Toyo Ink SC Holdings plans to set up in July 2018 a wholly-owned manufacturing subsidiary, Toyo Ink Myanmar in the Thilawa Special Economic Zone in Yangon, Myanmar.
With an initial paid-in capital of US$6.5 million, the new factory is scheduled to break ground in November 2018 with commercial operation expected to begin in November 2019.
In line with its strategic focus on strengthening its market competitiveness and boosting business development in the region, the Toyo Ink Group had been eyeing expansion in Myanmar while supplying the nation with exports via neighboring countries.
In recent years, the government’s aggressive policies to attract foreign funding, such as infrastructure enhancements and the relaxation of import restrictions, have substantially strengthened Myanmar’s investment climate, making it an attractive investment destination.
Initially, the new subsidiary will be engaged in the production of liquid inks for packaging, adhesives for films, and offset inks for the commercial printing market.
While monitoring market and regulatory trends, the company plans to expand production capacity and product offerings in Myanmar.