Mike King, Special Correspondent | Mar 13, 2012 10:09AM EDT
MOL will offer a twice-weekly container service with RCL between the Port of Yangon (formerly Rangoon) and Singapore using three vessels, starting March 17.
The Japanese carrier is targeting the growing market of Myanmar as the Southeast Asian country gradually opens up its economy to foreign investment and trade.
“Yangon, a major market in Myanmar, is positioned for future growth,” MOL said. “The SYX route will draw on MOL’s own network to offer a wide variety of both inbound and outbound services to meet rising demand in this region.”
A number of forwarders have opened offices in resource-rich Myanmar’s main trade centers in the last year as international trade volume builds. A new deep-water port is being constructed to supplement Yangon and further boost trade. Construction started late last year on the multibillion-dollar project in the southeastern city of Dawei in the Tanintharyi region.
Investment in the country is growing not least because Myanmar, unlike many of its neighbors, places no limit on foreign shareholdings in many ventures. Last year, foreign investment in mining, oil, gas and hydropower resources in Myanmar totaled $20 billion, according to the government.
Myanmar, formerly Burma, is also a natural bridge between India and China, and work has already begun on building pipelines, highways and railways criss-crossing the country.
Contact Mike King at michael@borderline.eu.com.
