ABOUT 80 to 100 factories are expected to invest in Myanmar’s garment industry over this year, said U Myint Soe, chairman of Myanmar Garment Manufacturers’ Association.
In 2015, there was a recorded total of 60 local and foreign companies making new investments in Myanmar’s garment enterprises. About USD two billion is expected to be earned from the garment enterprises in 2016. Foreign direct investment (FDI) in the sector remains larger than local investment.
The raw materials used in garment factories are still being imported from abroad due to Myanmar garment business being mostly engaged in cutting and packaging (CMP) production rather than cloth production. The association has already submitted proposals to the authorities concerned to establish an Export Processing Zone (EPZ).