Singapore Myanmar Investco Limited has signed an agreement to operate and manage IPPUDO ramen restaurants in Myanmar. Meanwhile Yojin from South Korea has received an approval to invest $60 million for setting up manufacturing of Portland cement.
SMI to operate Japanese ramen chain IPPUDO
Singapore main board listed Singapore Myanmar Investco Limited (SMI) has partnered with a Japanese ramen restaurant chain, IPPUDO, which is scheduled to open its first Myanmar branch in the first quarter of 2017.
SMI’s agreement to operate and manage IPPUDO ramen restaurants in Myanmar was made with Chikaranomoto Holdings Co Ltd, an operator of the popular ramen chain, that is spread around 13 countries.
According to a release by SMI, Chikaranomoto will provide training programmes to SMI for the set up and operate the restaurants in Myanmar.
“We see abundant growth opportunities within the F&B retail market in Myanmar and the time is ripe for us to introduce the popular IPPUDO brand and cuisine to a growing middle class in Myanmar,” said Mark Bedingham, president and CEO of SMI.
SMI, that is engaged in consumer products and services in Myanmar, is looking to invest in retail and F&B over the next three years.
They have also signed a franchise agreement with Crystal Jade group, a Chinese restaurant concept and The Coffee Bean and Tea Leaf to be opened soon at the Yangon International Airport terminal.
South Korea’s Yojin to invest $60m
Yojin Myanmar Co Ltd, a subsidiary of Yojin Construction and Engineering from South Korea will be investing $60 million to set up portland cement manufacturing in Myanmar.
The investment will be at the Thilawa SEZ and will cover over 100,000 square meters, according to government figures.
Media reports say that the firm is expected to produce 1 million tonnes cement a year and has been offered financing from Shin Han Bank that has a representative office in Myanmar.