Myanmar set to export garments of US$1.14b to EU

THE Myanmar Garment Manufacturers Association (MGMA) and French NGO Evalliance have entered into an agreement to boost textile exports in the 2016-2017 fiscal year.

Evalliance’s president Mr Jean Francois Limantour said he expects that the European Union would double its imports of garments from the country in 2017.

Their action plan includes the creation of new employment opportunities, the enhancement of productivity and the reduction of the country’s reliance on other countries for raw materials.

Limantour also expressed his belief that the country enjoys huge potential for competitiveness in the garment industry with prospects of increased exports to EU.

“Myanmar’s democratic reforms will be a magnet for European textile markets to promote cooperation and make new investments in the country,” he said.

The memorandum of understanding signed last year between the two organisations enabled Myanmar to export garments valued at US$450 million. The export value of garments this fiscal year is expected to exceed $1.14 billion.

Source: The Global New Light of Myanmar

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