China’s CITIC, Myanmar Rice Federation partner for $400m agribusiness plan

Bagan, Myanmar. Photo by Dinis Bazgutdinov on Unsplash

China’s state-owned financial services firm CITIC and the Myanmar Rice Federation are partnering to conduct a feasibility study for a plan to establish 33 agricultural business centres in ten states in Myanmar.

The project is estimated to cost $400 million and aims to provide a one-stop service for farmers in the country, said Dr Soe Tun, vice chairman of Myanmar Rice Federation.

The agricultural business centres will enable farmers to buy equipment, use warehouse facilities and avail financial services.

“We are looking to get a development loan from the Chinese government for the project,” Tun told DEALSTREETASIA.

Working with the Chinese state-owned firm will help the financing for the development of agricultural sector as Myanmar looks to revitalise the agriculture sector which accounts for 38 per cent of the national GDP and 23 per cent of exports.

Corporations like Myanmar Agribusiness Public Corporation, which is planning to get listed on the Yangon Stock Exchange, is also planning to set up agricultural industrial parks in the Delta Region to provide better agricultural infrastructure.

CITIC is also leading the Chinese consortium that will develop the Kyauk Phyu Special Economic Zone around 2019.

Also Read:

Myanmar Dealbook: MAPCO invests in $12m in agri parks; Rakhine state to set up SEZs

IFC seeks to invest more in Myanmar agri businesses

IFC extends $10m financing to Myanma Awba for setting up agri inputs plant

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In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

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  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
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