April 26, 2024

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[THE INVESTOR] Hansae, a Korean apparel manufacturer, said on May 30 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 Korean goods in the global market.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)