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Yoma Strategic inks deal with Volkswagen for Myanmar
YOMA Strategic Holdings on Monday said its wholly-owned subsidiary, Yoma German Motors Limited, has signed an importer agreement with Volkswagen AG.
Under the deal, Yoma German Motors will serve as the official importer and distributor of a range of passenger cars and SUVs manufactured by Volkswagen, within Myanmar.
This arrangement expands the group's existing Volkswagen after-sales, service and Volkswagen genuine spare parts distribution business which began in October 2013.
Said Melvyn Pun, CEO of Yoma Strategic: "This appointment will allow us to tap into Myanmar's fast growing automobile market by offering an enticing and dynamic range of passenger cars and SUVs to local customers, further expanding our presence in the automotive industry in Myanmar."
Michael Rudenmark, head of automotive for Yoma Strategic, noted that with 2016 gross domestic product growth expected to exceed 8 per cent in Myanmar and a burgeoning middle class, the timing is right to expand its existing Volkswagen aftersales business.
Volkswagen said it would erect an international standard facility in Yangon to service customers over the long term.