The export value of the Myanmar garment industry is expected to reach over $2 billion. Previously, garments were exported only to the US and the European Union. Over 50 per cent of Myanmar garments were exported to the US while 40 per cent went to the EU. However, after economic sanctions were lifted, Myanmar industry has turned towards South Korea and Japan as well. Entrepreneurs from EU nations have aim to invest in Myanmar companies.
Garment factories in the country are required to maintain workers’ rights and stable workplace industrial relations. Around 300 companies are exporting their products to foreign markets. Currently, there are a total of 240 garment factories in Yangon with a total labor force of 2,20,000.
Myanmar is a former British colony known as Burma. The country emerged from decades of military dictatorship in 2011 and major US and European sanctions shortly thereafter. It now offers some of the cheapest labor in the world combined with easy access to Asian markets -- both attractive features for corporations looking to source low-cost, readymade garments for export. The country has lower labor costs than do Vietnam, Cambodia or Bangladesh.