Korean textile and apparel manufacturers are keen to invest in Myanmar, but say the flow of investments could further increase if it democratizes its constitution which is currently under military rule.
The main attraction for Korean firms is the cheap labour cost in Myanmar. Labour costs are as low as US $35 per month in the country and Koreans have indicated that Myanmar will be the first option for future investments in the region.
Currently Korea has about 30 factories producing garments. In order to promote bilateral trade and investment, Korea Federation of Textile Industries (KOFOTI) has signed a MoU with Myanmar Garment Manufacturers Association (MGMA).
However, the Koreans complain about the difficulties in importing machines for producing textiles and the 10 percent export tax imposed by the government, which makes doing business difficult.
Fibre2fashion News Desk - India
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