Japanese automobile company Nissan will manufacture motor vehicles in Myanmar, said a press release of the company here Friday.
The company won the license for the move in the country in August with Tan Chong Motor (Myanmar) Co., Ltd. granted the rights to assemble and distribute Nissan vehicles locally.
The first manufacturing plant will be set up in Bago region to start production of Nissan Sunny in 2015 at a full production rate of over 10,000 units per year and will generate 300 jobs, the release said.
The project, which is a 80-acre (324,000 square meters) industrial complex, will be the largest automobile manufacturing site in Myanmar and the first in the Bago region.
The plant will be operated by the Tan Chong Group.
"We are confident that Myanmar will be an important economic engine for the region and are committed to help develop its automotive industry," said Carlos Ghosn, President and Chief Executive Officer of Nissan Motor Co., Ltd.
The first Nissan 3S center was opened in Yangon on July 30.
Nissan Motor Co., Ltd., Japan's second largest automotive company, is headquartered in Yokohama, Japan, while Tan Chong Group is the sole and exclusive distributor for NISSAN vehicles in Malaysia, Singapore, Vietnam, Cambodia, Laos and Myanmar.
Meanwhile, other international automakers are also planning to open car sale centers and showrooms in Myanmar by themselves or by their representative companies.
Japan-based Suzuki is also operating in the country by manufacturing small trucks and spare parts at its reopened plant in South Dagon Myothit industrial zone of Yangon.
In the trade sector, Myanmar and Japan had a total trade volume of 1.498 billion U.S. dollars in the fiscal year 2012-13, of which Myanmar's import from Japan took 1.091 billion dollars, while its export to the East Asian nation stood 406.49 million dollars.
According to official statistics, Japan's investment in Myanmar amounted to 273.423 million U.S. dollars as of July 2013 since Myanmar opened to such investment in late 1988 and standing the 11th in Myanmar's foreign investment line-up.