Speaking at a manufacturing trade fair in Yangon yesterday, U Myint Soe, chair of the of Myanmar Garment Manufacturers Association (MGMA), told The Myanmar Times that the lifting of sanctions is a boon for the fledgling industry, as international garment buyers from the US would have more confidence in doing business with Myanmar, while relieving pressure on financial transactions would also encourage more US trade.

He said that Japan, Europe and South Korea are the leading markets for local garment exports, with the US trailing those countries.

In 2001, total garment exports reached US$817 million, he said, which was the second largest export industry behind oil and gas. At the time, the US market made up about 65 percent of the garments shipped, he said.

“If we can get that kind of market back this time, garment exports will reach up to 3 billion in 2017,” U Myint Soe predicted.

“Especially for local factories, they need support relating to the government’s tax regulations or they will be out of business in the next five years,” he said.
But more would need to be done to lift standards in the industry if it was to capitalise on opportunities, he said.