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Myanmar has announced that it will sign a joint venture with China by the end of this year for cultivation of rice paddies
China would supply the fertiliser for these fields and has arranged to purchase the harvested rice at local prices, Farmers Development Public Company said.
U Kyaw Swar Soe, chairman of Farmers Development Party, said, “China will purchase all the varieties of rice that this venture will produce.
“It has not put any restraints on the types that should be grown. Food supplies for many countries are becoming an important issue, so this is a significant deal.”
The paddies would be cultivated in the Ayeyarwady Delta region and the Bago division.
“The development will begin in early summer, at the start of the growing season,” the firm said.
Chinese agricultural businesses will begin related negotiations with Myanmar farmers during the last week of October and the first few weeks of November, according to Mizzima News.
India, in conjunction with the Asia United Rice Company and the Farmers Development Party, has also reportedly made an agreement with Myanmar to develop 100,000 acres of rice paddies on its soil.
Rice traders have said that these deals would benefit local farmers, who face issues with fluctuations in the prices of rice during the crucial harvest time.