Zurich, Switzerland - 25 September 2014 – ABB today inaugurated its first new office in Yangon, Myanmar, after an absence of 20 years. The office will allow ABB to make its full portfolio of power and automation solutions available to customers in Myanmar, and will be the first step towards establishing a service organization in the country.
“ABB’s technologies are ideally positioned to support Myanmar with its rapid economic growth by enhancing the power grid, raising industrial productivity and providing solutions for important infrastructure and sustainable transport developments. This move is fully in line with ABB’s new ‘next level’ strategy, which is to expand into markets and geographies, where we are currently under-represented,” said Frank Duggan, ABB’s Head of Global Markets.
Myanmar’s gross domestic product has risen by an annual average of 7.3 percent since 2012, while this year, foreign direct investment is expected to grow 6.8% from $2.7 billion. Over 70 percent of Myanmar’s people do not have access to reliable electricity.
The World Bank has committed to investing US$1 billion to support the expansion of electricity generation, transmission and distribution over the next 15 years, while development partners of the Asian Development Bank estimate that $18 billion in energy investments would be required through to 2030 to fuel annual average economic growth of 7.5%
ABB is a leader in power and automation technologies. The ABB Group of companies operates in roughly 100 countries and employs about 145,000 people.