Myanmar garment factories with Cutting-Making and Packing (CMP) systems plan to expand their markets to America, Canada and Russia, said an official from Myanmar Garments Entrepreneurs’ Association. Myanmar’s main markets currently are Japan, South Korea and the EU
Myanmar is making a concerted effort to boost its export products focusing mainly on its garment and industrial sectors. Myanmar’s garment industry operates on a CMP system, earning the sector US$1.6bn in the 2015-16 Financial Year.
About 1,500 garment factories are expected to be operating by 2025, creating an estimated one million jobs. Myanmar’s garment industry is planning to turn to an FOB system where the garment factories produce and exported their own products.
Myanmar garment industry earned US$912m in 2012. The industry is expected to earn US$8 -10 bn this decade.