Myanmar has set a goal of doubling rice exports in three years’ time by focusing on higher-quality varieties, according to the president of the nation’s rice federation.
The country plans to ship as much as 4 million tonnes annually by 2025 from around 2 million tonnes now, amid demand from China, Europe and South-east Asian countries such as the Philippines, Ye Min Aung said in an interview. Earnings by then are expected to almost double to US$1.5 billion (S$2.1 billion). Rice is Myanmar’s biggest agricultural export.
The pledge to raise shipments of Asia’s staple food comes after shortages of other commodities from wheat to corn and cooking oils pushed global food costs to a record this year. Still, Asian rice prices have been fairly subdued and trade around the five-year average.
STRAITS TIMES / ANN