THE export value of the Myanmar garment industry is expected to reach over US$2billion according to the Myanmar Garment Entrepreneurs Association.
Entrepreneurs from member nations of the European Union have aims to invest in companies belonging to the MGEA, it has been learned.
Garment factories in the country are required to maintain worker’s rights and stable workplace industrial relations. Garment products are currently being exported to South Korea and Japan. It would be better if the market could reach Europe, said Daw Khaing Khaing Nwe, secretary of the Myanmar Garment Entrepreneurs Association (MGEA).
European entrepreneurs have agreed to initiate investment using the CMP system.
There are a total of 380 member companies under the Myanmar Garment Entrepreneurs Association. Around 300 companies are exporting their products to foreign markets.
Previously, garment products were exported only to the United States of America (USA) and the European Union (EU). Over 50 per cent of Myanmar garments were exported to the USA while 40 per cent went to EU market circa 2000. As of late the Myanmar garment industry has turned its export interests toward South Korea and Japan after Myanmar had economic sanctions lifted, said U Phone Naing , a garment entrepreneur.
Currently, there are a total of 240 garment factories in Yangon with a total labour force of 220,000, according to the association.