A worker irons fabrics at a garment factory owned by a Zhejiang entrepreneur in Myanmar. [Photo/zj.zjol.com]

An increasing number of entrepreneurs from Zhejiang province have been tapping business opportunities in Myanmar in recent years. 

"The country is abundant in resources such as land, jewelry and natural gas. Despite having a less developed manufacturing sector, it boasts a population of nearly 60 million, which makes it an ideal place to develop labor-intensive industries such as garment processing," said Zhou Deguo, secretary general of the Zhejiang chamber of commerce in Myanmar.

Statistics from the country's department of commerce show that in the first 11 months of the 2018-2019 fiscal year, Myanmar's textile industry generated revenue of $4.38 billion, up 36.62 percent year-on-year. It houses more than 400 Chinese-invested companies which employ over 400,000 local residents, accounting for 80 percent of workers in the entire local textile industry.

"Goods produced in Myanmar can be directly exported to India, Africa and Europe, which is an advantage over Vietnam and Cambodia," said a local official.

Zhejiang has been organizing clothes trade expos in Myanmar for three years, with this year's Zhejiang International Trade (Myanmar) Exhibition being held earlier this month.

Statistics from the department of commerce of Zhejiang show that in the first 10 months of the year, bilateral trade between Zhejiang and Myanmar surpassed $1 billion, a year-on-year increase of more than 36 percent. Zhejiang's exports to Myanmar reached $960 million, up 33.7 percent. 

"Garment processing has become a major driving force behind China's investment in Myanmar," said Tan Shufu, China's counselor in business in Myanmar. 

According to the China Chamber of Commerce of Import and Export of Textiles and Apparel, Myanmar imported textiles and apparel worth $2.12 billion in 2018, twice the 2015 amount of about $1.05 billion.