Report: Myanmar textile industry recovering from U.S. sanctions<\/p>\n
Associated Press
\nYANGON, Myanmar<\/p>\n
Myanmar's textile industry, hit hard by U.S. sanctions, is
\nshowing signs of recovery as factories find new markets in
\nEurope, a semi-government weekly reported.<\/p>\n
About 100 of Myanmar's 300 garment factories have been forced
\nto close and nearly 25,000 people made jobless since the United
\nStates imposed sanctions in July to pressure the ruling junta to
\nrelease pro-democracy leader Aung San Suu Kyi.<\/p>\n
The weekly Myanmar Times newspaper, published Monday, said the
\ntextile industry has shown signs of improvement in the past two
\nmonths as companies find alternative markets.<\/p>\n
\"Many of the textile companies have increased sales through
\ncontracts with buyers in Europe,\" the Myanmar Times said.<\/p>\n
The report could not be independently confirmed.<\/p>\n
\"Companies are trading more with Germany, Spain and France.
\nEven sales to Britain have risen,\" the weekly quoted Myint Soe,
\nchairman of the Myanmar Garment Manufacturers' Association, as
\nsaying.<\/p>\n
A spokesman for the Chindwin Banner Textile company told the
\nweekly that it had reopened 12 of its factories after finding new
\nmarkets in Europe. The spokesman was not identified.<\/p>\n
Managing director of Crocodile Textiles, Zaw Min Oo, who had
\nto close two of his factories, was quoted as saying that business
\nhas increased around 20 percent in the past few months and that
\nhe will consider reopening his factories.<\/p>\n
The U.S. sanctions banned Myanmar imports, froze the U.S.
\nassets of Myanmar officials and stopped all U.S. dollar
\nremittances to the country. Myanmar's exports to the United
\nStates - mostly garments - totaled about US$356 million in 2002.<\/p>\n
About 350,000 workers, mostly young women, were employed at
\n300 textile and garment factories before the sanctions. According
\nto earlier official reports, the U.S. sanctions would affect 1
\nmillion people if workers in related businesses and families were
\ncounted.<\/p>\n
The United States accounted for 75 percent of Myanmar's
\ntextile exports while the remaining 25 percent went to European
\ncountries, according to pre-sanctions figures.<\/p>",
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