Sri Lanka has entered into an agreement with Myanmar to import 50,000 metric tons of rice by June, according to the Myanmar Rice Federation (MRF).
The Myanmar Rice Federation, the national organization for the rice industry which is responsible to negotiating rice export deals, said five companies have won contracts for the export of 50,000 metric tons of rice to Sri Lanka.
Myanmar Commerce Minister Dr. Than Myint held talks with a delegation led by the Sri Lanka ambassador to Myanmar, KWND Karunaratne, at his office in Nay Pyi Taw on January 23 and signed a memorandum of understanding on rice exports.
According to an official, MRF has invited companies to submit bids for rice exports to Sri Lanka and selected five companies out of the 10 companies applied.
Sri Lanka’s rice production has declined by about 200,000 tonnes after a drought last year. Sri Lanka is reducing rising rice prices and the control of rice millers by reducing import tariffs.