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Myanmar, Indonesia ink MoU on agricultural cooperation

(Xinhua)

14:43, January 29, 2012

YANGON, Jan. 29 (Xinhua) -- Entrepreneurs from Myanmar and Indonesia have reached a memorandum of understanding (MoU) in Yangon on agricultural cooperation.

The MoU was signed between Myanmar Rice Industry Association ( MRIA) and the Perum BULOG (Indonesia National Food and Logsetic Agency) on Saturday night and the event was attended by Myanmar deputy minister of commerce U Pwint San and Indonesian Ambassador Sumarsono.

The MoU covers export of 200,000 tons of Myanmar rice in a year starting February, exploration of more opportunities for technical cooperation especially in the areas of rural and agricultural development.

According to statistics, in the nine months' period of the fiscal year 2011-12, Myanmar exported only 2,125 tons of rice to Indonesia.

From 2001-2002 to 2005-06, Myanmar exported quite a substantial amount of rice to the Indonesia market. But after 2005-06, rice export to Indonesia was almost negligible.

With bilateral trade standing at 316.59 million U.S. dollars in the fiscal year of 2010-11, Indonesia was Myanmar's fourth largest trading partner among ASEAN members after Thailand, Singapore and Malaysia, statistics show.

Myanmar and Indonesia have projected to raise their bilateral trade to 500 million U.S. dollars by 2015.

Indonesia is also striving to promote direct investment in Myanmar in such areas as infrastructure and tourism, and boost cooperation in forestry, agriculture and fishery.

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