BUSINESS 1st agrochemical factory put into service in Myanmar's Yangon

BUSINESS

1st agrochemical factory put into service in Myanmar's Yangon

Xinhua

11:34, August 20, 2018

An agrochemical factory has been put into service in Hmawby, northern outskirts of Yangon in Myanmar, Myanmar News Agency reported Monday.

The factory, the first of its kind lying on a plot of 87.4 hectares near Wanetchaung village, was opened in the presence of Second Vice President U Henry Van Thio on Sunday.

Jointly established by Myanmar Awha Group Company Ltd. and the International Financial Corporation (IFC), which is a member of the World Bank, the 35-million-U.S.-dollar agrochemical factory will produce over 200 types of high quality agrochemicals including pesticide, fungicide, herbicide and phytohormone with the use of advanced technology.

Minister of Agriculture, Livestock and Irrigation Aung Thu underlined the good prospects for investment opportunities in the agricultural sector.

The aims of the factory also include manufacturing of agricultural implements, import substitution and situation-based manufacturing process, the report said.

Meanwhile, Myanmar's Yangon regional government has planned to implement 22 agricultural development projects under government-private partnership to bring about rapid development in the sector.

The project is expected to create more than 6,000 job opportunities for local people and the export of agricultural produce is mainly carried out through the Yangon market.

The regional government has also drafted a master plan 2018-2021 in cooperation with the Union of Myanmar Federation of Chambers of Commerce and Industry for the development agricultural sector.

According to official figures, the export of Myanmar's main agricultural product of rice in the fiscal year 2017-18 which ended in March was more than 3 million tons, the highest number in over 70 years.

During the period, the country's agricultural product export hit 2.4 billion U.S. dollars, accounting for 25 percent of the total exports.

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