Myanmar encourages local, foreign investment in agriculture

Myanmar is encouraging local and foreign investment in the sector of agriculture, as there exists a great deal of land in the country to be utilized for the purpose, said a government official on Monday.

A total of about 18 million hectares of fallow and cultivable waste land are available for agricultural expansion, said Minister of Agriculture and Irrigation Major-General Htay Oo at a ceremony to mark the World Food Day in Nay Pyi Taw, the new administrative capital of Myanmar.

"For immediate expansion and investment in about 7 million hectares, investment laws and land tenures acts have been put in force for foreign entrepreneurs and local economic enterprises to cooperate and invest without any apprehension," said Htay Oo.

The theme of the World Food Day of the Food and Agriculture Organization is defined as "Invest in Agriculture for Food Security" this year.

Htay Oo said irrigation coverage in Myanmar has reached 12 percent of the total sown area, adding that 189 dams and irrigation works and 298 pump lift irrigation facilities were brought into operation, providing irrigation for nearly 2 million hectares against a net sown area of 12 million hectares.

On the livestock sector, he noted that better strains of livestock have been introduced in conjunction with rural development, while land tenure acts have been amended to encourage local as well as foreign entrepreneurs to invest and engage in the sector.

He reiterated that Myanmar has laid down suitable policies and strategies for food sufficiency, saying that the country does not foresee any problems for the present nor envisage any difficulties in the future.

He expressed Myanmar's confidence that the country will help tackle global and regional food need.

Myanmar has a population of over 55 million, of whom nearly 70 percent live in rural areas, and are engaged in agriculture, livestock, fisheries and forestry economic activities. These sectors remain the main pillars in the country's economy.

He assumed that Myanmar could one day reclaim its pre-eminent position as one of the top global exporter of food products.

At Monday's ceremony, Tang Zhengping, resident representative of FAO, read out the message of FAO Director-General and the Myanmar ministry presented prizes to those for outstanding contribution in agriculture.

According to official statistics, agricultural sector constitutes 41.2 percent of Myanmar's national economy and 11 percent of the export.

The agricultural sector grew 11.8 percent in the fiscal year of 2005-06 (April 2005-March 2006).

Source: Xinhua