A joint venture between Myanmar’s leading heavy machinery distributor, Myanmar Kaido Co, and Japanese trading giant Mitsubishi Corp aims to capitalise on the rapid development of the Southeast Asian country’s urban infrastructure through the rental of construction and other equipment.
An opening ceremony for the joint venture, Diamond Rental Myanmar Co, 50% owned by Mitsubishi, 30% by Myanmar Kaido and 20% by Mitsubishi subsidiary Nikken Corp, was held at a hotel in Myanmar’s commercial hub of Yangon on Dec 9.
At the ceremony, Yangon chief minister Phyo Min Thein said the Myanmar-Japanese partnership will benefit not only the local firm but also Myanmar’s ongoing development projects, especially Yangon’s urban development plan drawn up with the help of the Japan International Cooperation Agency.
“The capacity of heavy machinery will play a major role when we implement the urban development projects in the city,” the chief minister said.
The three companies have collaborated in the rental business in Myanmar since 2013.
In November 2015, they established DRM after making trial operations in April the same year at the Thilawa Special Economic Zone, one of three SEZs under development in Myanmar.
Tomonori Hattori, managing director of DRM, said the company aims to be the No.1 rental company in Myanmar.
Myanmar Kaido was established by Myanmar nationals in 1993. The company is distributing heavy machinery and related spare parts to the mining, construction and manufacturing industries by importing equipment, mainly from Japanese manufacturers.
Source: Bangkok Post
