Mitsubishi Corporation and Sembcorp Development Enter Strategic Alliance on
Township Development in South East Asia
Tokyo, Sept 25, 2012 - (JCN Newswire) - Mitsubishi Corporation (MC) is pleased
to announce that it has entered into a strategic alliance agreement with
Sembcorp Development (SCD) in the field of urban development business in South
South East Asia is expected to attract an increasing level of investment from
foreign manufactures and other businesses as they look towards the
establishment of the ASEAN Economic Community in 2015. MC and SCD plan to
expand urban development business in this region, combining SCD's
experience in urban and industrial park development with MC's functions in
developing residential/logistics/retail properties as well as its global
network spanning virtually every industry.
SCD owns, develops, markets and manages urban developments comprising
industrial parks as well as business, commercial and residential space in
Vietnam, China and Indonesia. It is a wholly-owned subsidiary of Sembcorp
Industries, a leading energy, water and marine group, which is itself
48.84%-owned by Singapore's Temasek Holdings.
In 1996, MC joined SCD's flagship project - Vietnam Singapore Industrial
Park (VSIP). VSIP has developed 5 industrial parks (with a total area of
approximately 6,000ha) in Vietnam which have been utilized by 465 manufacturing
and logistics companies including 104 Japanese companies.
Enjoying stable economic growth, cost competitiveness and a strategic
manufacturing/logistics location due to its proximity to China, South East Asia
is currently experiencing a wave of industrialization similar to that which it
saw during the 1990s.
Although most foreign investments into this region tend to be made by
manufacturing companies and focus on industrial parks, there is also an
increasing need for integrated urban solutions, including residential and
retail facilities, to support local employees and communities. VSIP is working
to address this need, having incorporated this integrated urban solutions
concept into all of its projects since its second project, "VSIP Binh
Duong," which commenced in 2006.
MC plans to expand its urban development business in South East Asia with SCD,
and by doing so facilitate global investment into this region while
contributing to the sustainable growth of local society.
About Sembcorp Development Ltd
SCD (Singapore) is a leading Asian developer with over 20 years'
experience undertaking planning, land preparation and infrastructure
development to create large scale urban developments. It owns, develops,
markets and manages urban developments comprising industrial parks as well as
business, commercial and residential space in Vietnam, China and Indonesia. SCD
is a wholly-owned subsidiary of Sembcorp Industries, a leading energy, water
and marine group with operations across six continents worldwide. The Group has
total assets of over S$11 billion (US$9 billion) and employs over 9,000
employees. Please visit www.sembcorp.com.
About Vietnam Singapore Industrial Park (VSIP)
In 1996 VSIP's first project, an industrial park consisting of 500
hectares of land, was established in Binh Duong province by Becamex IDC, a
local state-owned company, and a consortium from Singapore led by Sembcorp
Development Ltd. Mitsubishi Corporation was a member of this consortium and
supported the project's promotional activities. Due to accelerated
economic growth in Vietnam, from 2006, VSIP expanded rapidly with the
establishment of further industrial parks in Binh Duong (2,045 hectares), in
Bac Ninh province (700 hectares), in Hai Phong City (1,600 hectares), and most
recently in central Quang Ngai province (1,120 hectares).
About Mitsubishi Corporation
Mitsubishi Corporation (MC; TSE: 8058) is a global integrated business
enterprise that develops and operates businesses across virtually every
industry including industrial finance, energy, metals, machinery, chemicals,
foods, and environmental business. MC's current activities are expanding
far beyond its traditional trading operations as its diverse business ranges
from natural resources development to investment in retail business,
infrastructure, financial products and manufacturing of industrial goods. With
over 200 bases of operations in approximately 80 countries worldwide and a
network of over 500 group companies, MC employs a multinational workforce of
nearly 60,000 people. For more information, please visit www.mitsubishicorp.com.
Copyright 2012 JCN Newswire. All rights reserved. www.japancorp.net
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