Yangon, Jul 19 (IANS): Japan and Myanmar have discussed bilateral economic cooperation in agricultural sector in Nay Pyi Taw, official media reported Friday.

The meeting on cooperation in agricultural sector was held Thursday, attended by a Japan-Myanmar goodwill delegation and led by Minister for Agriculture and Irrigation U Myint Hlaing and Japanese Ambassador Mikio Numata, reported Xinhua citing the New Light of Myanmar.

Both sides discussed matters on cooperation between Myanmar and Japan to transform manual farming into mechanized farming, which is necessary for the development of Myanmar's agriculture sector.

They also had discussion on receiving technical assistance from Japan, programs to export rice and horticulture in accord with market demand of Japan, and investment prospects for the Japanese entrepreneurs and companies in agricultural sector of Myanmar.

Meanwhile, livelihood of 70 percent of the total population of Myanmar relies mainly on agricultural sector.

The International Fund for Agricultural Development (IFAD) will offer low-interest loan for Myanmar's farm sector development.

As the first phase, the IFAD will extend $36 million of the loan which is to be used in the process of transforming Myanmar's farming system into a mechanized one.