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FDI pours into Myanmar’s RMG sector, boosts exports

Myanmar is attracting FDI in RMG sector. Besides traditional investors from Asian countries like: China, Japan and South Korea, investors from the US and Canada have chosen Myanmar as their destination. The soaring investment, especially foreign direct investment, has also helped increase garment exports of Myanmar. The total value of garment exports was $1.5 billion in 2014, $1.7 billion in 2015 and $2.2 billion in 2016.

Better infrastructure facilities like power, communication and availability of land to set up industries have encouraged foreign investors to choose Myanmar as their investment destination. With a competitive minimum wage, GSP trade privileges in the EU market and a strategic location at the China-India intersection, Myanmar is becoming increasingly popular among manufacturing companies burdened by the upward cost spiral in China.

The country has a five-year plan to boost textile and garment exports. Economic development has been further supported by internal change. New financial laws are reshaping the economy and increasing mobile banking. Additionally, 2016 saw the lifting of all remaining economic trading sanctions between Myanmar and the US after more than two decades. The country saw historic growth in 2016 and exported more than a billion dollars in garments and tactile goods.