Japan's firm enters Myanmar

Japan's firm enters Myanmar

RANGOON, Myanmar (AP): Yasuda Fire and Marine Insurance Co., Japan's second-biggest insurance company, has signed a memorandum of understanding to form a joint venture with state-owned Myanmar Insurance Co., official media reported Saturday.

The agreement was signed Friday by the managing directors of each company in the presence of Finance Minister Brig. Gen. Win Tin, who said the venture was the first in the industry and would "enhance healthy growth of the insurance market."

The agreement will give Myanma Insurance Co., for 30 years the country's sole insurer, added capacity as market-oriented reforms expand the Myanmar economy, the New Light of Myanmar newspaper reported. Other details were not available.