MIC allows more foreign companies to invest in garment sector in Myanmar
Myanmar Investment Commission has granted permission to companies from China, Hong Kong, and Taiwan to do business in local CMP garment industry with 100% foreign investments, according to official data.
A Hong Kong-based company and local B&N Garment Myanmar Company have been permitted to do their garment businesses in Hlaing Tharyar Industrial Zone (2) in Yangon Region. Taiwan-based companies such as Melody Global and Sunny Shoes Inc are allowed to do manufacturing of footwear and outdoor sports products in Bago Industrial Zone in Bago Region. And China-based SDI Manufacturing was allowed to do its garment business in Ngwe Pinlel Industrial Zone in Yangon.
As a joint-venture, Singapore-based Slita Pte Ltd has joined hands with Myanmar's Lita Myanmar Company and Myint Myat Htut Khaung International to do CMP garment manufacturing in Shwe Lin Pann Industrial Zone in Yangon, according to official information from Directorate of Investment and Company Administration.
Also permitted are China-based companies such as Shanghai Donglong Feather Manufacture Company, Jiangsu Solamoda Garments Group, and Hong Kong-based AMG Factory.
The country’s garment exports made record earnings with over $300 million in the period from January to March in the first quarter of this year, according to official data from Myanmar Garment Manufacturers Association (MGMA).