WSS made moves to take advantage of Myanmar’s recently relaxed foreign investment regulations, with the intention of investing in ports, shipping and offshore service sectors.
“With borders to China, Thailand, India, Laos and Bangladesh, Myanmar has strategic regional importance,” said WSS vice president of Asia Pacific, Bjorn Tonsberg. “We have been looking to expand into the country for some time, but it was necessary to wait until the market conditions were favourable. This is a high-growth market and we believe that the right time is now.
“Increased exploration activities are expected in the offshore and energy industry with the continued presence of oil and gas majors.”
Business development manager Wai-phyo Naing, brought in during the opening of the new WSS office, said: “We are currently building up our infrastructure in order to effectively offer our products and services to the government-owned fleet of just under 25 vessels, as well as oil majors operating in the area and international customers calling at Yangon Port.”
WSS joins a growing number of international companies targeting Myanmar political change saw it opening up its economy the dropping of sanctions by western nations. Just last week Maersk Line's MCC Transport launched a feeder service between Myanmar and other major ports in Southeast Asia.
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