Japanese firm Megumi No Sato is partnering with Myanmar’s City Mart Holding Company in a joint enterprise to produce fresh fruit and vegetables to sell in Myanmar, The Irrawaddy reports.
According to the Myanmar Investment Commission (MIC), the venture will see crops grown in the Pyin Oo Lwin area in the country’s central region.
Megumi No Sato has established a reputation or supplying quality produce to supermarkets from select growers, and helping these growers establish stable incomes.
While the Japanese government is reportedly looking to invest in production and sales of fresh produce in Myanmar, this is the first Japanese private joint-partnership with a local company.
The MIC also granted five other foreign investment enterprises and one citizen investment during a recent meeting on 21 August this year.
Myanmar recently opened to business last year in the wake of the country’s reform process, which has seen companies from the US, Europe and elsewhere bid to bring their business there.
The country is home to a substantial market of 60m people.
This development follows global freight forwarder and logistics services provider Damco securing a permanent licence to operate under its own legal entity in Myanmar last month.