Korean joint venture to build 200-hectare garment zone in Myanmar

Myanmar-based investment group Olympus Asia has teamed up with South Korean clothing maker Panko with plans to build a 200-hectare garment zone in Myanmar through an equity joint venture.

The companies signed a memorandum of understanding on 20 August and are looking for land in the Yangon, Bago or Ayeyarwady regions.

Olympus Asia Group chief executive officer Oakka Zaw Naing said the factories in the zone will operate under the free on board (FOB) model and focus on creating jobs for local people.

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