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Burma Textile Industry Has A Bright Future.

2012/5/17 11:47:00 39

Burma TextileTextile IndustryBurma Textile Industry

In the near future, as the US expects to relax the import policy of Burma products, Burma

Textile and garment industry

The development prospect is concerned by the industry.

Burma government's related initiatives in recent days have made the country a new hot spot attracting overseas investment.



In April 1st, after the successful completion of the Burma congressional elections, the western countries responded positively.

The United States took the lead in expressing its readiness to relax some sanctions against Burma and allow us companies to invest in Burma or provide financial services.

In Europe, the European Union decided in April 23rd to suspend some non military sanctions against Burma. If conditions permit, the sanctions against Burma will be lifted as soon as possible.


It is understood that before the US sanctions against Burma in 2003,

Burma textile

The main export markets for garments are the United States and the European Union.

In the export market in 2000, the United States and the European Union accounted for 54.1% and 34.6% respectively, accounting for nearly 9 of Burma's clothing exports.

Since the implementation of sanctions measures in the United States, Burma's exports to the United States have dropped sharply, and the EU market has also been affected.

Instead, they are the Japanese and Korean markets.

It is expected that after the relaxation of the US import policy on Burmese products, Burma's textile and garment exports to Europe and the United States will rise sharply.


Burma

Spin

The consumer market is also attractive at the moment.


In order to further promote foreign investment, the Burma government recently introduced a number of initiatives.

In March 16th, the Burma Congress passed the amendment to the foreign investment law, and relaxed a number of restrictions on foreign investors, including 100% of the holding company, and a joint venture with the Burma government or private sector, but with a shareholding of more than 35%. It enjoyed 5 years of tax exemption; it allowed the lease of land to the government of Burma or the private sector for a period of 30 years, which could be extended for two more times, the longest 15 years at a time; the restriction on the full export of products must be abolished; foreign non skilled labour should not be employed; the government of Burma would guarantee that foreign companies would not be nationalized, such as the acquisition of the government, or the market price.


In terms of exchange rate, Burma has implemented a dual track system in the past, and the official exchange rate has always been linked to the special drawing rights of the International Monetary Fund (IMF).

Since April 2nd, Burma has officially launched the floating exchange rate system. The exchange rate is determined by market supply and demand. The first day's exchange rate is set at 1 US dollars to 818 yuan.

In addition, Burma issued the special economic zone law at the beginning of last year, but there are many shortcomings. The Burma government is hiring Japanese experts to assist in the redrafting.

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