Japanese conglomerate eyes to invest in Myanmar

YANGON, Dec. 5 (Xinhua) -- The Sumitomo Corporation of Japan is trying to fortify its presence in Myanmar by investing in a series of projects in the southeast Asian country, official media reported Wednesday.

A visiting Sumitomo delegation led by senior advisor Motoyuki Oka met with Myanmar Commerce Minister U Win Myint on Tuesday in the capital city of Nay Pyi Taw and they discussed matters related to iron and steel, plastic and personal goods, construction materials, marine products and the garment industry, said the New Light of Myanmar.

The Japanese side also revealed their wishes to invest in electric power production, transport, communications, automobile production, agriculture and industry sectors in the future and long-term economic cooperation with Myanmar.

Sumitomo Corporation first established its presence in the country in 1954, when it opened an office in Yangon, and operated businesses involving railway cars, construction machinery, automobiles, basic chemicals, among others.

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