Newswire: BMWs to Burma

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Indonesia/Astra/Cinthe/Marubeni/BMW -2: $5M Investment
 
   JAKARTA (AP-Dow Jones)--Germany's Bayerische Motoren Werke AG 
(BMW) has appointed a joint venture between Indonesia's PT Astra 
International, Myanmar Cinthe Motors, and Japan's Marubeni as the 
authorized importer for BMW and Land Rover vehicles in Burma, BMW 
announced late Thursday. 
   The joint venture, called Myanmar Astra Cinthe Motors, has already 
set up and completed a showroom and servicing facility in Yangoon, 
BMW said. 
   It added that a second bigger showroom and service center will be 
built this year in Yangoon, and a third facility in 1997 in Mandalay. 
   'This translates into an investment of up to $5 million in 1996 
alone,' BMW noted. 
   In the joint venture, Astra holds a 70% stake, Cinthe Motors 
has a 25% share, and Marubeni acquired the remaining 5% stake. 
   'The BMW Group sees great potential in the Myanmar market, 
especially considering its impressive economic growth and trade 
liberalization,' said Horst Teltschik, a board member of BMW AG. 
Myanmar is another name for the country of Burma. 
   Burma's car population grew by more than 10% to 131,953 cars in 
1995 from the previous year. While the new cars still represent a 
small number, the segment saw the biggest growth from 240 cars in 
1994 to 684 in 1995, BMW said. 
   'Overall the car market is expected to grow by about 14% annually, 
on the back of Myanmar's projected yearly economic growth of 7% to 9%,'
BMW predicted.

   (END) AP-DOW JONES NEWS 11-04-96
   0036GMT