Myanmar must become an agriculture-based industrial nation, said Union Minister For Planning and Finance Kyaw Win.
The union minister made the comment at a recent meeting held in Nay Pyi Taw, the official capital of Myanmar.
The meeting focused on financial businesses and technology management for development of small and medium enterprises (SMEs) that are important for the speedy economic development of the country.
Kyaw Win said that local SMEs are currently weak in competency compared to rivals in neighbouring countries and are being encouraged by the government to export rather than import.
He added that the country has abundant natural resources but needs better management.
The government is planning to provide loans worth 700 billion kyat for the SMEs in agriculture, construction and other sectors, he added.
The Ministry of Agriculture, Livestock and Irrigation says it will seek technology and investments from foreign and local investors for the development of good quality crop seeds including rice.
The Private Public Producers Partnership, a scheme jointly developed by the government and local farmers to develop good quality crop seeds, is beginning to have some success, said sources.