Myanmar ‘is a Promising market in Southeast Asia.
Population . 60 Million ( 2019 )
GDP Growth . 6.6% ( 2019) . Per Capital .5.6% ( 2019 )
Myanmar has the potential to quadruple its current GDP to US dollars 200 billion in 2030. The consumer class is expected to grow from 2.5 million in 2010 to 20 million in 2030 which could potently triple spending from USD 35 billion to 100 billion .The opportunities are immense . A growing consumer close largely unreached population of more than 60 million peoples and access to the greater neighboring markets of about 2.8 billion peoples.
“Myanmar the Future Sourcing Hubs for Textiles”
The garment industry in Myanmar has given significantly in the past five years,from an export value of $ 900 million in 2012 to $ 4.37 billion in the first 11 months of FY 2018-2019.The country now aims to reach an export value of $10 billion garments by 2024 besides creating over a million jobs for its unskilled and semi-skilled workers.
Myanmar Garment Manufacturing Association estimated – 600 member factories provide 500,000 workers.
After 2015, Myanmar’s garment exports have grown by almost $1 billion every year. This growth has been possible mainly due to the investments made by China and Vietnam in the country. Of late, both Chinese and Vietnam investors have been setting up factories in Myanmar. These countries produce their goods in Myanmar and send them to the EU which offers zero duty benefits on imports from Myanmar .
Myanmar has a very extensive workforce with extremely low wages,and this has attracted countries to invest in Myanmar .Myanmar is known. for its yarn ,fabric ,garment production .Over 1.1 million workers are currently employed in garment,textile ,footwear,and accessories factories across Myanmar .And tens of thousands indirectly work in the through logistics and transport services.
Meanwhile, as the number of garment factories in Myanmar increased last year, export volumes also increased as well.As per SMART Myanmar .
Europe is the most important market for Myanmar – Made Garments .