Nov 13, 2012

Index Creative Village to form two more JVs in Myanmar

Leading event organiser Index Creative Village plans to set up two more joint-venture companies next year to support its business in Myanmar after the establishment of Myanmar Index Creative Village.

MICV is a 50:50 joint venture formed this year with Yangon-based media and entertainment giant Forever Group.

"Myanmar will become a source market for the company in the near future," co-chief executive officer Kriangkrai Kanjanapokin said |yesterday.

"Under the country's political stability, its gross domestic product is estimated to grow by 7-8 per cent annually as foreign investors keep seeking new business opportunities there."

After a series of bold economic and political reforms, there will be a number of key international and regional events held in Myanmar through 2015.

Next year, Nay Pyi Taw will host the 27th Southeast Asian Games, while the country will also hold the 22nd World Economic Forum on East Asia in May.

In 2014, Myanmar will take the Asean chair and be responsible for hosting at least 700 related meetings and events.

Myanmar has also announced 2015 as its Tourism Year.

In light of all these planned activities, Index Creative Village plans to invest at least Bt100 million in event-related equipment and technology in the neighbouring country to increase its capacity to meet demand from government, multinational companies and Thailand-based businesses operating in Myanmar.

Kriangkrai said his company's subsidiaries - equipment supplier Event Solutions and market and consumer research agency Environsell - had sealed separate deals with Forever Group's |subsidiaries to set up JVs in Myanmar.


Meanwhile, Index Creative Village's strategic partner, Xcon - Thailand's leading exhibition solutions provider - plans to form another JV with subsidiaries of the Myanmar media and entertainment group. These three new companies will support MICV and secure its business sustainability, particularly after the Asean Economic Community comes into force |in 2015, he said.

The company has also set up a dedicated team to take care of the Asean market for business development, marketing and sales, led by Asean regional director Narindej Thaveesangpanich.

Narindej said the events industry in Myanmar, estimated to be worth Bt300 million, was expected to enjoy growth of 15-20 per cent year on year.

This year, the company has so far generated Bt50 million in revenue from Myanmar and Vietnam, below the target of Bt100 million, Narindej said, adding that next year it hoped to achieve Bt150 million in those countries via its TVM Index Advertising joint venture.

Index Creative Village hopes to enjoy a 38-per-cent surge to Bt2.8 billion in overall 2012 income, above its original target of Bt2.25 billion.

Source: The Nation