Myanmar has decided to implement country's new national export strategy which will see expansion of its textile and garment industry. This will increase export earnings to $2 billion for this fiscal. The step would also help in boosting economic growth.
With almost 90 per cent foreign investment, the sector created 100,000 jobs in 2014-15, reveals the Myanmar Garment Manufacturers Association. According to the ministry of commerce, export income from textile and garment sector made up 40 per cent of the country's foreign exchange earnings from around the year 1990. Official statistics show foreign investment in the manufacturing sector reached $5.458 billion as of February this year since late 1988 when the country opened to foreign investors.
The manufacturing sector, which ranked third in the foreign investment line-up after power and oil and gas, accounted for about 10 percent of the total of $54.086 billion as of February this year. The five-year national export strategy, which also covers six other sectors and is aimed at tackling trade deficit, focuses on rice, peas and pulses, fishery products, timber and forest products, rubber and tourism.
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