More Japanese investments expected in manufacturing, transport and IT
Japanese investments are expected 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 include 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.
Among them, 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.
On the other hand, Myanmar needs to ensure steady and affordable electricity supply and improve transportation and information infrastructures to boost the investments and the economy, Japanese businessmen said.
Japan has invested over US$65 million in Myanmar within the last two years. Its total investments reached $270.28 million at the end of June.
Last February, an executive from Japanese largest economic organization Keidanren said at the bilateral business conference in Yangon that Japanese investments in Myanmar’s garment and consumer goods industries amount $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 programs.
Japanese government has earlier pledged to offer Myanmar 0.01 percent interest loans on 40-year term for the Thilawa project.