French joint-venture to open agribusinesses in Myanmar

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The French agricultural firm SIACOM has recently been given the go ahead under a joint-venture to launch agribusinesses in Myanmar, according to the The Myanmar Investment Commission (MIC).

The Societe Industrielle Agricole Et Commercial D’Outre Mer (SIACOM) and Myanmar’s XY Trading Co Ltd have joined hands under the new company Shwe Zabar Co Ltd, which aims to set up rice mills for processing steam-rice and run other agricultural businesses in Hinthada Township in Ayeyawaddy Region.

Agriculture is one of the major economic sectors in Myanmar where a majority of the population still rely on farming. Rice remains the staple food in Myanmar which was once known as ‘rice basket of Asia’ before agribusiness collapsed under military rule and economic mismanagement.

Another local company U Cho Rice Mill Co Ltd has also been approved on Saturday to set up an international-standard factory to process 50 tonnes of steam-rice a day in Pathein Township in the same region.

In the past Myanmar imposed tight restrictions on the entry of foreign firms into the agribusiness.

Source: Eleven News Media

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