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National textile policy of Myanmar being initiated

YarnsandFibers News Bureau 2020-01-17 07:53:19 – Myanmar

A national textile policy is being drafted for the development of textile industry in Myanmar, according to the Ministry of Planning, Finance and Industry.

Drafting started in January 2018, and the first stakeholder meeting was called in January 2019 involving relevant ministries, officials from private organizations and businesspeople from the textile industry.

The ministry has stated that the adoption of a national textile policy will produce benefits such as action plans, drawing of necessary roadmaps, laws, rules and procedures, infrastructural development, creation of a business environment that encourages local and foreign investment, manufacturing of value-added products, socio-economic development, technological acquirement, market competition, easy external trade and strengthened economic cooperation.

The national textile policy is being drafted with the help of Germany's GIZ.

Myanmar is also implementing National Export Strategy-NES.

Under NES, there will measures such as transition of CMP garment system into FOB system, adoption of bonded warehouse system and establishment of specialized textile and garment zone for boosting export.

Courtesy: Eleven Myanmar

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