Toyo Ink Group to Establish Production Base in Myanmar
TOKOYO — Japan-Toyo Ink SC Holdings Co. Ltd., the parent company of the Toyo Ink Group of Japan, announced plans to make a full-fledged foray into the Myanmar market with the establishment of a production base in the Thilawa Special Economic Zone in Yangon. In July 2018, the company plans to set up a wholly owned manufacturing subsidiary, Toyo Ink Myanmar Co. Ltd., with an initial paid-in capital of $6.5 million. The new factory is scheduled to break ground in November 2018, with commercial operation expected to begin in November 2019.
In line with its strategic focus on strengthening its market competitiveness and boosting business development in the region, the Toyo Ink Group had been eyeing expansion in Myanmar while supplying the nation with exports from neighboring countries. In recent years, the government's aggressive policies to attract foreign funding, such as infrastructure enhancements and the relaxation of import restrictions, have substantially strengthened Myanmar's investment climate, making it an attractive investment destination.
“Myanmar presents a huge potential for the Toyo Ink Group,” said Katsumi Kitagawa, Group CEO of 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 markets 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.”
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.