Japanese retailer Honeys to build 3rd clothing factory in Myanmar
02/08/2022 10:46
TOKYO, Aug 2 (Reuters) - Japanese apparel retailer Honeys
Holdings Co 2792.T plans to start construction of its third
factory in Myanmar this month, marking a rare foreign investment
in the country since a military coup.
Honeys currently sources about 44% of its goods from its
subsidiary and partners in Myanmar, a share that will exceed 50%
once the new factory is completed, company official Tomoaki
Sasakawa told Reuters on Tuesday. The Nikkei newspaper earlier
reported on the expansion.
Numerous foreign firms have pulled out of Myanmar since the
military overthrew the democratically elected government in
February 2021. Japanese drinks company Kirin Holdings 2503.T
announced in June it would exit the country after negotiating
for more than a year with its military linked local partner.
Honeys has total ownership and control of its subsidiary in
Myanmar making it independent of the military regime, Sasakawa
said.
(Reporting by Rocky Swift; Editing by Kirsten Donovan)
((rocky.swift@thomsonreuters.com;))