Like other Asian neighbours, Myanmar's garment industry has huge potential and is already growing rapidly. Orders from South Korea increased from $120 million in 2010 to $240 million in 2011. Orders from Japan increased from $170 million in 2010 to $350 million in 2011.
The Myanmar Garment Human Resource Development Centre is aiming for 700 new factories by 2015 that will employ more than 100,000 people.
The Myanmar Garment Manufacturers Association is calling for more garment factories. For the sake of the country, installing new factories in states outside of Yangon is advised. This will lessen labour density in the capital as well as create employment opportunities in other parts of the country. Additionally, the price of land in other parts of Myanmar is much cheaper than in the capital.
Did You Know?
Myanmar is very rich in natural resources like petroleum, timber, tin, antimony, zinc, copper, tungsten, lead, coal, some marble, limestone, precious stones, natural gas and hydropower.