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Friday, February 23, 2024

Myanmar in the midst of drafting National Textile Policy

The Ministry of Planning, Finance, and Industry in Myanmar is drafting a National Textile Policy for the better development of the industry in the country.

The Ministry is involving various stakeholders like garment factories and apparel exporters and taking their inputs while putting together the draft of the Policy.

The Ministry said that the adoption of a National Textile Policy will ensure the creation of a business environment that will encourage domestic and foreign investment.

“The Ministry also added that the Policy will help increase production of value-added products, result in economic development and easy external trade,” media reports stated.

The Textile Policy will also help in the establishment of specialized textile and garment zones to give a boost to exports.

The country is also implementing a National Export Strategy (NES) under which there will be a transition of the CMP garment system into the FOB system and adoption of a bonded warehouse system.

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