Myanmar is to expand its textile and clothing industry under a new national export strategy as a means to boost economic growth. The sector’s export earnings are targeted at US$2bn for the 2015-16 fiscal year.
With foreign investment accounting for 90% of total investment, the sector created 100,000 jobs in 2014-15, according to the Myanmar Garment Manufacturers Association.
The five-year national export strategy, which also covers six other sectors, is aimed at tackling the trade deficit. According to the Ministry of Commerce, the export income from the textile and garment sector represents around 40% of the country’s foreign exchange earnings.
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