Volkswagen to return to Myanmar
- Published: 23 Oct 2013 at 19.50
- Online news:
Yangon - German carmaker Volkswagen has entered into a partnership to provide auto services for its vehicles in Myanmar, company sources said Wednesday.
The service centre, operated by its local subsidiary German Car Industries, will open this month in Yangon, Yoma Strategic Holdings said in a statement. Yoma Holdings owns 70%t of German Car Industries.
Yoma Strategic Holdings is in turn majority-owned by Serge Pun & Associates (Myanmar) Ltd, run by Myanmar businessman Serge Pun.
Volkswagen ended its previous service partnership in Myanmar 13 years ago, in deference to European economic sanctions on the country, which was then under military rule.
"Seizing such opportunities is especially important since Myanmar has the potential to become one of the most important automobile markets in the Asean region following the deregulation of the importation of cars," said Andrew Rickards, Yoma's chief executive officer.
Myanmar, formerly known as Burma, placed onerous import restrictions on vehicles and most other luxury items when it was ruled by generals between 1962 and 2010.
The restrictions, which have since been eased, made Myanmar one of the most car-free nations on earth.