Feb 6, 2013

Suzuki to Restart Production in Myanmar

Suzuki Motor Corp. (7269.TO) said Wednesday it will resume vehicle production in Myanmar from May after a two-year suspension.

The Japanese company has received the green light from the local authorities to resume production at its plant in Yangon that was suspended in 2010. Suzuki will start producing Carry light pickup trucks, but further details such as planned output weren't immediately available.

In January, Japanese Finance Minister Taro Aso confirmed to Myanmar President Thein Sein that Japan would waive much of its 500 billion yen ($5.4 billion) in debt and offer Y50 billion in fresh loans.

The fresh loans are expected to help Japanese companies gain a leg up in the emerging market.

Source: Fox Business