Myanmar to export 500,000 tons of rice to Indonesia in 3 years

YANGON, Dec. 19 (Xinhua) — Myanmar is planning to export 500, 000 tons of rice to Indonesia over the next three years as export promotion of the crop, sources with the Ministry of Commerce said Friday.

The export will be done under an agreement signed with Indonesia last year.

In the past, China and Africa stood as the main buyers of Myanmar’s rice.

During the last fiscal year 2013-14 which ended in March, Myanmar-Indonesia trade reached 498.86 million U.S. dollars, in which Myanmar mainly exported agricultural and marine products to Indonesia valued at 60.04 million U.S. dollars while it imported from Indonesia goods, especially palm oil.

Myanmar also plans to import cement from Indonesia, the sources said.

According to figures, Myanmar earned 300 million U.S. dollars through export of rice in the first eight months (April- November) of the fiscal year 2014-15, up 64.8 percent correspondingly.

Statistics also show that Indonesian investment in Myanmar amounted to 241.497 million U.S. dollars in 12 projects as of November 2014, accounting for 0.48 percent of the total foreign input and ranking 14th in Myanmar’s foreign investment line-up since the country opened its door in late 1988.

Source: Global Post

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