A FOOD processing company from Chiangmai, Thailand plans to invest $20 million in the agricultural sector in the Nay Pyi Taw Council area.
“We hope that our project will accelerate the economy of both countries as Myanmar’s economy is based on the agricultural sector,” said Ankoon Pholpipattanaphong, director of the Chiangmai Company.
The company will work on 100 acres of land for its project in partnership with local company Sei Taung Yar. The land lease will last for 50 years with options for two 10-year extensions. The company is expected to start its operation in 2018.
The country’s political opening has been seen as a magnet for foreign investment and has propelled the Thai company to invest in the agricultural sector.
The Chiangmai Company is engaged in frozen food production and is an official member of the Stock Exchange in Thailand.