ASEAN KEY DESTINATIONS
Myanmar expects more Japanese investments in manufacturing, IT
Japanese investments are expected to increase significantly in Myanmar’s manufacturing, transport and information technology sectors, according to the Directorate of Investment and Company Administration (Dica).
An official from Dica said there is an influx of Japanese businessmen visiting their office for information to open branch offices and to make investments in Myanmar.
Among them are machinery-manufacturer Kubota Corp, industrial and engineering corporation Hitachi Zozen, transport companies Nippon Express and Toyo Logistics.
Meanwhile, Japanese automakers Toyota, Nissan, Honda, Suzuki and Mitsubishi have opened service centres in Myanmar.
Nissan is soon to open its first car showroom in the country’s commercial city Yangon.
Japanese IT firms NTT Group, KDDI Corp and NEC Corp are also planning to invest in Myanmar, market observers said.
Meanwhile, Myanmar needs to ensure a steady and affordable electricity supply and improve transportation and information infrastructures to boost investments, a Japanese businessmen said.
Japan has invested over US$65 million in Myanmar within the last two years. Its total investments has reached $270.28 million in June.
Last February, an executive from Japan's largest economic organisation Keidanren said at the bilateral business conference in Yangon that Japanese investments in Myanmar’s garments and consumer goods industries amounted $43.6 million.
Japan is also developing the Thilawa Special Economic Zone in Thanhlyn-Kyauktan area of suburban Yangon. The multi-million project includes building a seaport, roads and other infrastructural development programmes.
Japanese government has earlier pledged to offer Myanmar 0.01 per cent interest loan on a 40-year term for the Thilawa project.
Eleven Media Group
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