A Memorandum of Understanding (MoU) was signed between Myanmar Rice Federation (MRF), Myanmar Agribusiness Public Corporation (MAPCO) and CITIC Construction on July 21 to cooperate on a project that will provide agricultural service centres throughout the country.
The signing ceremony for the Agri Service Centre (ASC) project was held in Naypyitaw at the presence of Union Minister for Commerce Than Myint, Union Minister for Agriculture, Livestock and Irrigation Aung Thu and a Chinese consul.
MAPCO, a public company with a focus in agricultural investment and agro-based industries, has already introduced ASCs in major rice-producing areas across Myanmar in order to enhance agricultural productivity and assist farmers for increased production. The company now continues the initiative through a partnership with CITIC Construction, the construction and engineering subsidiary of the CITIC Group, a state-owned investment conglomerate from China.
The ASCs serve as the community-based agricultural hubs to fulfil the needs of farmers such as raw material supply and agricultural equipment during the growing season. As the community-based agricultural hubs, the centres are beneficial to farmers by providing effective technology and technological aid, quality control mechanisms and crop cultivation systems.
MAPCO was among the six firms initially chosen for trading on the Yangon Stock Exchange (YSX), which started trading in March 2016. Although four out of them have already on the YSX, MAPCO and one other company are yet to come to the Exchange.