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Finnish companies take off to the developing market of Myanmar

Finnish companies take off to the developing market of Myanmar

Myanmar opens up for Finnish companies. Among others, Aquamec, known for its multipurpose dredger solutions, has gained a foothold in the development projects of the local freshwater areas.

As the economy of Myanmar grows, the Southeast Asian nation is also developing its infrastructure. In 2014, the country recorded the highest GDP growth rate in the world at 8.7 percent (World Bank). The development is apparent in the fields of energy and transportation.

"From our viewpoint, the infrastructure investments offer a great opportunity for Finnish companies to enter the market," says Kai Tuorila, Program Manager at Finpro. "We search new openings all the time and match potential Finnish offering with the demand."

Waterways play a major role in Myanmar's internal transportation, as the country does not have a comprehensive road and railway infrastructure. Consequently, there is a multitude of development projects in the nation's inland waters.

Finnish Aquamec is well aware of the situation. The company has gained recognition in the dredging business with its Watermaster amphibious multipurpose dredger.

This year, the Finnish company has taken its first steps in Myanmar in collaboration with Finnish trade agency Finpro. Aquamec's Sales Director Harri Uusi-Rauva is both excited and thankful.

"Finpro's service has been excellent," he says. "For us, Myanmar is a new market. The whole initiative started because of Finpro's activity in the first place. They have been actively seeking potential opportunities that are well fit for our solutions and connecting us with them. The model of collaboration has worked very well."

Originally, things got rolling in the spring of 2016 when representatives of Finpro visited Aquamec's manufacturing facilities in the city of Loimaa, Finland.

Later on, in February 2017, Aquamec took part in a Finnish business delegation trip to Myanmar. Since then, the company has had its hands full with projects in the Southeast Asian country. For instance, Aquamec is currently bidding for a local procurement, which is financed through the World Bank.

"The potential is huge," Uusi-Rauva underlines.