Toyo Ink Group – Production base to establish in Myanmar
MYANMAR • The company plans to set up in July 2018 a wholly-owned manufacturing subsidiary, Toyo Ink Myanmar Co., Ltd., with an initial paid – in capital of USD 6.5 million. The new factory in the Thilawa Special Economic Zone in Yangon is scheduled to break ground in November 2018 with commercial operation expected to begin in November 2019.
With this new production base, Toyo Ink SC Holdings Co., Ltd., the parent company of the Toyo Ink Group of Japan, plans to make a full-fledged foray into the Myanmar market.
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 via 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.
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.
“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.”
The Toyo Ink Group has expanded its business to an array of global markets like panel displays, electronics, food packaging and medical adhesives, all of which rely on its materials of inks, polymers and colorants.