China, Singapore, Brunei and Japan are looking to coop-erate with Myanmar in ag-ribusinesses in the country and have proposed a profit and loss sharing system in cooperation with local farmers, official media re-ported last week.
Myanmar would need a new law to govern the im-plementation of the system, according to the Myanmar Rice Federation (MRF).
Under the system, for-eign companies would purchase the rice at the prevailing market rate dur-ing harvest season and give support for pedigree paddy seeds, fertilizer, pesticides, agricultural equipment and modern techniques.
Myanmar’s total rice ex-ports in the first half of this fiscal year reached 401,367 tons valued at $145.158 million.
Pakistan has proposed buying Myanmar’s rice un-der a government-to-gov-ernment system. Pakistan is also Myan-mar’s next targeted rice ex-porting country as part of its efforts to boost crop exports.
Myanmar’s rice market is competing with countries such as Thailand, Vietnam, Cambodia, India despite a lack of technology and modern agricultural infra-structure.
About 80 percent of My-anmar’s rice exports go to China, mostly through bor-der trade.Myanmar export-ed 767,753 tons of rice in the last fiscal year.
Source: Myanmar Business Today
