Myanmar has been initiating efforts over the last few years to help its garment and textile industry flourish.
In last 5 years, there has been a 5-fold rise in country’s garment workers.
And now the industry expects its garment and textile export earnings to reach US $ 10 billion by 2024.
While confirming the same, the Myanmar Garment Entrepreneurs Association (MGEA), said that the country’s CMP garment sector earns US $ 300 million every year, which can jump to US $ 3 billion, if the system changes from CMP to FOB.
Myanmar’s garment and textile export earnings this year (till 25 October), reportedly, clocked US $ 325 million, which is a rise of US $ 38 million from what it was during the same period in FY 2018-19.
To achieve its 2024 plan, the industry had set a 10-year plan under the Myanmar Garment Industry Strategic Plan 2014-2024. The aim is also to create one million jobs by 2024.
Myanmar is one of the fastest growing apparel suppliers globally, with its apparel exports alone rising from US $ 2.7 billion to US $ 3.86 billion last year.