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Thursday, October 27, 2016

Myanmar garment industry eyes for five-fold expansion in eight years


Photo shows the production line of a garment factory in Hlaingthaya Industrial Zone.

Yangon October 27 

Myanmar Garment Manufacturers Association eyes for expanding the garment industry by fivefold within eight years along with a targeted workforce of 350,000 to 1,000,000 by 2024.

The garment industry earned around $-1.7 billion from exports last year, according to the association.
“We target to earn $-10 billion from exports in 2024, and garment manufacturers are working toward the goal. We have high potential for this as we may get access to US market besides Japan, Europe and South Korea,” said garment manufacturer U Soe Thaw.

Myanmar Garment Manufacturers Association has over 400 members and the association is educating garment manufacturers about industrial code of practices at present.

“Initially, garments were mainly exported to the US and the EU. Around 2000s, over the half of Myanmar’s garment exports were made to the US and around 40 percent to the EU. Then because of economic sanctions, garment exports were made to Japan and South Korea. And as we are regaining those markets, the labour demand may increase and we are therefore preparing for this,” said garment manufacturer U Phone Naing.

Myanmar expects to earn around $-2 billion from garment exports in current 2016-2017 fiscal year. In January, Myanmar signed 11-point agreement with the EU about the practices of garment industry including child labour, worksite safety and fire prevention. 

The Myawady Daily

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