12 April 2024
China mainly invests in Myanmar’s CMP garment industry, which employs over 400,000 local workers, according to Vice-Chairman Sui Xigang of the Chinese Business Association’s Garment Industry branch. As of the 2023-24 financial year, Myanmar hosts over 300 Chinese CMP garment factories, all registered with the Myanmar Investment Commission.
“China, Korea, Japan, and Myanmar are the major investors in Myanmar’s garment industry. China contributes over 60 per cent of these investments, ensuring industry stability,” Mr Sui Xigang stated. “ Chinese CMP factories exported US$3.5 billion last year. These factories not only produce quality goods but also contribute to the development of skilled labour in Myanmar.”
Myanmar’s abundant young workforce, reasonable labour costs, and manufacturing capacity remain competitive advantages not only in Southeast Asia but also globally, despite challenges such as currency control, electricity shortages, and fluctuating orders due to European and American sanctions.
