May 7, 2013

Japan to buy 5,000 tons of quality rice from Myanmar

Japanese company of Mitsui will import 5,000 tons of quality rice (grade-5) from Myanmar, official media said Monday.

The Myanmar quality Ac-ma-hta rice will be exported by local private company, Myanmar Agribusiness Public Corporation (MAPC), which won Japanese tender for buying rice from producer in Myanmar, the Myanmar Rice Industry Association was quoted as saying.

The company exports the rice to Mitsui Corporation at a price of $490 per ton.

Myanmar targeted to export 1.5 million tons of rice in the fiscal year 2012-13 and it has so far exceeded the target by about 600,000 tons, according to the official report.

Meanwhile, agriculture-related firms from Japan, South Korea and Vietnam are planning to make investment in Myanmar's agricultural sector, local reports said.

Mitsui from Japan and Vina Capital from Vietnam have signed memorandums of understanding (MoU) with MAPC on cooperation in agricultural development.

Under the MoU, integrated food and energy production factories as well as advanced rice grinding and purifying mills will be set up in Yangon, Ayeyawady and Bago regions as well as Nay Pyi Taw.

As of December 2012, foreign investment in the country's agricultural sector totaled $182.75 million in nine projects, accounting for only 0.5 percent of the total since the country opened to such investment in late 1988.

Source: Eleven Weekly Media


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