Yangon—Export earnings from the CMP garment sector have exceeded 2.5 billion US dollars till 24 April of 2019-20 fiscal year, up 120 million US dollars compared with the same period last year, U Khin Maung Lwin, Assistant Permanent Secretary of the Commerce Ministry told the Daily Eleven.

 

“The CMP industries see progress every year,” said U Khin Maung Lwin added.

“The CMP garment sector’s production has seen a 10-fold increase within four years. The export earnings are expected to increase to five billion US dollars this year. When the incumbent government took office, the sector generated 500 million US dollars and created around 400,000 jobs,” said U Aung Htoo, Deputy Minister for Commerce.

Till date, the garment industry has created around 600,000 jobs, around 95 per cent of which are female workers.

In 2018, the export earnings from the garment sector reached nearly 4.6 billion US dollars. In 2024, the garment sector’s export earnings are projected to reach up to 10 billion US dollars, according to the 5th annual general meeting of Myanmar Garment Entrepreneurs Association at the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) on 11 May, 2019.

The garment sector sees the massive inflows of foreign investments.

 

News Resource : ELEVEN