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.
The office is currently run as the Yangon Office of Sumitomo Corporation Asia.
On July 10 this year, Japanese trading house Marubeni was awarded a $3.8 million contract to overhaul the Ywama thermal power plant northwest of Yangon.
Japan has offered to provide Myanmar a new loan of 50 billion yen (about $602 million) for the development of the country's nationalities in border areas and the construction of Thilawa Port and deep seaports.
Japan, Myanmar's largest creditor, announced in October that it will clear Myanmar's overdue debt of 500 billion yen (about $6 billion) to it next January and will resume tens of billions of yen in concessional loan to Myanmar, which is expected by early next year.
Japan has agreed to write off more than half of the 500 billion yen debt already owed to it by Myanmar.