News dalla rete ITA

24 Settembre 2019



An industry body says Myanmar’s garment sector is on track to meet a target of US$10 billion in exports set under a 10-year plan. Export volumes for the 2018-19 fiscal year up to August hit US$4.37 billion, compared with US$3.2 billion in the same period a year ago. This is an increase of US$1.17 billion in exports,” said Ministry of Commerce Deputy Secretary U Khing Maung Lwin. Export figures for the sector have ballooned from US$800 million in fiscal 2015-16 to over US$4 billion in the current fiscal year The industry in Myanmar is being boosted by factors such as Thai cut-make-pack companies setting up shop in Myawaddy, Kayin State, near the Myanmar-Thai border to gain benefits from the EU’s preferential treatment for Myanmar. Myanmar Garment Manufacturers Association Chair U Myint Soe said that as the number of factories increased last year, export volumes also increased as well. Myanmar also saw more investments in the sector this year, so export volumes are projected to continue rising for next year. Based, on such factors the goal of hitting US$10 billion in exports should be achievable. There are about six new garment factories being set up every month. These are huge factories that can employ at least 3000 people, unlike the smaller factories set up in the past. The US-China trade war has provided an opportunity for Myanmar as businesses have become more interested in investing in Myanmar, US Ambassador to Myanmar Mr Scot Marciel told the Myanmar Times in an exclusive interview. As the sector develops, garment businesses will need to ensure even more accountability and responsibility than before, which is why the association is conducting training courses covering everything from legal to human resource matters, said U Myint Soe.   However, despite the potential, the sector also faces challenges. While Myanmar exports garments to Japan, South Korea, Canada, the US, China and other countries, the EU remains one of its largest markets, accounting for up 50 pc of garment exports.   Due to the ongoing conflict and humanitarian crisis in Rakhine State, the EU has said it is reviewing the preferential treatment given to Myanmar. Should the status be withdrawn, the garment industry would be greatly affected, experts project. (ICE BANGKOK)

Fonte notizia: Myanmar Times