FECON established a joint-venture company in Myanmar

FECON – the leading company of Vietnam on foundation engineering and underground construction established a joint venture company in Myanmar FECON Foundation Engineering and Underground Construction JSC has just been received the temporary license by Myanmar’s Ministry of National Planning & Economic Development to set up FECON Rainbow Foundation Construction Co.,Ltd in Myanmar from Nov 24^th, 2015. Accordingly, FECON Rainbow Foundation Construction Co., Ltd has been constituted on the basis of a joint venture between FECON and local company Super Rainbow Construction with the respective shares of 75% and 25%, which is planned to officially launch in Jun 2016 & embark immediately on the first project – foundation works for Thilawa port extension project. FECON Rainbow has been established to capture the expanding opportunities after the historic election of Myanmar in Nov, 2015 and the establishment of the ASEAN Economic Community (AEC) on Dec 31^st, 2015. As a result of that, the year 2016 is forecasted to be the blooming one in Myanmar with a range of infrastructure projects in transport, energy & real estate investment and construction. [caption id="attachment_3119" align="aligncenter" width="696"] Thilawa special economic zone is being built adjacent to the port where FECON is carrying out foundation works[/caption] A 2,400-hectare special economic zone invested in by the Japanese government is being planned for the area adjacent to Thilawa international port. The special economic zone is expected to be a major boost for the development of Myanmar’s industry, and FECON is looking forward to working on various projects within the zone. Many Japanese companies that have partnered with FECON over the past ten years are preparing to carry out projects in the zone. Some of the major contractors include Taisei, Shimizu, Sumitomo, Toa, Toyo Construction, and Penta Ocean. As FECON already has a proven track record with these companies, it stands a good chance of winning contracts with them in this special economic zone. FECON is also pursuing contracts for foundation works on thermal power plants in the south of Myanmar. Myanmar is a new market with great potential & outlook for the development of the country after many years in “seclusion”. It is supposed that within the next 2 decades, Myanmar has needed to build thousand kilometers of highways and thermal power plants to supply energy for the development of the country. A series of condominiums, office buildings & hotel complex will also demand well-qualified contractors in the foundation engineering & underground construction field. “Our employees are highly qualified and have experience working in an international environment. With leading technologies in the field and the ability to supply the overall solutions that help reduce costs, FECON is confident about its growth prospects in Myanmar”,  said Mr. Ishiguro Haruo – FECON’s Marketing Director.