MYANMAR-FOCUSED conglomerate Yoma Strategic said on Thursday its subsidiary, Convenience Prosperity Company Ltd (CPCL), has been appointed by J C Bamford Excavators as the exclusive distributor for the Myanmar market.
Vipin Sondhi, managing director & CEO of JCB India, said: "As the construction industry expands to meet Myanmar's requirements for new and improved infrastructure, the opportunities for JCB equipment in this important market are considerable."
Melvyn Pun, CEO of Yoma Strategic, said the partnership was important at a time when infrastructure and construction activities are accelerating across the country.
JCB also has a range of products that is well-suited to Myanmar, and the business augments Yoma's offerings in the automotive and equipment division as Yoma expands its distribution footprint across Myanmar, he added.
A recent industry report by Timetric Construction Intelligence Center said Myanmar's construction industry was valued at US$8.2 billion in 2015 and is expected to grow to US$13.5 billion in 2020, representing an annual growth rate of 10.4 per cent.
CPCL already has 11 branches throughout Myanmar and the number of branches is expected to increase to 14 by December 2016. CPCL is the distributor for Case New Holland (CNH), an agriculture equipment brand, and power generators also from the CNH group of companies.