Wednesday , August 15 2018

Myanmar Agriculture Is Trying To Grow To Its Potential

The highest level of investment and access to credit are important for the development of the Myanmar agriculture sector, to realize its full potential, according to experts.

Agriculture remains the basis of Myanmar’s economy, despite the growth of industrial and mining activities in recent years. This sector is expected to account for about 45 percent of GDP, while providing employment to 70 percent of the workforce.

Though, Agriculturalists return are very low. Agricultural per capita revenue is the deepest in Asia, according to a report released by the Organization for Economic Co-operation and Development (OECD), which presently at around K202,000 ($ 200) a year. This matches with a GDP per capita of K1.1 million ($ 1,100). Rural incomes can be developed only by upgrading the sector and increasing output, according to a report released in January.

Read Also: Completed national export strategy in October

The agriculture sector in Myanmar has the potential for expansion – thanks to its fertile land and waters resources – reforms essential to be taken by these benefits to be fully capitalized, according to the OECD report. A main recommendation of the report is to expand the component value added sector, such as processing, transportation, technical assistance, marketing and logistics, as well as building links to complementary non-agricultural activities.

“Myanmar required to improve its agricultural sector and grow the modern eco-food system to meet changing market request and high-value and high-quality food products in the coming years,” said the report. Investments in processing enable Myanmar to obtain more from its agricultural production and the growth of export opportunities.

Read Also: Philippines to Import Myanmar Rice

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