Japan’s Yamato Group and South Korea’s HUBS MK Co Ltd have announced plans to invest in Myanmar’s logistics market.
Japan’s Yamato Group and Myanmar’s Aye International form JV
Singapore-headquartered Yamato Asia Pte Ltd, a subsidiary of Yamato Holdings, will hold an 80 per cent stake in the new JV, Yamato Global Logistics Myanmar Co, that was formed in late 2017.
The JV will offer services such as freight forwarding by land, sea and air, overseas home relocation and warehousing.
“With its geographical advantage, Myanmar has become an important part of supply chain with Thailand which is deemed as industrial hub in ASEAN. Besides the geographical advantage, improvement of infrastructure at Tirawa Industrial Park at Myanmar helped to draw in numerous foreign investments (including Japanese companies) to set up JVs,” Yamato said in its announcement.
Aye International Group, led by Than Tun Aye, is engaged in providing logistics services, trading, staffing services and manufacturing.
South Korea’s HUBS MK signs MoU with Myanmar govt for logistics hub
South Korea’s HUBS MK Co Ltd and the Myanmar Trade Promotion Organization have signed a memorandum of understanding (MoU) to proceed with a $98-million logistics facility in Shwe Linban Industrial Zone in Yangon, according to the Ministry of Commerce.
The planned hub will offer container terminal facilities, warehouses, quality preservation facilities like cold storages for goods going through air or shipment overseas.
U Aung Soe, director general of Myanmar Trade Promotion Organization told DEALSTREETASIA that the logistics hub will be equipped with technology to offer better services.Feasibly study for the project will be done soon and if all goes well, the project can take off in a year.
Others who have already forayed into the logistics space include Japans’ Ryobi Holdings, Singapore’s Yusen Logistics, Japan’s Konoike Myanmar and Fujitrans Logistics.