MTG, Myanmar Yangon Fabric and Clothing Industry Exhibition, 2023

Exhibition background:

Myanmar is actively attracting foreign investment - Myanmar's new government is actively attracting investment and opening the market. Myanmar's cloth and clothing industry has superior natural conditions and rich resources. In recent years, Myanmar has developed rapidly and has become one of the countries with great production potential in Southeast Asia. Due to Myanmar's recent political reforms, the European Union and the United States announced the lifting of economic sanctions against Myanmar in the second quarter of 2012. In particular, the United States government is normalizing trade relations with Myanmar. So the Myanmar government's economy is recovering. According to the statistics of the Ministry of Commerce of China, the trade volume between China and Myanmar in 2011 was 6.5 billion US dollars, up 46.3% year on year, and became Myanmar's largest trading partner. The total value of Myanmar's clothing exports rebounded to 770 million US dollars, more than twice that of 2003. Myanmar's local weaving mills mainly produce woven and military clothing fabrics. In recent years, the investment from China in the textile industry has been increasing. Most foreign factories in the local textile industry are mainly exported to Europe and America. Myanmar has a population of about 59 million, and the domestic sales value of the textile industry is 70 million US dollars. Sixty percent of the textiles still need to be imported

Market overview

In 2015, the democratic government of Myanmar took power and appointed U Thein Sein as the new president. Major political reforms include the implementation of anti-corruption, currency exchange rate, foreign investment law and tax law. Foreign capital increased from US $300 million in 2009-10 to US $20 billion in 2010-11, up 6.67%