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Malaysian cooperative in talks to acquire Myanmar sugar, rice

A cooperative for former members of the Malaysian armed forces has expressed interest in acquiring sugar and rice from Myanmar, the Ministry of Commerce announced on March 19.

According to the ministry’s statement, Koperasi Veteran Tentera Malaysia Berhad, a cooperative formed for the welfare of former Malaysian armed forces members, contacted the Myanmar embassy in Kuala Lumpur seeking assistance to connect with Myanmar companies and organisations Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI).

During the meeting, the veteran’s cooperative spoke about its interest in setting up formal agreements for a barter system for goods from Myanmar with contracts valid from three to five years. At the same time, the cooperative offered to provide technological support for rice and sugar mills in Myanmar, supply agricultural machinery, and give advice on improving rice crops.

“The talks are just in the early stages right now, so we can’t say anything yet about the quantities of sugar and other goods they want. There are other matters to be finalised first before we can talk about quantities,” said U Win Htay, deputy chair of the Myanmar Sugar and Sugarcane Related Products Merchants and Manufacturers Association.

This is the first time a Malaysian organisation has offered to buy sugar from Myanmar, U Win Htay added.

China is the main market for sugar produced in Myanmar, and since trade has been disrupted by the coronavirus outbreak, a surplus of some 300,000 tonnes of sugar has built up in Myanmar, he said.

However, U Win Htay added that since sugar production is projected to decline this year, the surplus will likely be taken up for local consumption. – Translated

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Source: Myanmar Times

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