From October 1 of 2018-2019 fiscal year, the CMP garment industry earned over 3.8 billion US dollars, up over one billion US dollars compared with the same period last year, according to an official of the Commerce Ministry. 

Last year, the sector saw the export earnings of over 2.775 billion US dollars. The export earnings of CMP garment industry increased by over 1.037 billion US dollars. 

The CMP garment industry topped the list of the total export sector. In 2018, the garment export sector earned nearly 4.6 billion US dollars.  The sector is expected to earn up to 10 billion US dollars in 2024, said Khaing Khaing Nwe, secretary of Myanmar Garment Entrepreneurs Association (MGEA), at the 5th annual meeting at the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI). 

“Our garment sector sees a five-fold increase in the number of workers and a 10-fold increase in income. If so, we need to double our productivity. We are making constant efforts for it,” Khaing Khaing Nwe added. 

The garment sector sees a massive inflow of foreign investments. Currently, the MGEA has over 500 members. Over 500,000 workers are employed in the garment sector. 

“The CMP garment sector gets only 10 per cent. Some CMP industries get just eight while others get up to 12 per cent. The high-quality products get up to 12 per cent. The average income is 10 per cent,” she continued. 

Currently, the CMP garment sector earns around 300 million US dollars. Myanmar will get three billion US dollars if it can shift from the CMP system to the FOB system. According to the MGEA.

Myanmar started the CMP system in the garment sector since 1990. Now more than 70 industries are running under the CMP system. 

Published On : 19-08-2019

Source : Eleven Myanmar