doing business in myanmar – what you need to know as a singaporean
Chinese entrepreneurs have discussed with Yangon Region Investment Committee on the expansion of garment industry in industrial zones in Yangon, said Myo Khaing Oo, joint-secretary of Yangon Region Investment Committee.
Aung Htoo, deputy minister for Commerce said: “Currently, Myanmar’s textile industry is rapidly growing. Imports of garment by the EU and Asian countries become high.
Entrepreneurs from Japan, China, South Korea and Taiwan have opened joint-venture garment factories in the country. Now the number of garment factories has reached more than 400. In 2016, the garment sector created 350,000 jobs. Female workers represent 90 per cent of the total workforce.
Tun Tun, the central executive of Myanmar Garment Entrepreneurs Association said In November, 2017: “The garment industry has long been practicing Cut-Make-Pack (CMP) system for over 20 years. But it is not in a position to shift from the CMP system to the FOB system due to lack of infrastructure, transparency in banking system, information and investment power.”
In 2017-2018 FY, export earnings from CMP garment sector hit US$ 2.58 billion. It is one of the top export items, according to the Commerce Ministry.
Japan and European countries have placed most garment orders from Myanmar.
Source : Eleven Myanmar
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