Japan’s World Novi to invest in Myanmar’s auto market

Japan-based World Novi Company will invest in Myanmar’s auto market, according to Directorate of Investment and Companies Administration (DICA).

The World Novi Company works in car import and export business and related machine parts by connecting the Japanese private banks such as Bank of Tokyo-Mitsubishi UFJ Ltd, Mizuho Bank Ltd, Sumitomo Mitsubishi Banking Corporation and Resona Bank Limited.

DICA has gratned permission on October 29 to open a company branch office in Myanmar for running the investments.

World Navi Company was founded in Japan in 2001 and strives to continue as a leading company in the pre-owned auto export business. They specialise in selling cars not only using spot price but also by installment system.

Myanmar granted permissions to some international firms in accordance with foreign investment law to invest in automobile assembling and spare parts manufacturing industries.

Motor Companies from the UK, Germany, China, South Korea and Malaysia are opening motor service centres and show rooms in Myanmar. Mazda Motor Corporation is also planning to launch a show room in Myanmar soon.

Source: ELEVEN Myanmar

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