To attract investments, assessment on economy must submit to MIC

To develop Myanmar’s agriculture and to attract investments, assessment on businesses and investment must be carried out with the result submitted to Myanmar Investment Commission (MIC), according to Myanmar Rice Federation.

The tripartite agreement of CITIC Construction Group from China, Myanmar Rice Federation and Myanmar Agribusiness Public Cooperation (MAPCO) was signed on July 21st.

The MOU was signed in order to get necessary investments in Myanmar’s agricultural sector and to provide agriculture services to farmers such as machinery, storage, and drying agriculture produce in 33 townships in ten States and Regions.

After signing the MOU, accessibility tests will be carried out in 33 townships within 4 months, with the findings being submit to MIC. By doing so, technology and finance can be provided to private investors in the international market in an effor to increase agriculture production and promote trade.

In 2017-2018 financial year there were more than US $ 15 million investment in Myanmar agriculture sector according to Directorate of Investment and Company Administration.

“For making investment in agriculture sector in Myanmar, there are many challenges. They are thinking whether it is profitable or not, as well as considering the payback period. In agriculture the payback period is too long and so investors are thinking hard whether they should invest or not,” said San Myint. He continued that other problems regard land and return of investment. If there is proposal on investment in agriculture sector, MIC will permit these proposals as quickly as possible.

 

Source: Eleven Myanmar

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