The FINANCIAL -- Yangon, Myanmar, September 4, 2018—IFC, a member of the World Bank Group, signed an agreement with the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) to help food sector companies address and improve food safety practices. This will subsequently develop the nation’s agribusiness sector, increase exports, draw investments, and generate jobs.
Investment in food safety management systems is a prerequisite for the growth of Myanmar’s agribusiness, a key sector for the nation’s economy. It accounts for 38 percent of gross domestic product and 23 percent of the country’s exports.
The agreement builds on an initiative that started in November last year. IFC, in cooperation with UMFCCI, organized a public awareness event in Yangon to address food safety issues with government representatives, leading food producers, retailers, and industry experts. The aim was to underline that addressing food safety in a systemic and sustainable way has a clear business case.
Internationally recognized standards have a proven track record of delivering results, which include better risk management and operational efficiency, among others. IFC has over 15 years’ experience of providing Food Safety Advisory Services to agribusiness and retail clients globally.
This work has helped 150 IFC clients from 30 countries attract $290 million in investments and generate over $230 million in new sales. IFC also helps client companies introduce an internationally recognized food safety system and works with governments and industry experts to build local capacity through training programs and workshops.
IFC’s advisory work on improving Myanmar’s food safety practices, reforming regulations, and improving the business environment in the agribusiness sector is supported by Department of Foreign Affairs and Trade of Australia, the Department for International Development of the United Kingdom and the Government of Japan.