Myanmar Agribusiness Public Corp (MAPCO) and Japanese conglomerate Mitsui Co will form a joint venture in a bid to develop Myanmar’s rice industry, according to the Myanmar Rice Federation (MRF).
According to the deal, MAPCO and Mitsui will establish Myanmar-Japan Rice Industry Co Ltd and start the initial implementation of the Irrigated Rice Complex Product (IRCP) project in Twante township in Yangon region.
The project, which will contain value-added facilities for crops including rice, will cost $60 million and will be finalised by December 2015, MRF said.
The project will play an important role in Myanmar’s agriculture sector and will accelerate the agricultural development of Yangon and Ayeyarwaddy regions, MRF said. The project will also facilitate significant technical exchange between Myanmar and Japan, the foundation added.
The joint venture company will produce value-added products based on rice, generate electricity with chaffs, implement the production of paddy seeds and distribute fertilisers, in collaboration with farmers, MRF said.
