Myanmar sets export target of US $ 2 billion for textile, apparel industry

Riding on the back of its new national export strategy as a means to boost economic growth, Myanmar will expand its textile and apparel industry. The country has set a target of export earnings of US $ 2 billion for fiscal year 2015-16. With foreign investment accounting for 90 per cent, the sector created 100,000 job opportunities in 2014-15, according to the figures by Myanmar Garment Manufacturers Association. According to the country’s Ministry of Commerce, the export income from the textile and garment sector made up 40 per cent of the country’s foreign exchange earnings from around the year 1990.