Picture: Singing joint venture in Jakarta Indonesia. Left to right; Mr. Thirapong Khumruangrit, Senior Executive Vice President of Millcon Steel Plc, Mr. Sittichai Leeswadtrakul , President &CEO of Millcon Steel Plc. Mr. Felix Effendi, President Director of ArthaMetal Sinergi and Mr. Panji Yudha Winata of Artha Graha Network.
Millcon Steel launches joint venture to expand market in Indonesia
Millcon Steel Plc has launched a joint venture with Artha Graha Group, strategic partner in Indonesia,in a move aimed at expanding market in the fastest growing market in Southeast Asia.
Mr. Thirapong Khumruangrit,Senior Executive Vice President of Millcon Steel Plc said that Millcon had signed business partnerships agreement with Artha Graha Group, leading industrial conglomerate based in Indonesia, for joint venture project and each holds 50 percent of the stakes.
The two companies commit to start trading activity first in order to study the market.
Indonesia is fast growing and it is the largest market in Southeast Asia due to her large population base. Millcon has specialized in steel production and distribution so that the joint venture is expected contribute to future success of the company’s business operations, said Thirapong
“High demand for steel products driven by government investment projects combining with Millcon expertise in steel industry, will lead to market expansion for Millcon,” saidThirapong.
Demand for steel bar and other steel products in Indonesia has continued to expand because there are many ongoing construction project of mass rapid transit both underground and elevated rail.
Many new high buildings are also built as the Jakarta city is expanding.