YANGON (Xinhua) - Agriculture-related firms from Japan, South Korea and Vietnam are planning to make investment in Myanmar's agricultural sector, local media reported Sunday.
MITSUI & Co., Ltd. from Japan and Vina Capital from Vietnam have signed a memorandum of understanding (MoU) with Myanmar Agribusiness Public Corporation Limited (MAPCO) for cooperation in agricultural development, said the Biweekly Eleven News.
MAPCO will set up the Integrated Food and Energy Production factories in Yangon, Ayeyawady and Bago regions as well as Nay Pyi Taw.
An Integrated Food and Energy Production Complex factory will be located in Yangon region, which would be jointly constructed by MITSUI & Co., Ltd and MAPCO, the report said.
The Japanese company is planning arrangements to establish advanced rice grinding and purifying mills.
Though South Korean Dawoo Company has not reached agreement with Myanmar yet, it is expected to do so during this year.
As of July 2012, foreign investment in the country's agricultural sector totaled 182.75 million U.S. dollars in nine projects, accounting for only 0.44 percent of the total since the country opened to such investment in late 1988.
Myanmar exported over 1.2 million tons of rice, gaining nearly $500 million in the first 10 months (April-January) of the fiscal year 2012-13, according to earlier report.