Hong Kong Textile Enterprises Will Shift Their Investment From Philippines To Burma.
In recent years, labor costs in the southern coastal areas of China have been soaring, leading to Hong Kong textile enterprises, especially
Clothing production
Businessmen are going to Southeast Asia [go out], and Philippines is also one of the options.
Hong Kong textile
Enterprises have shown great interest in investment in Philippines's export processing zones.
The interest of Philippines textile enterprises came from last year. In order to persuade the US Congress to approve the proposed "save our industrial law" last year, the Philippines government agreed to reduce the number of clothing categories that restrict zero tariff exports to the US market from the initial 17 categories to 9 categories.
Enjoying preferential tariff to enter the US market.
Clothing types
From the first 17 categories to 9 categories, the estimated US exports to US exports declined from US $500 million to US $250 million.
The 8 categories of clothing items excluded from the "save our industrial law" first allow cotton yarn to export to the US market. The yarn and fabrics used in these garments are allowed to come from the third country.
Hong Kong textile enterprises can make use of Chinese yarns and fabrics to export garments to Philippines and enjoy preferential treatment.
With the heated debate on Huangyan island and the abnormal behavior of Philippines to China, when the time comes to a close, many Hong Kong textile enterprises turn their investment plans to Burma.
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