Myanmar SEZs to offer wisdom to domestic industrial zones
Myanmar wants to boost manufacturing sector growth by linking special economic zones (SEZs) and domestic industrial zones. Local investors and factory owners can benefit from technology transfer, business experience and techniques for infrastructure development and financing from the SEZs, according to industry ministry spokesperson U Ko Ko Lwin.
This is needed as the growth rate of the manufacturing sector is dropping, a newspaper in Myanmar reported Ko Lwin as saying. There are 30 local industrial zones across the country and 11 of them are in Yangon Region.
Developers failing to properly operate factories after receiving land from the government in the industrial zones is one of the primary factors behind the failure of the government’s import-substitution and export-promotion strategy, he said.
Myanmar’s manufacturing sector roughly made up 20 per cent of the GDP in 2016 – with 2.2 billion kyat from garment exports .
With economy slowing-down, the manufacturing sector has also been affected. The government expects to have at least 25 to 30 per cent of the GDP from the manufacturing sector in the near future, Ko Lwin added. (DS)
Source From: Fiber2Fashion.com