Volkswagen group has joined the expanding list of global automakers entering newly opened Myanmar with a new service centre starting operations in the commercial capital of Yangon.

The outlet is managed by local joint venture, German Car Industries which is 30%-owned by Volkswagen and 70% by Yoma Strategic Holdings – controlled by local businessman Serge Pun.

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Volkswagen departed Myanmar in 2000 following a tightening of EU sanctions in opposition to the then military junta.

Andrew Richards, chief executive officer of Yoma, told local reporters of the importance of “seizing” the opportunity in a market with significant potential, following the recent deregulation of imports.

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