Korean apparel manufacturer Hansae to build new facilities in Myanmar
A worker stitches clothes at a garment factory at an industrial zone on the outskirts of Yangon. / AFP
Hansae Co., a South Korean apparel manufacturer, said Wednesday it will construct another factory in Myanmar as it moves to secure global competitiveness in the face of a strong local currency and a rise in raw material prices.
The company, which makes clothes for global brands such as Nike and Gap, said it is currently looking for a factory site in the Southeast Asian country, where it already operates one production plant.
Hansae did not give further details on the plan, including the investment size and specific timelines for construction.
Founded in 1982, it has 17 corporations in six countries -- Vietnam, Nicaragua, Guatemala, Indonesia, Myanmar and Haiti.
The latest investment decision comes amid the strengthening of the local currency, which could undermine price competitiveness of South Korean goods in the global market. The Korean won averaged 1,067.76 won against the U.S. dollar in April, up from an average 1,071.89 won in March. (Yonhap)