Currently dealing with the feasibility study with the Japanese company, the Myanmarese ministry of the industry is planning to invite both local and foreign investment to develop a specialized textile and garment zone in Shwe Taung, Bano region.The ministry & Japanese company are working on the analyzing the ways to utilize 127 acres land of No.1 Garment Factory in Shwe Taung for setting up the special textile and garment zone.
Said is that the proposed zone will manufacture high-quality products, Myanmarese media reported quoting Union industry minister Khin Maung Cho. The development work on the 127-acre land will begin once the feasibility study is completed. The decision will increase the job opportunities for the locals and is expected to play a major role in the economy of Myanmar. At the same time, the Myanmar Investment Commission (MIC) has suggested to set up the apparel stitching factories in Ponnakyun, Sittwe in a bid to create job and stop migration.
To encourage investments in the less developed regions of the country, the MIC has recommended several fiscal incentives for companies interested in starting projects in Sittwe. The proposed incentives include an income tax exemption for seven years and exemption on customs duties and local taxes, on import of raw materials and partially manufactured goods. The relaxation of duties and taxes would be for those companies, who import raw materials to export finished goods. At the same time the state owned investment body has also recommended to build a apparel manufacturing facility.
