Lao NEWS on LNTV: Major Japanese electronics & spare parts producer to produce in Laos.10/4/2014

VO Major Japanese electronics and spare parts producer, Mitsubishi to produce thermostats in Laos INTRO: Major Japanese electronics and spare parts producer, Mitsubishi Materials Corporation or MMC Ceramics Plant, plans to invest in the construction of a factory in Laos to produce and supply electric components for the Asian and European markets. STORY: MMC Electronics Laos Co. Ltd. signed an agreement with a major Lao industrial zone, Vientiane Industrial and Trade Area (VITA Park), on Monday in Vientiane. Minister of the Government Office, Ms Bounpheng Mounphosay and officials and representatives from the Ministry of Industry and Commerce, Japanese Embassy to Laos, and Lao National Committee for Special Economic Zones and MMC attended the signing ceremony. The parts will mainly consist of temperature control equipment and thermostats which are used in air conditioners, refrigerators, rice cookers and cars. The factory will represent an investment of more than 64 billion kip (US$8 million) to produce spare parts or components of electronic products. According to MMC representative Naoyuki Ochi, the company would invest in Laos because it had seen the increasing demand for such parts in the Asean market. Currently the products are produced in Vietnam but production is smaller than demand. Ochi said the construction of the plant will begin now that the agreement has been signed and the project is expected to finish in March next year.