Nov 2, 2012

Foreign firms to invest in Myanmar’s forests

Several foreign companies are eyeing investments in the country’s forest sector, the Ministry of Environmental Conservation and Forestry said.

A Department of Forestry official said investors from Japan, South Korea, China, India and Thailand are planning to invest in teak and hardwood plantations, pulp mills, and wood factories.

"They are conducting field surveys to see if investing in the country is possible,” he said.

Myanmar, however, will be reducing its annual production of teak and hardwood, from 15 per cent to 20 20 per cent to save its forests.

The government will also be banning timber export by 2014. Myanmar has exported 371,000 tonnes of teak and over 1.7 million tonnes of hardwood from 2011-2012.

Source: 11 Media Group