Global Chemical firm BASF has made an entry into Myanmar with the construction of a chemical plant. And, Precision Auto Engineering from India plans to invest $1.35 million for setting up an assembly plant in Kayin State.
BASF opens chemical plant in Yangon
Global manufacturer of chemical products BASF has announced the opening of its first plant in Myanmar to produce tailor-made construction chemicals. The production facility, located at the East Dagon Township, will supply concrete admixtures to support the growth of the local construction industry.
“Myanmar is one of the fastest growing markets in Asia Pacific, and is important for BASF,” said Dr. Hicham Abel, senior vice president, Construction Chemicals Asia Pacific at BASF.
Since 2012, BASF has been offering solutions to the Myanmar market through distributors. Its registered sales in Myanmar in 2017 stood at about €9 million ($10.5 million).
India’s Precision to invest $1.35m in automobile unit
Precision Auto Engineering Co Ltd, an Indian maker of stainless steel fasteners and high tensile fasteners, plans to invest $1.35 million in setting up an automobile assembling and manufacturing plant in Kayin State, according to the directorate of investment and company administration.
The investment marks the first foreign investment approved in Kayin State during the two year tenure of the current elected government.
Located at the Myawaddy Border Trade Industrial Zone, the plant will produce two-wheeler, three-wheeler and a four-wheeler eco-car production.
Kayin State has three foreign investments approved as of March 2018, contributing $228 million. Yangon has seen 846 foreign investments approved for a total of $20.2 billion so far.