Sumec Textile & Light Co Ltd, the Chinese firm in cooperation with local firm Lat War to take the former Yaene paper factory on rental basis to set up a garment factory which will give jobs to thousands of people in Bago region.
The paper factory will be taken on rent from the Ministry of Industry in Yedashe Township, Bago, Dr Khin Maung Aye, the managing director of Lat War Garment Company. This project will involve a total investment of around US$20 million (Ks 19.46 billion).
A memorandum of understanding on setting up the garment factory at Yedashe was signed by Lat War Company and the Chinese firm Sumec on July 4 at the Sedona Hotel in Yangon.
The government has given permission for 100-per-cent foreign investment in the garment industry, plus foreign-local joint ventures, under the foreign investment law.
Factory processes have started to operate and over 200 staff has already been placed in some parts of the factory. After phase one of the factory is completed, about 1,500 employees will get jobs and after phase two over 5,000, and on completion of phase three, up to 15,000 people will get jobs.
Currently, the factory is undergoing modification and operations are expected to start at the end of this year.
According to analysts, with Myanmar Investment Commission (MIC) allowing more foreign companies to invest in garment sector in Myanmar, investment into the garment industry is expected to create more job opportunities, but the rights of workers need to be clarified for the industry to prosper.
More investments are projected to flow in through companies from Japan, China and Hong Kong in Myanmar.
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