South Korean company to invest in Myanmar garment zone
23/08/2016
The companies signed a memorandum of understanding on August 20 and are considering the Yangon, Bago and Ayeywarwady regions of the country as potential locations.
Oakka Zaw Naing, CEO of Olympus, said the project would begin a year and estimated it would take three years to build the infrastructure required to operate the zone. He said this timeframe is based on the time it took Panko to establish a similar zone in Vietnam.
The project will include a wastewater treatment plant, generate its own electricity and contain living quarters for employees. It will produce cotton and buttons for the domestic market and clothes for export.
Mr Baing says the zone will create between 40,000 and 60,000 jobs for local people. The companies will offer full training and competitive salaries, he added.
“Myanmar has the potential to develop its textile industry and we are sure this project will contribute to development,” said Choi Yung Joo, chairman of Panko Corporation.
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