Myanmar’s garment industry has received the most foreign investment over the last six months according to recent data from the Myanmar Investment Commission (MIC).
Along with the rise of foreign investments, the employment rate in the industry has also increased.
“MIC has noticed that the garment sector received most of foreign investments in the last six months. Another sector which enjoyed growth during the period was manufacturing,” said Khine Khine Nwe, a n MIC member at a recent forum organised by Myanmar Garment Manufacturers Association (MGMA).
Industry sources say Japan and South Korea have made most orders from garment factories in the country. The US and European countries also increasing garment orders after Myanmar was allowed into a trade preferences scheme by the European Union.
“A garment factory usually employs 500 to 1000 people here. Some factories employ more than 1000 people. Nearly 20 new factories are preparing to launch their operations this year. And employment rate in the industry almost doubled during the period,” said an official from MGMA.
Myanmar’s largest investor, China has invested more than $14 billion in the country by 30 June this year. Myanmar has earned US$ 30 billion in garment exports alone from January to March of this year according to recent data released by MGMA.
(Source: Eleven Myanmar)