Japanese conglomerate eyes to invest in Myanmar (2)

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 U.S. dollars 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 U.S. dollars) 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 U.S. dollars) 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.

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