July
26, 2017
The government
plans to boost sugar production to reduce the nation’s reliance on sugar
imports and re-exports, according to a report of yesterday’s edition of City
News.
Myanmar
re-exports sugar sourced from Thailand, India and Pakistan to China since
locally produced sugar is substandard due to lack of quality machinery.
Myanmar is planning
to establish a state-of-the-art sugar mill and to adopt quality sugar cane
cultivation methods with assistance from sugar-growing nations including
Brazil.
More than 1.2
million tons of sugar are currently stockpiled at local markets due to a recent
suspension by China of Myanmar sugar re-exports.
New licences for
sugar re-exports undermines domestic production, exports and the value of the
kyat, according to the Commerce Ministry.
Until recently
sugar has been purchased with dollars, imported into Myanmar and then sold with
yuan and re-exported to China.
This practice
results in a net outflow of dollars that also reduces the value of the kyat,
overall.
Nearly 1.6
million tons of sugar were re-exported during previous financial year, earning
more than US$900 million.
City News
Ref; The Global
New Light of myanmar
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