Hong Kong-based garment firm Prosperity Knitwear Myanmar Ltd. is investing US$ 5.5 million to set up a garment factory in the Thilawa industrial zone area of Myanmar, Eleven Media Group reported.
Last month, the Myanmar Investment Commission granted an approval to Prosperity Knitwear Myanmar Ltd for setting up the apparel factory, which is likely to become operational in December 2014.
Company spokeswoman Moe Yu Wai said Prosperity Knitwear Myanmar is soon expected to receive the business licence. The company is also planning to increase the investment for the garment factory up to US$ 45 million by next year, she said.
Currently, they are training employees, as there is a lack of skilled workers in Myanmar, she said.
The garment factory will produce sweaters and export them with the Marks and Spencer brand to England, Italy, and Canada. The factory is expected to provide a total of 2,500 jobs to the locals.
Prosperity Knitwear Myanmar Ltd has investments in China, Hong Kong, and Bangladesh. (GK)
