Mitsubishi Electric establishes presence in Yangon
Mitsubishi Electric Corp announced earlier this month that it will establish a branch office in Yangon, to make its presence felt in the newly-opened country.
The branch office will belong to its Singapore-based subsidiary, Mitsubishi Electric Asia Pte Ltd, the company said in a statement. Commencing operations on April 25, it will coordinate Mitsubishi Electric’s efforts to expand business in Myanmar by conducting market research, collecting information and providing support for infrastructure projects and local distributors.
The office, headed by General Manager Kohji Maruyama, will be located at Union Business Centre, Nat Mauk Road, Bo Cho Quarter, Bahan Township, Yangon.
“Foreign investment for the development of infrastructure and special economic zones is accelerating in Myanmar due to democratization and economic reforms in recent years. The country’s consumer market has strong growth potential over the medium to long term,” the company said in the statement.
Mitsubishi Electric recorded consolidated group sales of 3,567.1 billion yen (US$37.9 billion) in the fiscal year ended March 31, 2013.
Myanmar is added into the network of offices established across Asia Pacific. At present, Mitsubishi Electric has regional headquarters and affiliated companies in Australia, India, Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam.
For many years, Mitsubishi Electric has been selling products and services, mainly in the power sector, for infrastructure development, beginning with its supply of transformers for a hydroelectric power plant in 1960. The company also has been supplying residential and commercial air-conditioning systems, home appliances including refrigerators and electric fans, factory-automation products, elevators and escalators through distributors since the 1990s.
Last year, after years of operation in Vietnam, it acquired additional shares of Melco Elevator Vietnam, its elevator and escalator joint venture, in order to convert it to a subsidiary company.
Subsequently, the company was renamed Mitsubishi Elevator Vietnam. This change will enable Mitsubishi Electric to further expand its operations in the growing market of Vietnam and to centralise control over product safety and quality.
In Vietnam, its main lines of business includes: import-export, retail distribution and provide installation, maintenance, repair services for elevators, escalators and passenger conveyor.
