Time is ripe to invest in agro industries

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  • Myanmar has yet to exploit its full potential in agriculture as it is still far behind its peers in terms of export market volume and farm productivity. The Agricultural sector plays an important role in boosting our economy and it is also vital for the country’s economic growth. Therefore, the Ministry of Commerce has relaxed restrictions on trade and has been making efforts for promoting smooth training and consumer rights, solving trade disputes and creating job opportunities.
    To promote the export sector, it is required to know about agricultural products, prospects for export, market penetration, import/export policies of trade partners, and also, demand and situation of the export market.
    In accordance with the National Export Strategy Project in 2013, the Union Government has been working to promote the agro export sector giving priority to rice, peas and pulses, fishery products, textile, wood and forest products, rubber and tourism sector.
    As part of efforts to boost the exports, priority consideration would also be given to industries related with agricultural products, jewelries, fruits and vegetables.
    The country’s economy would be boosted through trading in agricultural products. We believe that export growth of agro products and crops can develop our national economy.
    Therefore, the government and private business sector are to work together for boosting producing of quality crops and products which have prospects for getting accepted in foreign market.
    Myanmar’s trade volume from April to August reached US$ 16 billion, with an increase of US$2.3 billion in comparison with the same period last year. It means our export saw an increase of 1.5 billion in the period.
    Agriculture, no doubt, remains the main economic sector for Myanmar with the highest capacity for jobs and income growth while stemming what looks like unsustainable rural- to-urban migration of jobless youths. Agro-based industries will be the catalyst for growth in the agricultural sector.
    To boost agro-based industries, we should embrace technology and innovations. Only when we have technical assistance, better farming technologies and funding, will the agro productivity be increased to be able to tap into the huge export market.
    The time is ripe to invest and at the same time promote the use of modern farming technologies for the growth of agro industries in Myanmar.
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