Shan State Government invited more local and foreign investors for agricultural sector rather than other sectors

Myanmar Investment Commission (MIC) Chair U Thaung Tun is urging get more local and foreign investments be made in the agricultural sector of Shan State.

U Thaung Tun said this at the Shan State Investment Fair in Taunggyi, Shan State on November 26. During the event MIC and the Shan State government invited foreign investors to consider the state’s agricultural sector rather than other sectors. 

“I want to invite investors mainly for Shan State’s agricultural sector. Shan is a state that has good potential for agricultural businesses. We hope to create more sustainable agricultural businesses in the state. Our country is also seeking equal development of agricultural, livestock and industrial sectors,” said U Thaung Tun.

Among the state’s goals is to become an important region providing agricultural goods for local and foreign markets. At present, the state already produces coffee, pickled tea leaves, maize, butter, and vegetables.

Agricultural products from Shan State are currently being sold in the local market and also exported. Coffee from the state is being exported to the Americas, Europe and, Asia. Its other crops are being exported mainly to China.

State officials say the state’s land and weather are suitable for agricultural businesses while its strategic location near Thailand and China offers advantages in distribution of goods.

Shan State Chief Minister U Lin Htut believes agriculture is brimming with potential for the state.

“We alreadyhave moderate infrastructure like roads, water and power for investors and we plan to improve such infrastructure even more in the future,” U Lin Htut said.

The main challenge for the sector is the lack of modern agricultural technologies as most farmers are still using traditional methods. The chief minister said, capital investments would help to change this and improve productivity.

To help boost the sector, the government is inviting investors to explore the opportunities in the state, and to encourage this the state government will introduce the Shan State Investment Project (2020-2030) and Short Term Agriculture Development Project sood, said Shan State Minister of Planning and Finance U Soe Nyunt Lwin.

While conflicts in certain areas of northern Shan State may be a challenge, the government’s peace process will find a solution, said U Soe Nyunt Lwin.

Currently, the majority of investment in Shan State has come from local businesses and foreign investors have been rare.

“In addition to agriculture, hotels and tourism, and mining in the state are also promising. However, we are inviting investors for agriculture first because it is the largest sector in the state and holds the most promise for local and overseas market,” he said.

To attract more investors, the state government plans to establish an agriculture and economic zone in Hopone in collaboration with the Hopone Self-Administered Zone and also economic zones at the Myanmar-China border in northern Shan State.

According to Directorate of Investment and Company Administration statistics, foreign companies have made investments worth more than US$700 million between 1988 and 2017 in Shan State. – Translated

(The Myanmar Times: https://www.mmtimes.com/news/shan-state-seeking-more-investors-agricultural-sector.html )

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