Myanmar aims to reduce vegetable oil imports

Myanmar’s President Min Aung Hlaing has called on the government to reduce the country’s dependence on imported fuel and vegetable oils, stressing that these imports require significant foreign currency spending every year. According to the president, reducing imports should become one of the country’s key economic priorities to strengthen financial stability.

To reduce fuel imports, the government plans to expand domestic power generation, including through the construction of solar and coal-fired power plants. It also intends to modernize the railway network and gradually introduce battery-powered locomotives to reduce diesel fuel consumption.

Another priority will be the development of domestic electric vehicle production. The government expects that local assembly and manufacturing will create new jobs, promote technology transfer, and reduce reliance on imports.

The government also sees lower vegetable oil imports as a key way to save foreign currency. To achieve this, it plans to encourage domestic oilseed production and expand the country’s processing industry, reducing the need to import vegetable oils.

Tags: Myanmar, imports, edible oils