Written by Admin on July 19, 2013. Posted in Business, News, Top Stories
Thai government's ambitious rice subsidy programme aimed at improving lives of the country's farmers has benefited neighbouring Myanmar instead, International Business Times reported.
Thai traders have flocked to Myanmar and bought rice which were then sold to the Thai government at high price.
"For a long time, Thailand did not buy any rice from Myanmar," Ye Min Aung, secretary of Myanmar Rice Merchants Federation, is quoted as saying by Myanmar's news magazine Irrawaddy.
He said Thai traders are now buying Myanmar rice and transporting them through border gate.
The programme cost the Thai government USD 4.4 billion last year.
The Thai government's philosophy is simple that they would reduce the exports by buying the rice as high as 50 percent above the market price and increase the global market price due to the shortage of supply provided that the country is the major rice exporter.
The programme dose not bear fruits as much as expected because the world has received increasing supplies from India, Pakistan, Vietnam and even Myanmar, according to the report.
Source: http://www.news.myanmaronlinecentre.com/2013/07/20/myanmar-benefits-from-thai-rice-subsidy-scheme/
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