Work coordination meeting: Matter on extending cultivation of oil crops discussed

To cover the local consumption and reduce the import volume of the edible oil, the 3rd work coordination meeting of the Oil crop cultivation extending committee to meet self-sufficiency at the office No.15 in Nay Pyi Taw on Friday with the attendance of the Union Minister for Investment and Foreign Economic Relations Dr. Kan Zaw, Union Minister for Agriculture, Livestock and Irrigation U Min Naung, Union Minister for Cooperatives and Rural Development U Hla Moe, Union Minister for Commerce U Aung Naing Oo, Deputy Ministers and officials.

Speaking on the occasion, Union Minister U Min Naung stated that committees have been established in regions and states respectively to implement the oil crop cultivation extending project successfully and the committes are carrying out the implementation tasks. And, departmental officials are also encouraged to fulfill the requirements of the growers in planting oil crops systematically, he added.

Then, the secretary of the committee reported the decisions made in 2nd work coordination meeting and implemented tasks and the joint secretary reported the plans to be carried out in 2023-2024.

Then, Union Minister Dr. Kan Zaw discussed matters on investment in edible oil enterprises. Investment related to oil crops are welcomed and the investments will be exempted from income tax from (3) to (7) years. Efforts are being made to improve domestic and foreign investment in the agricultural sector, etc.

Then, Union Minister U Hla Moe discussed matters on organizing oil crop grower cooperative societies to reduce import volume of the edible oil, establishing capital fund for the agricultural inputs, etc.

Then, the Union Minister for Commerce U Aung Naing Oo had a discussion about the requirements in balancing the expense of importing edible oil from the foreign countries and income earned by exporting oil crops, implementing to extend the oil crop cultivations and requirements to export edible oil to foreign market, upgrading the oil mills across the nation, quality of the edible oil in local market and safety of the consumers, etc.

Then, the Deputy Ministers U Maung Maung Win and Dr. Tin Htut and attendees had a discussion about respective sectors.