China’s CITIC Construction has proposed to make an initial investment of $17 million to build Agribusiness Service Centers in cooperation with Myanmar Agribusiness Public Corporation (MAPCO) Ltd, according to MAPCO’s annual meeting held on December 27.

“CITIC has proposed to make premium investment of $18 million for the project. Currently, we are discussing the details and hope that we will be able to make it happen very soon,’’ U Chit Khaing, President of MAPCO, said.

In July 2017, MAPCO and CITIC Construction Group signed the MoU to implement Agribusiness Services Centers, which will provide services to small and medium farmers, in 33 townships across ten States and Regions.

“This $17 million is for initial operation. We have plans to implement up to $300-400 million in the project,’’ U Ye Min Aung, Managing Director of MAPCO, said.

The center will do various services at one place such as producing and distributing high quality seeds, modernize storage facilities, selling agricultural inputs, leasing agricultural machineries, drying rice and maze, and milling.

Before, MAPCO and Japan’s Mitsui & C agreed to implement Twante Rice Mill project. However, U Ye Min Aung said that MAPCO will not work with CITCI for the project instead of Mitsui & Co.

Moreover, they will cooperate with CITIC for Myanmar China Rice Industry (MCRI) project, which will be implemented in Nay Pyi Daw, Kyaik Latt, Myaung Mya, and Kyauk Taw townships.

Source from Myanmar Business Today