Manufacturing Renaissance: Fast Growing Garment Sector
2016-03-18 14:35:49 / MTG
According to World Bank's projections, Myanmar stands as the world's fourth fastest growing economy.
Overall foreign investment to Myanmar jumped to 8 billion US Dollars this year, double the government's target.
Among the growing sector, garment making is expanding fast. Exports last year reached $1.5 billion -- 14 percent of the country's total exports -- according to the Myanmar Garment Manufacturers Association.
CHAIRMAN , MYANMAR GARMENT MANUFACTURERS ASSOCIATION , MYINT SOE: "Currently, Myanmar's garment sector is the biggest one appointing jobs. In Yangon region alone, 70 percent out of all industrial workers are appointed in the textile business."
Sean Turnell, an expert on Myanmar's economy said a "manufacturing renaissance" could see the sector as a whole account for up to 30 percent of the economy.
But not all garment workers find success.
Myanmar set its first ever daily minimum wage -- of 3,600 kyat or 2.80 US dollars in an effort to balance cut-price competitiveness with rising calls for fair pay from workers faced with surging consumer prices. But some employers said they could not afford the new wages. Over 1,000 jobs were cut down from four garment factories so far.
GARMENT WORKER , HAYMAR SAN: Many people came here to work because the farming industry is not good. Life is better in Irrawaddy, but here I can make money.
But, the move was welcomed by Western brands whose consumers are increasingly conscious of the human cost of their clothing. The Labour Minister also said in August that it won’t stop those factories shutting down as more international investments are waiting to come into Myanmar.
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