South Korean tractors to be sold in Myanmar

Farming machinery manufactured in South Korea will be sold via long-term loans in Myanmar, a senior government official said.U Myo Aung, director from the Ministry of Agriculture, Livestock and Irrigation’s Cooperative Department, said that five types of tractors will be sold via 4-5 year loans.

“The payment will be made once every six months, so it will involve 10 instalments for five years or eight instalments for four years,” he said, adding that the tractors can be bought by any citizen of MyanmarThe Cooperative Department, has provided some 550 units of farming machinery of different types to farmers cooperative.

Farmers who are not members of cooperatives are also welcome to purchase the machinery as well.Hand-operated tractors made in China costs about K2.3 million each while those from South Korea are around K2.1 million per unit. Adoption of hand-operated tractors has been slow, although more farmers are using tractors overall.

“I’m interested in tractors but not interested in hand-operated tractors,” said a farmer from Nay Pyi Taw, U Tun Lin, citing low efficiency.The Cooperative Department has purchased about 4000 units of different kinds of farming machinery worth US$100 million from South Korea and only around 550 are left in stock.Discounts will be given for buyers interested in the remaining machinery and the buyers can opt for long-term loans, officials said. – Translated

To see the original article click link here

Source : Myanmar Times

NB: The best way to find information on this website is to key in your search terms into the Search Box in the top right corner of this web page. E.g. of search terms would be “property research report”, ”condominium law”, “Puma Energy”, “MOGE”, “yangon new town”,”MECTEL”, “hydropower”, etc.

 Opportunities from COVID19

.

Looking for foreign investors to invest in your business in Myanmar