BOSCH GROUP, a global supplier of technology and services, has set its sights on growing its business in Myanmar by 8 per cent a year, banking on continued high demand for automotive aftermarket products. The German company made its presence felt in Myanmar in 2013, boosting the company’s sales revenue in the country by 70 per cent from the previous year.
The growth rate went down to 18 per cent in 2014 and though double-digit growth was maintained in 2015, Andre de Jong, Bosch Group's chief representative for Myanmar, sees room for continued growth above the group's average global target of 3-4 per cent a year.
"Last year, there was a big slowdown for some industries due to the elections. Despite that, we achieved double-digit growth. On average we will grow, because we are investing more time, more resources, more energy, and it will accelerate our growth," he said at an annual press conference last week.
"For countries like Myanmar, anything between 18 and 70 per cent or even more, I will be happy," he added.
According to de Jong, Myanmar continues to be an important growth market for Bosch in Southeast Asia. The firm anticipates increased demand for its products and services due to the growth of Myanmar's automobile and industrial sectors.