A ceremony was held in Naypyitaw on Tuesday to mark the handover of 600 tractors from the globally recognised New Holland Agriculture firm to the Ministry of Agriculture, Livestock and Irrigation, according to a press release from Yoma Strategic Holdings Ltd, the Myanmar distributor.
It said the deal with Italy-based New Holland Agriculture was brokered through the Agricultural Mechanisation Department (AMD), which is tasked with modernising Myanmar’s agriculture sector.
The plan will involve Yoma Bank, which is to offer farmers a financing option based on a 10 percent down payment with the balance payable at six monthly intervals over three years.
According to the UN’s Food and Agriculture Organization, Myanmar’s agriculture sector is “the backbone of its economy”, contributing to nearly 40 percent of GDP, accounting for 25 to 30 percent of total exports, and employing no less than 70 percent of the national workforce.
“The delivery of 600 tractors takes us another step forward in Myanmar’s wide-reaching agricultural modernisation program. These tractors will play an essential part in improving our nation’s crop quality, crop yields, and food security,” said U Soe Hlaing, the director general of AMD, speaking at the ceremony.
The package includes 500 75-hp TT75 tractors made in India, and 100 90-hp TD90 tractors made in Turkey.
“New Holland Agriculture will also provide training in the operation and maintenance of the vehicles to ensure that investment in the new machinery delivers the highest possible returns,” said the press release.