Toyota Boshoku is considering constructing an autoparts plant in Myanmar, company president Shuhei Toyoda told reporters.
The Southeast Asian country, which is making rapid progress in democratisation, is attracting attention as a potentially lucrative car market.
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Toyota Boshoku makes interior components including seats and headliners. Toyoda predicted that by 2020, some 60% of vehicles will be assembled in developing countries.
Toyota cars are a favourite with Myanmar drivers and, as a major Toyota Boshoku client, “there certainly is a need to go out there”, he said.
He added: “We’ll be watching developments in areas like politics and security as we consider entering the country.”
Toyota Boshoku also intends to increase its business with other carmakers to grow its global market share. Overseas expansion is a key part of its plans to boost group sales.
The firm is also considering Pakistan (where Toyotas have long been assembled), Venezuela and Morocco.
