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Central rubber market to open after legislation

A central rubber market will open in 2019 after the new Rubber Law has been enacted, U Khaing Myint, secretary at the Myanmar Rubber Planters and Producers Association (MRPPA), told The Myanmar Times.

The drafting is expected to complete by late this year and, as the parliament is unlikely to have lengthy discussions, the bill can be put into force in early 2019. When the draft law was disclosed to public, there were objections and concerns which led to the need to re-draft the bill and thus it hasn’t been finalised, U Khaing Myint continued.

“There hasn’t been any law relating to rubber in Myanmar. The bill includes a board to be formed and a legal framework to be established for the wholesale market, nursery plantation and cultivation,” the secretary went on. Foreign businesses can bid for auction at the central rubber market, and the sales will be made to the highest bidder.

“Before payment is complete between small rubber farms and the bidding company, the small farms will want the money as soon as the products are sold. During that period, intermediary payment is necessary and hence a fund must be established for this.”

Source: Myanmar Times

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