Japanese NTT sets up US$5M local subsidiary

Japanese tech major NTT is diving into Myanmar’s nascent but fast-growing digital economy with its newly-established subsidiary.

The company announced that its subsidiary NTT Myanmar was granted a business-to-business wholesale licence from the commerce ministry to offer ICT solutions in the Myanmar market.

The capital investment of NTT Myanmar is US$5 million (K7.2 billion), it said in a press conference yesterday.

“Today’s digital landscape is changing rapidly. Hence, we are constantly innovating and working to meet our clients’ ongoing needs. Our commitment is to deliver intelligent, end-to-end solutions to our clients in Myanmar as the nation moves forward with its digital transformation roadmap,” said Sutas Kongdumrongkiat, NTT CEO for Thailand, Cambodia, Laos and Myanmar.

He added that the company’s tech expertise will help drive growth in local companies.

In addition, NTT Myanmar also plans to support firms in the education and financial sectors in developing ICT-related human resources.

It added that Myanmar’s telecommunications industry is growing at 6-12 percent annually, and represents a strong market potential.

NTT has invested US$400 million to build the MIST – a large-capacity submarine communications cable between Singapore, Myanmar and India. The scheme is part of a strategic joint venture for international submarine cables in Southeast Asia. It is expected to go into operation in June 2022, NTT Myanmar chief Yasuhiro Kishi said.

Listed in Tokyo, New York, London and Osaka, the Tokyo-based firm is one of the largest telecommunications companies in the world in terms of revenue.

Source: Myanmar Times

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