(MENAFN– ecpulse)
Mitsubishi Corp., Sumitomo Corp. and Marubeni Corp agreed to form a venture with Myanmar that plans to build an industrial hub in the Southeast nation in the coming two years. Myanmar aims at exporting electronics parts and clothes to all Asia.
The three Japanese trading houses will own 49 percent and Maynmar`s government, besides local enterprises will own the rest in the venture.
The partners said in a joint statement that they may spend about 17 billion yen ($174 million) on power, water and infrastructure. The new project will meet the growing demand for auto and construction materials, with setting up production for export to China, Japan and other Asian nations.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.