A textile industry park will be built in Mandalay, former royal capital in northern Myanmar by government and Japan International Cooperation Agency (JICA).
“Some businesspeople have proposed to establish a textile industry park that can employ about 50,000 people. We’ll work with JICA to establish it,” said U Zaw Myint Maung, chief minister of Mandalay Region during an EU-sponsored forum on the business climate in northern Myanmar. He added that Mandalay welcomes investments, especially in agriculture and the garment industry, among others.
Mandalay has US$3.7 billion (K5.69 trillion) in foreign investments and K5.07 trillion in local investments. From fiscal 2017-18 through February, five foreign investments with a total value of US$17.2 million were made, including $743,000 in hotels and tourism, and $2.21 million in agriculture.
Kristian Schmidt, the European Union’s ambassador to Myanmar said, “We think Mandalay’s economy is growing fast and there are good opportunities for European countries and we want to take part in making Mandalay develop. Since the EU lifted sanctions against Myanmar in 2013, a lot of garment companies have entered.” “Garment factories cause pollution by disposing of chemical dyes in the river. Our technology can prevent this,” Schmidt added.