All Nippon Airways announced Tuesday it was buying a major stake in Myanmar’s Asian Wings Airways.
ANA Holdings, Japan’s largest airline, will invest $25 million to acquire a 49% stake in the Myanmar-based commercial carrier.
The Japanese investment, AWA’s first investment by a foreign airline, was also part of ANA’s strategy of expanding into new international markets.
“As part of the investment, ANA will also work with AWA to improve its operational and on-time performance and support its expansion into markets outside Myanmar,” ANA said in a statement.
Asian Wings is based in Yangon, Myanmar’s commercial hub, and operates domestic flights on 13 routes.
The carrier will start operating international routes, including daily flights between Tokyo and Yangon, from October.
“ANA intends to capture an increasing share of the fast-growing Asian airline market and this investment in AWA will support that strategic goal,” ANA said.
Japanese firms are racing to tap untouched markets in Myanmar as it emerges from decades of isolation under a military junta regime.
by Maesie Bertumen
Photo: Luke Lai/Flickr