Grand Opening Ceremony Held for Local Subsidiary in Myanmar
- Local subsidiary aims to help build telecommunications infrastructures -
Furukawa Electric Co., Ltd. recently held a grand opening ceremony to celebrate the opening of Furukawa System & Solutions Myanmar Co., Ltd. (Yangon, the Republic of the Union of Myanmar; President: Tsuyoshi Kuwayama; "FSSM" hereafter), a local subsidiary established to provide solutions focusing on communication construction in Myanmar.
Background
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 constructions in a variety of on-site telecommunications infrastructures.
Content
FSSM received its business license in December 2015, with the goal of focusing on engineering work for telecommunications infrastructure construction within Myanmar. A grand opening ceremony for the company was held in Yangon, Myanmar on May 19.
The ceremony was attended by Tateshi Higuchi (Ambassador Extraordinary and Plenipotentiary of Japan to the Republic of the Union of Myanmar), the President of the Japan Chamber of Commerce and Industry in Myanmar, and a variety of figures from Japanese companies and companies in Myanmar.
Masao Yoshida, Chairman of the Board of Furukawa Electric, stated, "I am truly honored today to celebrate the grand opening of FSSM, the first Myanmar base in the Furukawa Electric Group. I hope that our advanced engineering technological strength and rapid service will help to bring the economy and society of the Republic of the Union of Myanmar to the next level."
Tsuyoshi Kuwayama, President of FSSM, laid out his vision to those in attendance, stating, "When people hear 'Furukawa Electric' they may think that our main business involves supplying cables and similar products. However, our main business actually involves providing technical services such as telecommunications-related design, construction, and maintenance. I am confident that we will be able to support the business activities of everyone gathered here today."
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 874.9 billion (approximately USD 8.0B) for the fiscal year ended March 31, 2016.
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