The country is in need of an agricultural commodity exchange suited to Myanmar, said Ye Min Aung, Vice-President of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) at a knowledge sharing seminar titled “Agri-commodity exchange” Park Royal Hotel in Nay Pyi Taw on February 19.

“Recently, there emerged a commodity exchange in Ethiopia. In implementing the system, our country needs to take lessons of other countries. Efforts should be made to ensure the emergence of agriculture commodity exchange suitable to our country. On the other hand, we need laws and bylaws for the commodity exchange,” he  added.

With the aim of ensuring the emergence of agriculture commodity exchange in Myanmar, India had shared its knowledge and experience about the exchange system and technologies.

Myanmar is an agro-based country. The country is producing agro products not only for local consumption but also for export. The commodity exchange is crucial in order to help farmers to get higher prices for their products, to make market penetration, to ensure the better trading system and the systematic operation and legalization of advanced buying and selling. Our neighbouring countries like Malaysia and Indonesia mainly grow palm oil and rubber. These countries are trying to develop their agriculture sector through the commodity exchange.