Myanmar's private sector to cooperate with China to build agronomics service center

YANGON — Two Myanmar private organizations have signed a memorandum of understanding (MoU) with China's CITIC Construction to implement an agronomics service center project, Myanmar News Agency reported Monday.

The MoU, which involves Myanmar Rice Association and Myanmar Agronomics Public Corporation, was signed in Nay Pyi Yaw in the weekend.

The project aims to boost per acre production rate, mitigate production cost, increase internal and external investment in rice production, milling and trading and to enhance the quality of rice.

Myanmar exports a variety of Emata rice, Ngasein rice, sticky rice, parboiled rice and broken rice to international markets including China, the European Union and South Africa.

According to statistics, the country exported a total of 700,000 metric tons of rice as of June in FY 2017-2018.

In last fiscal year (2016-2017), about 1.5 million tons of rice were exported with 50 percent going to neighboring China through border gates.

Meanwhile, Myanmar's Ministry of Commerce has allowed foreign-run companies to trade such agricultural supplies as fertilizer, seed and pesticide, and hospital supplies. The move was made in accordance with the country's economic policy which aims to boost agriculture, people's health and the infrastructure by upgrading the materials used.

Myanmar has planned agricultural development strategy on the basis of the second five-year national development plan.

According to statistics, foreign investment in Myanmar's agricultural sector amounted to $254.675 million in 21 projects as of the end of June this year since late 1988.