Toyo Ink SC Holdings, the parent company of the Toyo Ink Group of Japan, plans to enter the market in Myanmar with the establishment of a production base in the Thilawa Special Economic Zone in Yangon.
The company plans to set up a wholly-owned manufacturing subsidiary, Toyo Ink Myanmar, in July 2018 with an initial paid-in capital of US$6.5 million. The new factory is scheduled to break ground in November 2018 with commercial operation expected to begin in November 2019. Initially, the new subsidiary will be engaged in the production of liquid inks for packaging, adhesives for films and offset inks for the commercial printing market. While monitoring market and regulatory trends, the company plans to expand production capacity and product offerings in Myanmar.
In line with its strategic focus on strengthening its market competitiveness and boosting business development in the region, Toyo Ink Group had been eyeing expansion in Myanmar while supplying the nation with exports via neighboring countries. In recent years, the government's aggressive policies to attract foreign funding, such as infrastructure enhancements and relaxation of import restrictions, have substantially strengthened Myanmar's investment climate, making it an attractive investment destination, according to Toyo Ink.
‘Myanmar presents a huge potential for the Toyo Ink Group,’ said Katsumi Kitagawa, CEO at Toyo Ink Group. ‘As the first major ink manufacturer to set-up a production foothold in Myanmar, we look forward to establishing an early leadership position in market where we can play to our strengths like food packaging and commercial printing. By bringing our manufacturing expertise, cutting-edge technology and support functions to the local market, we aim to make a positive impact on regional development and on enhancing the quality of life of the Myanmar people.’