Japan's Nissan In Sunny Plan For Myanmar
YANGON, Myanmar (AP) -- Japan's Nissan Motor Co. said Friday it will build a car assembly plant in Myanmar to begin manufacturing the Nissan Sunny compact sedan in 2015.
The company said the Myanmar Investment Commission approved its application for the joint venture auto plant with Malaysia's Tan Chong Motors on Aug. 15.
Myanmar opened to foreign investment after political reforms helped it emerge from international isolation in 2011.
Nissan CEO Carlos Ghosn said in a statement the Myanmar will become an "important economic engine" for Southeast Asia.
The factory will initially employ 300 workers and produce more than 10,000 cars per year at full production.
It said the 80-acre industrial complex will be the largest auto factory in Myanmar, but gave no financial details.
Nissan and Tan Chong have a longstanding relationship. The Malaysian company is the sole distributor of Nissan vehicles in several Southeast Asian countries.