Some Hong Kong garment firms have jointly taken 70-year lease on two land plots in Myanmar to build new factories there, Apple Daily reported Wednesday, citing Chung Kwok-pan, a Legislative Council member who represents the textile and garments sector. Myanmar can provide much cheaper labor and land when compared with the costs involved in mainland China, Chung said. The two sites were in Yangon and Bago region, covering a total area of 2.23 million square meters. More than 30 Hong Kong garment firms have set up plants in Myanmar and dozens more are considering moving to the country, which may lead to total investment of US$200-300 million, the report noted.
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