State-run Myanmar Timber Enterprise has invited open tender for sale of more than 1,000 tonnes of teak and hardwood logs and the sale is set for October 21, according to an announcement of MTE.
The MTE has set a target of more than 500,000 tons of teak and hardwood logs and sawn timber for domestic use in the 2014-15 fiscal year and so far, 100,000 tons have been sold, earning 35 billion Kyats (35.7 million U.S. dollars), the announcement said.
The government had banned export of log timber by private sector from April 1, 2014 in a bid to prevent deforestation and ensure long-term use of the country's natural resources.
However, export of sawn and value-added wood is allowed, aimed at promoting foreign investment in the wood based industry in terms of production technology.
Myanmar is making efforts to cut the rate of teak extraction yearly and is set to produce only 60,000 tons of teak and 670,000 tons of hardwood in 2014-15.
Myanmar produced 93,178 tons of teak and 610,592 tons of hardwood in 2013-14, according to the figures of the Ministry of Environmental Conservation and Forestry.
Myanmar's forest cover reached 57 percent of the country's total area between 1980 and 1990 and has reduced to 47 percent at present, according to reports. Xinhua