Photo credit: Reuters
Subscribe to our Telegram channel to get a daily dose of business and lifestyle news from NHA – News Hub Asia!
- Two years after opening his garment factory in Myanmar, Li Dongliang is on the verge of closing down and laying off his 800 remaining workers.
- Business had been struggling because of the COVID-19 pandemic, but after a Feb 1 coup that sparked mass protests and a deadly crackdown, during which his factory was set alight amid a surge of anti-Chinese sentiment, orders stopped.
- His story is emblematic of the perilous situation facing a sector critical to Myanmar’s economy.
- He has been operating at about 20 per cent capacity, surviving only on orders placed before the coup, and had already shed 400 staff.
- Li said he and many of his peers were considering moving to other low-cost garment hubs like China, Cambodia or Vietnam, as big fashion brands like H&M and Primark have stopped trading with Myanmar due to the coup.
What is your plan for crisis control? Need help managing your organization crisis? Each crisis is different, if you have a crisis contact us immediately at https://www.crisismanagementcentre.com/contact-us/
We are ready to manage your crisis.
Source: Channel News Asia