French agro company teams up with Myanmar firm

Myanmar Investment Commission has recently granted license to a joint venture formed by a local private firm and France’s company to run agricultural businesses including a rice factory in Ayeyarwady Region in the delta are of the Ayeyarwady River.

The France’s company, Societe Industrielle Agricole Et Commercial D’ Outre Mer (SIACOM), will work with Myanmar’s XY Trading Company to operate their agribusinesses in Hinnthada Township in the region. The two have joined hands under the new company Shwe Zabar Co Ltd, which aims to set up rice mills for processing steam-rice and run other agricultural businesses there.
French investments re-entered Myanmar only in 2011 during the new government, investing US$469 million in two industry sectors that year though it had not made any business investment for over 20 years since 1988 when Myanmar enacted Foreign Direct Investment Law (FDI).
Foreign companies from 32 countries have been doing businesses in line with the FDI regulations and their total investments reached over US$41 billion by this year’s June. France stands at number.8 among the countries which invested the most.
During President Thein Sein’s recent visit to Europe, he met with French President Mr. Francois Hollande in France to discuss bilateral trade cooperation between the two countries.
source: eleven media