Furukawa Electric to Establish Local Subsidiary in Myanmar
- Subsidiary to contribute to improving telecommunications infrastructures -
Furukawa Electric Co., Ltd. has decided to establish a local subsidiary for solution business to focus on communications work in Myanmar, with the goal of making a committed effort toward improving telecommunications infrastructures in the country.
As international economic sanctions placed on the Republic of the Union of Myanmar have eased since the nation transitioned from military rule to democratic government in 2010, there are an increasing number of investment opportunities for other countries, and Myanmar is expected to undergo further economic growth. This is especially true for rapid improvements to infrastructures of all kinds, which form the basis of economic growth.
This is true for the telecommunications field as well. Policies have been announced to rapidly increase the penetration rate of cellphones, and the public and private sectors have begun to move accordingly. Telecommunications infrastructure improvements are expected to lead to improvements in a variety of on-site telecommunications infrastructures.
Furukawa Electric has decided to establish a local subsidiary for solution business to focus on communications work in Myanmar. By establishing a local subsidiary in Yangon, Furukawa Electric intends to expand its business rooted deep within Myanmar, and to contribute to the development of the country.
Furukawa Electric already has a solid track record of receiving orders in Myanmar, such as orders to build sections of the communications network in the advanced development area "Zone A" located in the Thilawa Special Economic Zone, which is the first private-public initiative between Japan and Myanmar. Furukawa Electric will continue to leverage its world-class technical strengths in telecommunications solutions, in order to engage in a wide variety of projects to improve telecommunications infrastructures.
New Company Overview
|Location||Yangon, Republic of the Union of Myanmar|
|Businesses||Telecommunications network design, communication construction, consultant work, etc.|
|Capital||Approximately 1 million USD in Myanmar kyat|
|Shareholders||Furukawa Electric (49%), Thai Furukawa Unicomm Engineering Co., Ltd (51%)|
|Opening of business||October 2015 (on schedule)|
About Furukawa Electric Group
Furukawa Electric (TSE; 5801, ISIN; JP3827200001) Group started business in 1884, when its copper-smelting facility and wire manufacturing factory was established. Since then Furukawa Electric has become pioneers in the latest technologies by addressing diverse technological issues. Furukawa Electric has released products in a number of areas, including telecommunications, electronics, automobiles, and construction, with the three types of materials it works with at their core, namely, optics, plastics, and metals. Many of these products have attained the top global market share, and all of its products have contributed to society in numerous business areas. Furukawa Electric reported consolidated revenues of JPY 867.8 billion (approximately USD 8.2B) for the fiscal year ended March 31, 2015.