The partnership aims to produce transformers for both the domestic and the export markets. The first export of made-in-Myanmar transformers is likely to happen after 2016, said Daw Mary Htwe, general manager of Soe Electric & Machinery Co Ltd.
The current joint venture began operation in October with Hitachi holding a 51 percent stake and the rest by Soe Electric & Machinery.
Soe Electric & Machinery have been cooperating with Hitachi since 2012 for the production of amorphous transformers that are energy saving ones, representing energy saving and for other technical collaborations but officially partnered them only in late 2015.
“After 22 years of manufacturing of transformers, and with Hitachi wanting to expand into Asian countries we decided on a joint venture in 2015,” said Htwe.
The current production is about 300 units of transformers, which is sold in the local market.
The JV also has plans to raise funding loan from the World Bank or ADB in the new year.
Established in 1993, Soe electric currently has over 400 staffs that handle the manufacturing and distribution of power transformers while the raw materials are imported from Japan, Italy and Sweden.