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China Economic Net Beijing March 23 (Liu Xin) India's largest automaker, Tata Motors, issued a statement on Monday that said the company and Myanmar Automobile and Diesel Industries (Myanmar Automobile and Diesel Industries ) Signed a cooperation agreement to build a car factory in Myanmar to produce heavy trucks. The new plant will be completed and put into operation before the end of March 2011.
The statement did not disclose the relevant financial details. According to the agreement, the joint venture will be opened in Magwe, 480 km away from Yangon, Myanmar, with the Indian government providing financial credit guarantees. Tata Motors of India will provide production equipment and basic parts to the company based in Myanmar. It will also manufacture truck chassis, body frames, paints and accessory parts. The joint venture will be put into production next year, and in the same year it will achieve the production capacity of 1,000 heavy trucks, with the ultimate goal of reaching an annual output of 5,000 vehicles.
This is the first time that a foreign company has invested in Myanmar since it took office in 1988. Due to domestic politics and other reasons, Western countries have imposed sanctions, blockades and embargoes on Myanmar. After Myanmar joined the ASEAN and the Bangladesh, Thailand, and Thailand Economic Cooperation Organizations in July and August 1997, India began to adjust its policy towards Myanmar. The relations between India and Myanmar have gradually improved. In recent years, large-scale oil and gas storages have been discovered in the offshore Myanmar, and the relationship between India and Myanmar has gradually increased. The exchanges between the two countries have increased, and the bilateral trade volume has increased year by year.
Tata Motors is a subsidiary of the Tata Group of India. It was established in 1945 and ranks among the top 100 commercial vehicle manufacturers in the world. Its annual turnover is as high as US$2 billion. Occupy 59% of the Indian market. In 1999, Tata entered the field of passenger cars, and its market share was about 16%. The most famous are the Indica and Indigo series products independently developed by the company. Tata's main products include small cars, 4-drive off-road vehicles, buses, medium-sized and heavy-duty trucks.