Japan based Mitsui & Co. Ltd. and Myanmar Agribusiness Public Corporation Ltd. (MAPCO) had permission in September last week to form Myanmar Rice Industry Co. Ltd. to produce rice and rice products.
Directorate of Investment and Companies Administration (DICA) allowed the registration of Myanmar Rice Industry Co. Ltd. in September 27 and the launching of the company was held yesterday at UMFCCI.
Myanmar Rice Industry Co. Ltd. will build plants in four places which can product broken rice, bran, bran oil, rice flour and noodle. The overall investment will be around US$100 million, according to officials from MAPCO.
The plants will be located in industrial zones which are implementing in Twantay, Nay Pyi Taw, Kyaiklat and Latpatan towns and the plants are planned to be finished before 2015. In the industrial zones, value added factories such as steamed rice factories, rice milling plants, bran oil factories and rice vermicelli plants are included.
Myanmar resumed the rice export to Japan in June this year and it is the first time in more than forty years. Japan bought about 5,000 tons of rice from Myanmar.
The rice export to Japan is jointly arranged by MAPCO and Mitsui & Co. Ltd. and Myanmar is planned to participate the rice export tender which will hold in this month in Japan.
According to statistics shown from April 1 to September 13 in this fiscal year, Myanmar has exported more than 1.57 million tons of farm products and earned over US$966 million.
Myanmar is facing challenges to export high quality rice to Japan and at present, rice from Myanmar has been mainly exported to China, Africa and Russia.
Myanmar’s steamed rice is mostly exported to Russia market and 25-mark rice to China and Africa markets. 80 per cent of total rice export went to China market.
Source: ELEVEN Media