Daewoo Bus Myanmar to produce passenger vehicles with $5 million capital

Buses manufactured by Daewoo automotive company seen in Yangon.
Buses manufactured by Daewoo automotive company seen in Yangon. Photo: Supplied

Daewoo Bus Myanmar Company will produce passenger vehicles using semi-knocked down SKD2 system, with a capital of US$5 million, said U Soe Myint Aung, director of the Directorate of Investment and Company Administration (DICA). “They will bring in a capital of $5 million to manufacture city bus and mini-buses”, said U Soe Myint Aung. Daewoo Bus Myanmar Company is registered as a joint venture between Myanmar Trade Centre and Zyle Daewoo Commercial Vehicle Company. Myanmar Trade Center controls 75 per cent of shares while 25 per cent is owned by Zyle Daewoo Commercial Vehicle Company.
Daewoo Bus Myanmar Co., Ltd. will execute assembling, manufacturing and sales of buses and repair service on the land leased by No.1 Heavy Industries Enterprise (Htaukkyant) in Mingaladon Township, according to the Myanmar Investment Commission (MIC).
This assembling, manufacturing and sales of buses and repair service is likely to start its operations in 2020, creating over 200 job opportunities for local people, according to MIC.
“It is expected to start business in 2020. As they will be working on the land leased by the Ministry of Industry, there are already buildings and they do not need to construct new ones. Therefore, at the soonest, the business is possibly operational in six months or one year after installation of equipment”, U Soe Myint Aung maintained. Nissan, Suzuki, Daewoo, KIA, Ford are currently conducting assembling, manufacturing and sales of motor vehicles. Toyota Company is also likely to make local operations, said U Than Aung Kyaw, deputy director-general of the DICA.
There are eight approved businesses for manufacturing vehicles in Myanmar. Japan, China, South Korea and Singapore are the investors.

 

By Nyein Nyein

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