China makes US$1 million agricultural investment in northern Myanmar

By Admin 01 Jun 2023

DMG Newsroom
1 June 2023, Myitkyina, Kachin State

The Kachin State Investment Committee of the junta’s Kachin State government has approved a US$1 million investment proposed by a joint venture between Myanmar and Chinese companies in the state’s agricultural sector.

“Yes, it was approved for growing tissue-culture bananas. This is all I can tell. Please ask the company if you want to know more,” an official from the Kachin State Directorate of Investment and Companies Administration (DICA) told DMG on condition of anonymity.

The name of the joint venture is Myanmar Sin Kyaing Yone Yaung and the investment will create 117 jobs, according to Kachin State DICA. DMG was unable to contact the company to ask for more details regarding the investment.

“The investment is good as it will create jobs. It would be best if local growers can grow by themselves,” said U Mann Than Htay, chairman of the Myanmar Banana Exporters Association.

The border trade with China was halted from 2020 to 2021 due to the Covid-19 pandemic, during which time the sown acreage of tissue-culture bananas dropped by half. The industry has gradually recovered since border gates were reopened last year, according to local residents.

Tissue-culture banana is a major export in Myanmar border trade with China, and is grown almost exclusively in Kachin State. Some 400,000 acres of different varieties of bananas are grown across Myanmar, and tissue-culture banana accounts for more than 150,000 acres.

Tissue-culture bananas are grown in Kachin State’s Waingmaw, Myitkyina, Moemauk, Bhamo and Shwegu townships, according to local residents.