To take advantage of Cambodia’s growing manufacturing and real estate industries, Japanese electronics conglomerate Hitachi has announced a joint venture aiming to expand into the local elevator and escalator market.
Estimating at least 10 percent yearly growth in the demand for elevators and escalators in Cambodia’s cities, Hitachi Elevator (Cambodia) will be set up with a share capital of $1.2 million, with 47 percent from Hitachi, 30 percent from Thailand based subsidiary Siam-Hitachi Elevator and 23 percent from local design and construction firm CMED Group, according to information provided by the firm.
The focus will be on improving after-sale services and boosting exports from the Thailand-based subsidiary, said Sakchai Worrasangasilpa, the new entity’s managing director. Training will also be provided for technicians at a new Asia training center in Thailand.
The move is part of Hitachi’s recent expansion in the region, including a joint venture in Burma in 2015.
The company has also explored setting up a special economic zone in Kandal province.
sokunthea@cambodiadaily.com*
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