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Myanmar imports raw materials from China for local garment factories

Xinhua News,YANGON
2020-03-18 17:04

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Myanmar imported about 15 tons of raw materials for local garment factories in order to lessen the impact of COVID-19 crisis in the industry, according to a release from the Directorate of Investment and Company Administration (DICA) on Wednesday.

A cargo plane loaded with the imported raw materials from China's Guangzhou arrived at Yangon International Airport in Myanmar late Tuesday.

The arrangement of such import was jointly done by Myanmar's Commerce Ministry, the Myanmar Garment Manufacturers Association, the Chinese Embassy in Myanmar and the China Enterprises Chamber of Commerce (CECCM).

Acting as a solution to the shortage of raw materials and the unemployment rate in the garment industry, the imported raw materials will be sent to 11 local garment factories under the cut-make-pack (CMP) system.

The raw commodities will be sent to the factories after customs clearance process and more raw materials are expected to arrive Myanmar soon, state-run media quoted Khaing Khaing Nwe, joint secretary general of the Myanmar Garment Manufacturers Association as reporting.

Meanwhile, tax exemption and reduction of interest rate will be granted to the businesses which will likely be affected by COVID-19, and the 2 percent advance income tax on exports will be exempted until the end of the present fiscal year 2019-2020.

Aiming to have the least impacts on its economy, factories and unemployment rate, the move was announced by Myanmar State Counsellor Aung San Suu Kyi in her televised message to the public late Monday.
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