A new agreement has been signed between US exporters and Myanmar buyers to increase exports of soybean meal from the United States to South-East Asia, according to U Ye Min Aung, Administrative Director of Myanmar Agribusiness Public Corporation Limited (MAPCO).
“We have held business-to-business (B2B) discussions between companies from both sides to expand soybean oil production at domestic bran oil mills currently under construction, to add value to soybean meal by combining it with rice bran, broken rice and other by-products from rice mills to produce animal feed, and to enable the export of animal feed to neighbouring countries. We also plan to broaden cooperation in bilateral trade and investment, including the importation and distribution of soybeans and soybean meal,” said U Ye Min Aung.
According to a statement issued by the US Embassy in Yangon, such partnerships not only create new markets for American farmers but also strengthen resilient regional supply chains and promote long-term economic ties.
Myanmar imported nearly US$43 million worth of soybean meal in 2019 and 2020, as well as almost $7 million worth of soybeans for the production of soya milk and tofu. — ASH/KNN
