Myanmar’s garment industry exports will reach US$100 million in the future

According to the “Global New Light of Myanmar” report, the international textile industry monitoring agency predicts that Myanmar’s garment industry exports will reach US$12 billion in the next four years. In 2014, the industry’s export earnings were US$1.5 million. It is expected that the number of employees in this industry will reach 1.5 million by 2020. In 2015 alone, the garment industry created more than 200,000 jobs.

International apparel companies are very interested in entering the Myanmar market, and companies such as H&M and GAP have already set up factories in Myanmar. With the lifting of economic sanctions against Myanmar by Western countries, the amount of foreign investment attracted by Myanmar’s garment industry has grown steadily.

Economists said that Myanmar has been suffering from a long-term trade deficit, and the garment processing industry is crucial to promoting Myanmar’s economic development. Currently, shortage of skilled workers, insufficient power supply, and high cost of building business-related infrastructure are the main factors hindering the development of the industry. Myanmar’s garment industry exports will reach US$12 billion in the next four years

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