Thursday, July 27, 2017

Gov’t to provide to enhance local sugar producing industry

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

No comments:

Post a Comment