|By Business Wire||
|April 1, 2014 10:00 PM EDT||
Mitsubishi Electric Corporation (TOKYO:6503) announced today that its Singapore-based subsidiary, Mitsubishi Electric Asia Pte Ltd, will establish a branch office in Yangon, Myanmar. The Yangon Branch Office, which will commence operations on April 25, will coordinate Mitsubishi Electric’s efforts to expand business in Myanmar by conducting market research, collecting information and providing support for infrastructure projects and local distributors.
The office, headed by General Manager Kohji Maruyama, will be located at Unit No. 05-04 (Level-5), Union Business Centre, Nat Mauk Road, Bo Cho Quarter, Bahan Township, Yangon.
Foreign investment for the development of infrastructure and special economic zones is accelerating in Myanmar due to democratization and economic reforms in recent years. The country’s consumer market has strong growth potential over the medium to long term.
For many years, Mitsubishi Electric has been selling products and services, mainly in the power sector, for infrastructure development, beginning with its supply of transformers for a hydroelectric power plant in 1960. The company also has been supplying residential and commercial air-conditioning systems, home appliances including refrigerators and electric fans, factory-automation products, elevators and escalators through distributors since the 1990s.
About Mitsubishi Electric Corporation
With over 90 years of experience in providing reliable, high-quality products, Mitsubishi Electric Corporation (TOKYO:6503) is a recognized world leader in the manufacture, marketing and sales of electrical and electronic equipment used in information processing and communications, space development and satellite communications, consumer electronics, industrial technology, energy, transportation and building equipment. Embracing the spirit of its corporate statement, Changes for the Better, and its environmental statement, Eco Changes, Mitsubishi Electric endeavors to be a global, leading green company, enriching society with technology. The company recorded consolidated group sales of 3,567.1 billion yen (US$ 37.9 billion*) in the fiscal year ended March 31, 2013. For more information visit http://www.MitsubishiElectric.com
*At an exchange rate of 94 yen to the US dollar, the rate given by the Tokyo Foreign Exchange Market on March 31, 2013
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