Mitsui & Co. of Japan and Myanmar Agribusiness Public Corp. Ltd. (MAPCO) received approval in September to form a joint venture agriculture company to produce rice and rice products. The new joint company will do business under the name Myanmar Rice Industry Co. Ltd. and will build plants in four locations in Myanmar by 2015 that will produce broken rice, rice bran oil, rice bran flour, and rice noodles at a cost of approximately US$100 million. Jointly arranged by Mitsui & Co. Ltd. and MAPCO, Myanmar resumed rice exports to Japan just this year for the first time in 40 years. Up until now Myanmar primarily exported rice to China, Russia and Africa with 80% of total rice exports going to China.
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