German industrial and engineering group ThyssenKrupp has opened its office in Myanmar in a bid to tap the urbanisation and development boom in the country following 49 years of military rule.
ThyssenKrupp said it aims to foray into elevator and escalator technology, industrial solutions in mining, cement and chemical plants, and sophisticated technical material and metal trading services in the manufacturing sectors in the country.
Dr Stefan Schmitt, CEO Asia Pacific, ThyssenKrupp AG, said “Our strategic approach is to increase our regional footprint. Myanmar’s emerging economy represents an important key to the Asian growth market for us.
“We want to be a reliable partner to support Myanmar’s comeback, in particular in the important infrastructure built-up.”
Schmitt said currently the company has no plans for huge investments in the near future. However, “it all depends on customers’ projects as we follow them on their growth path. As an engineering and technology company our business model is not capex intensive. We build chemical plants or elevators or trade materials for our customers.”
Globally, ThyssenKrupp offers products and solutions for industrial sectors – oil and gas, cement, mining, refinery and petrochemical industry, and renewable energies – which the firm said could become potential key markets in the future for Myanmar.
ThyssenKrupp said its elevator team in Yangon from now on will be able to serve customers’ commercial requirements and offer full technical support on the ground.
Thyssen Krupp started its Myanmar operation in 1930 with the delivery of 40 locomotives to Burma Railways. It was also involved in setting up a chemical industry in the country. However, it suspended its operation in 1987 as international sanctions were imposed on Myanmar.
“Though our company’s history dates back over 85 years in Myanmar, now we open a new chapter for us as a partner supporting Myanmar’s sustainable and technology-led development,” Schmitt said.
The Yangon employees join 155,000 ThyssenKrupp staff in over 80 countries. In fiscal year 2013-14, ThyssenKrupp in Asia Pacific generated sales of around €4.9 billion, nearly 12 percent of its global sales of €41 billion.