Mitsui seeks retail, property partnership with TCC
JAPANESE trading firm Mitsui & Co says it is keen to partner with the Thai Charoen Corporation Group (TCC), which was founded by tycoon Charoen Sirivadhana-bhakdi’s family, in retail and property businesses as Mitsui continues its business expansion in Thailand.
Hiroshi Uchida, deputy general manager for corporate planning at Mitsui & Co (Thailand), said recently that high-ranking executives of the two companies discussed the matter in mid-2016. However, he declined to elaborate on how the talks progressed.
He did say that Mitsui, which has had a presence in several business sectors in Thailand, was serious about clinching a partnership with TCC in the retail and property sectors.
The Japanese company believes that it can contribute its technological know-how to complement TCC’s property business.
TCC’s businesses range from the food and beverage sector to property and agro-industry. One of its flagships is Thai hypermarket operator Big C Supercenter.
Mitsui has also been in talks for possible new deals with its existing Thai partners, including PTT, and is expected to clinch five or six deals this year if things go as planned, Uchida said.
The Straits Times newspaper early this month reported that Mitsui was looking to boost its headcount in Singapore to tap growth opportunities in the Southeast Asian economies.
Mitsui converted its Singapore branch office into its regional headquarters about 10 years ago and now employs 300 staff there. Apart from the Asean region, it is also eyeing prospects in India, Pakistan and Bangladesh.
Last month Mitsui & Co and Japanese diesel-engine manufacturer Yanmar launched a joint-venture sales business in Myanmar. Yanmar Myanmar Co, which imports and wholesales agricultural machinery, was founded in March 2016 with paid-up capital of US$6 million (about Bt210 million).
