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October 14, 2019

Textile and garment industry targets US $2 billion export income

Workers at the South Bay Garment Factory in Hlinethaya Industrial Zone check quality of the factory’s production that will be exported to Japan.  Photo: Aye Min Soe
Workers at the South Bay Garment Factory in Hlinethaya Industrial Zone check quality of the factory’s production that will be exported to Japan. Photo: Aye Min Soe

Yangon, 6 April — Myanmar’s textiles and garment industry has set an export earnings target of US $2 billion for the 2015-2016 fiscal year, the sector’s national trade body said Monday.
With the foreign component of investment in the sector rising to 90 percent, the industry created more than 100,000 job opportunities in fiscal 2014-2015, according to the Myanmar Garment Manufacturers Association.
The textiles and garment industry is one of seven sectors targeted for expansion under the country’s new National Export Strategy.
The five-year strategy, which is aimed at tackling the trade deficit, also focuses on rice, peas and pulses, fisheries products, timber and forest products, rubber, and tourism.
Implementing the NES is expected to cost $900 million over the five years, an official said.
The Ministry of Commerce will prioritise export sectors in an attempt to boost the country’s economy, said U Win Myint, Union Minister for Commerce, in parliament recently. The export income from the textile and garment sector made up 40 per cent of the country’s foreign income around 1990, according to the MGMA.GNLM

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