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$4m Hard Wood Plantation Project Approved as Foreign Investors Eye Long-Neglected Agriculture Industry

A Singapore-based agribusiness will invest $4 million in hardwood plantations in the Ayeyarwaddy re­gion, the first foreign in­vestment proposal in the agricultural sector to be approved under the NLD government.

Timberland Plantation Investment received ap­proval for the project on March 2, the head of the Directorate of Investment and Company Adminis­tration (DICA) said ear­lier this month.

“The investment will be a joint venture with a My­anmar company, which will take a 35 percent stake while the remaining 65 percent will be owned by the Singaporean com­pany,” said U Aung Naing Oo, DICA’s director gen­eral.

The two plantations will be situated in Pathein and Thar Paung townships in the southern delta region.

Agriculture has account­ed for a tiny fraction – just 0.05 percent – of foreign investment since 1988, government figures show.

But with the end of many western sanctions and the return of special trade benefits from the EU and the US for many agricultural products, the sector is experiencing growing interest from for­eign companies.

Myanmar has so far ap­proved more than $656 million worth of invest­ments this fiscal year, which started April 1. That includes proposals from 24 foreign entities and 12 local businesses, figures from DICA show.

Source: Myanmar Business Today

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