YANGON- Myanmar is now discussing a surge in apparel exports to Turkey in order to further boost investments in education, insurances and airlines, according to the Ministry of Commerce.
The information came to the meeting with Commerce Deputy Minister Aung Htoo and Turkish Ambassador to Myanmar Kerem Divanlioglu held at the Commerce Ministry’s office in early December.
Both sides also discussed conducting capacity building training courses for workers, creating job opportunities in the investment and trading sectors, holding of trade fairs between the two countries and boosting trading sector.
The Commerce Ministry said that apparel and textile exports among rice, beans and corn rose up to four times within five years.
The value of CMP (Cutting, Making, Packing) garment exports was at US$ 325 million from October 1st to 25th of 2019-20 Financial Year.
However, the last year CMP exports fetched over US$ 287 million.
The yearly income from CMP system is about US$ 300 million.
If the current CMP system will change to the FOB system, the country can increase its income up to US$ 3 billion per year, according to the Myanmar Garment Manufacturer Association.
Myanmar primarily exports CMP garments to Japan and European markets. It also ships CMP garments to markets in the Republic of Korea, China and the U.S.
There are over 400 garment factories in Myanmar. Myanmar’s inexpensive labour attracts investments from foreign manufacturers into the country.
