The flow of foreign direct investment (FDI) into Myanmar could be affected by the COVID-19 pandemic, hitting manufacturing businesses that rely on import of raw materials, according to U Thant Sin Lwin, secretary of the Myanmar Investment Commission (MIC). Currently, more than 10 garment factories have shut down due to losses caused by the outbreak.
About 4,000 workers have lost their jobs since the start of the year due to closures and reduction of workforce in 15 factories, said U Thein Swe, minister of labour immigration and population. Twenty other factories have submitted requests for suspension of activities.The flow of foreign direct investment (FDI) into Myanmar could be affected by the COVID-19 pandemic, hitting manufacturing businesses that rely on import of raw materials, according to U Thant Sin Lwin, secretary of the Myanmar Investment Commission (MIC). Currently, more than 10 garment factories have shut down due to losses caused by the outbreak.#
Of the 15 affected factories, nine stopped operations permanently, six stopped temporarily, and two reduced the number of workers. Most of these factories are in Yangon, Bago, and Ayeyarwady regions, engaged in bag, shoe and garment manufacturing.
The unemployed workers will continue to receive health care benefits, depending on their social security contributions, but not unemployment benefits, he added.
Fibre2Fashion News Desk (DS)
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "UBM China (Shanghai)")
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
