One of the world’s largest trading companies, Japan’s Sumitomo Corporation, is readying to invest in a series of projects in Burma, according to state-run The New Light of Myanmar.
A Sumitomo delegation led by senior advisor Motoyuki Oka met on Tuesday with Burma’s Commerce Minister Win Myint in Naypyitaw where they “discussed matters related to iron and steel, plastic and personal goods, construction materials, marine products and the garment industry,” the report said.
The Japanese also reportedly expressed a desire to become involved in electric power production, transport, communications, automobile production, agriculture and the industry sector.
Sumitomo Corporation first established its presence in Burma in 1954 when it opened an office in Rangoon, and had interests in such industries as railway cars, construction machinery, automobiles and chemicals.
Japan has offered to provide Burma a new loan of 50 billion yen (US $600 million) for the development of the country's nationalities in border areas and the construction of the Thilawa Port and deep seaports.
Japan, Burma's largest creditor, announced in October that it will clear the country’s overdue debt of 500 billion yen ($6 billion).
