Myanmar Investment Commission (MIC) has given its approval to several foreign businesses to invest in the country’s garment manufacturing sector in recent months.
This month two companies, one from the UK and another from Hong Kong, have been given permission to bring in hundred-percent foreign investment for setting up their own business of cutting, making and packing (CMP) apparel in the country, according to Eleven Myanmar.
Last month, MIC had granted permission to China-based SDI...
Around 20,000 jobs have been created in Burma during the current fiscal year thanks to the increase in foreign direct investment (FDI), according to government data.
In the first five months of the 2013-14 fiscal year (April to August inclusive), FDI topped US$1.8 billion, mostly focused in the garment manufacturing sector.
Aung Naing Oo, the director-general of the Directorate of Investment and Company Administration (DICA), said the majority of investments came from East Asian countries...
Myanmar’s garment exports made record earnings in the first quarter of this year, according to official data from Myanmar Garment Manufacturers Association (MGMA).
The exports have made over $300 million in the period from January to March, almost a double from the same period last year, according to the data.
"Generally most orders came during the first three months of a year averagely. This year we [manufacturers] have earned more than previous years. Our factory earned nearly US$...
Myanmar Investment Commission has granted permission to companies from China, Hong Kong, and Taiwan to do business in local CMP garment industry with 100% foreign investments, according to official data.
A Hong Kong-based company and local B&N Garment Myanmar Company have been permitted to do their garment businesses in Hlaing Tharyar Industrial Zone (2) in Yangon Region. Taiwan-based companies such as Melody Global and Sunny Shoes Inc are allowed to do manufacturing of footwear and outdoor...
Myanmar's garment industry has received the most foreign investment over the last six months according to recent data from the Myanmar Investment Commission (MIC).
Along with the rise of foreign investments, the employment rate in the industry has also increased.
"MIC has noticed that the garment sector received most of foreign investments in the last six months. Another sector which enjoyed growth during the period was manufacturing," said Khine Khine Nwe, a n MIC member at a recent...
Vietnamese businesses currently have four projects that have obtained an investment license in Myanmar, with the total registered capital estimated at US$600 million, the Association of Vietnamese Investors in Myanmar (AVIM) announced at a conference in Hanoi on Monday.
Twenty three local businesses have also been licensed to open representative offices and establish subsidiaries there, AVIM said at the conference on investment chance and potential to the newly opened country.
The most...
Hong Kong and China will operate garment enterprises under Cutting, Making and Packing –CMP system at industrial zones in Yangon, the commercial hub of Myanmar, according to the Directorate of Investment and Companies Administration-DICA.
China-based Shanghai Donglong Feather Manufacture Company has cooperated with Dong Long (Myanmar) Garment company to carry out garment enterprises at Hlaingthayar Industrial Zone-4, Jiangsu Solamoda Garments Group at Shwe Than Lwin Industrial Zone in...
Japan is gearing up to make Burma the new sweatshop of Asia, said a report by The Economist citing the case of Famoso Clothing, which is closing its factories in China and moving operations to Rangoon.
Famoso is part of Daiei Ready Made Clothes Corporation, based in the Japanese city of Nagoya, and makes men’s suits for the Japanese market and others.
Until recently, most of its production was at three factories in China, where it employed thousands of workers.
“Three years ago two...
Businesses should invest in Myanmar right now instead of waiting for a couple of years when they may miss lucrative opportunities, said Tran Bac Ha, Chairman of Association of Vietnamese Business Investors in Myanmar on July 15 in Hanoi.
Workers produce footwear items for export to Myanmar at Biti’s Company
Speaking at a seminar on investment opportunities in Myanmar, Ha believes that businesses will prosper right now in the newly opened market in Myanmar.
Ha advised Vietnamese...
The garment industry has been growing rapidly in the past two years on increased orders from Japan and South Korea, a spokesperson for the key industry body said last week.
U Aung Win, vice president of the Myanmar Garment Manufacturers Association, said the value of orders from Japan more than doubled between 2010 and 2011, to US$350 million from $170 million. Orders from South Korea increased to $240 million in 2011 from $120 million in 2010.
He added that the statistics for 2012 are...
Did You Know?
The climate of Myanmar is generally humid, and it receives less rainfall but the temperature remains quite mild all through the year.
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