesses that rely on import of raw materials, according to U Thant Sin Lwin, secretary of the Myanmar Investment Commission (MIC). Currently, more than 10 garment factories have shut down due to losses caused by the outbreak.

About 4,000 workers have lost their jobs since the start of the year due to closures and reduction of workforce in 15 factories, said U Thein Swe, minister of labour immigration and population. Twenty other factories have submitted requests for suspension of activities.

Of the 15 affected factories, nine stopped operations permanently, six stopped temporarily, and two reduced the number of workers. Most of these factories are in Yangon, Bago, and Ayeyarwady regions, engaged in bag, shoe and garment manufacturing.

The unemployed workers will continue to receive health care benefits, depending on their social security contributions, but not unemployment benefits, he added.

Fibre2Fashion News Desk (DS)


Must ReadView All

Pic: Shutterstock

Textiles | On 25th Sep 2021

EU extends GSP plus status for Pakistan with 6 new conventions

The European Union (EU) has extended its general system of...

Pic: Shutterstock

Apparel/Garments | On 25th Sep 2021

Bangladesh seeks Russian support for ensuring direct exports there

Bangladesh commerce minister Tipu Munshi recently sought Russian...

Pic: Boris-B / Shutterstock.com

Retail | On 25th Sep 2021

US’ Halloween spending to reach $10.14 bn this year: NRF

Consumer spending in the US on Halloween-related items is expected to ...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Fabric selection & recommendation based on client's brief

Textile Industry, Head honchos

Textile Industry
Head honchos

Marry craft and utility

Textile Industry, Head honchos

Textile Industry
Head honchos

Instagram & fashion will go a long way together

Meghavi Suthar,

Meghavi Suthar

Founded by NIFT graduate <b>Meghavi Suthar </b>in 2017, Kala is an...

Rajesh Vohra,

Rajesh Vohra

A part of the Italy based multinational company Artsana Group, Chicco is...

Ghatit Laheru,

Ghatit Laheru

When the 2001 tremblor wrecked the Kachchh region of Gujarat throwing many ...

Hemant Bheda, Arevo

Hemant Bheda
Arevo

Arevo, based in Silicon Valley in California, develops technology to...

Karan Bose, Hula Global

Karan Bose
Hula Global

Hula Global, a leading isolation gown manufacturer in India, has been...

Giulio Cesareo, Directa Plus

Giulio Cesareo
Directa Plus

UK-based Directa Plus is one of the largest producers and suppliers...

Shalini Sharma & Shweta Pundir Sharma, Six Yard Story

Shalini Sharma & Shweta Pundir Sharma
Six Yard Story

Six Yard Story is a premium artisanal brand with a focus to bring handloom ...

Megha Kumari & Jigar Mali, Label Megha & Jigar

Megha Kumari & Jigar Mali
Label Megha & Jigar

New Delhi based label Megha &amp; Jigar blends India's unique handcrafts...

Reynu Taandon, Label Reynu Taandon + Nikhita

Reynu Taandon
Label Reynu Taandon + Nikhita

Renowned womenswear designer <b>Reynu Taandon </b>has been serving the...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


September 2021

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search