Mizuho Bank and Max Myanmar Holdings signed a memorandum of understanding (MoU) for business cooperation with an aim at facilitating foreign direct investment (FDI) in Myanmar by Japanese companies. Mizuho Bank will be the first Japanese bank to sign an MoU with Max Myanmar.
Mizuho has been supporting Japanese companies entering Myanmar. It opened a Yangon branch in August 2015 and the Yangon Branch Thilawa Front Office in December 2015, and also signed MoUs for business cooperation with the Myanmar Investment Commission (MIC), the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI), and Ayeyarwady Bank (AYA Bank).
“Under the latest MoU, we will introduce Japanese companies considering starting or expanding business in the country to Max Myanmar in order to utilize its nationwide network. We will continue serving customers’ business needs, thereby contributing to the development of the local economy”, according to a statement fem Mizuho.
Myanmar has been attracting an increasing number of manufacturers, including Japanese companies, since the opening of the Thilawa Special Economic Zone (SEZ) developed throughthe collaboration between the Japanese and Burmese governments. With the lifting of US economic sanctions against Myanmar in October 2016, Japanese companies are expected to accelerate their activities in the country in the form of collaborations with the local companies and to invest in Myanmar.
Max Myanmar is a major conglomerate in the country, with businesses in construction, energy, cement, agriculture, trade, infrastructure, hotel and other sectors.
Source: Global New Light of Myanmar
