To promote Myanmar’s rice sector through the cultivation of high quality rice and enhance the living standards of the local farmers, the International Finance Corporation (IFC) and the Myanmar Rice Federation (MRF) signed a contract at the Republic of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) office on 29 May 2018.
“We welcome the friendship with IFC. MRF is planning to export some 4 million metric tonnes of rice and broken rice in the 2020-2021 fiscal year. Rice is the chief export product in Myanmar’s national export strategy, Therefore, the cooperation between MRF and IFC will be effective, said U Chit Khine, chairman of MRF.
For this, a technical working group will be formed with the assistance of IFC for laying down the rice standard. The group will establish the rice standard from other countries and review the demand in the Myanmar rice market. Moreover, the group will guide international rice buyers in buying high quality rice by promoting the standard and rich quality of the rice.
“IFC will help in producing high quality rice in Myanmar, in cooperation with MRF. In addition to this, IFC will also provide assistance to those involved in rice production and quality management. The arrangement will help respond to global market opportunities,” said IFC Myanmar Country Manager Vikram Kumar. In the 2017-2018 FY, Myanmar expanded its export market and exported nearly 3.6 million tonnes of rice and broken rice worth $1,136 million to 57 countries via the sea route and border trade camps, which is the highest recorded in 70 years.