Mizuho Bank from Japan has entered into an MoU with a local conglomerate, Max Myanmar Holdings, to help facilitate investors from Japan to enter the frontier market. Global automobile majors Ford, Nissan and Lisan are starting their facility to assemble cars in Myanmar.
Mizuho Bank, Max Myanmar enter MoU
Max Myanmar, which has a nationwide network, is engaged in the businesses of energy, trading, construction, hotel, manufacturing and agriculture. Max Myanmar Group is also open to potential partnerships with Japanese firms eyeing investments in Myanmar.
Mizuho signed similar MoUs with AYA Bank, Myanmar Investment Commission (MIC) and the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI).
Mizuho became the first foreign bank to be permitted to open a second office in Thilawa Special Economic Zone in Myanmar in December 2015. Mizuho was also among nine foreign banks which were granted approval by the Central Bank of Myanmar in September 2014.
Ford, Nissan, Lisan to set up assembly lines
Global automobile majors Ford, Nissan and Lisan are setting up their assembly units in Myanmar and are gearing up for sales in 2017, according to Dr Soe Tun, chairman of Myanmar Automobile Manufacturers and Distributors Association.
Japan’s Nissan, which established an assembly in Hlaing Tharyar township, will be ready to sell cars in Myanmar by February 2017 while Ford is looking at rolling out its vehicles by June 2017.
Lisan from China is also starting its assembly line and will be ready for sales next year, he said.