Shan State Investment Fair was held in Taunggyi, Shan State on 26th November. During the event, Myanmar Investment Commission (MIC) and Shan State government invited foreign investors to consider the state’s agricultural sector.
“I want to invite investors mainly for Shan State’s agricultural sector. Shan state 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, Chair of MIC.
The state produces coffee, pickled tea leaves, maize, butter, and vegetables at the present. One of the state’s goals is to become important region in providing agricultural products to both local and foreign markets. Currently, the state is selling agricultural products to 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.
The state’s land and weather are good for agricultural businesses and it’s easy to distribute goods as its strategic location is near Thailand and China.
Shan State Chief Minister U Lin Htut said, “We already have modern infrastructure like roads, water and power for investors and we plan to improve such infrastructure even more in the future. But the main challenge for the sector is the lack of modern agricultural technologies as most farmers are still using traditional methods. Capital investments would help to change this and improve productivity.”
“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,” 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,” he added.
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. It will also introduce the Shan State Investment Project (2020-2030) and Short Term Agriculture Development Project sood.
According to Directorate of Investment and Company Administration statistics, foreign companies have made more than US$700 million worth investments between 1988 and 2017 in Shan State.
Source: The Myanmar Times