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Toyota to Build Myanmar Factory
Author: Zin Thu Tun
Mr. Ichiro Maruyama, Japanese Ambassador to Myanmar, and Mr. Susumu Matsuda, President of Toyota Motor Asia Pacific Pte Ltd, met with U Thaung Tun, President of Myanmar Investment Commission and Union Minister of the Ministry of Investments and Foreign Economic Relations, to build a factory in Myanmar.
This followed reports that the Japanese automaker would build an auto assembly plant in Myanmar.
Toyota said that in Myanmar they sold 18,000 vehicles in 2018, this doubled the amount of sales in 2017.
The Japanese automaker will invest $52 million in Thilawa Special Economic Zone in Yangon and will start producing cars in 2021.
The plant will assemble 2,500 Hilux vehicles per year on Semi-Knock Down creating 130 job opportunities.
U Thaung Tun, President of Myanmar Investment Commission, said that he warmly welcomes the commitment to make investment in Myanmar and requested the automaker to collaborate in areas such as technology transfer, human resource development and corporate social responsibility.
There are nine companies from Japan, China, Malaysia, Singapore, Hong Kong and South Korea producing automobiles in Myanmar under SKD system and seven more companies are planning to open automobile plants in Myanmar.