11 April 2024
On Wednesday, KDDI, a Japanese communications operator, announced that it had failed in its activities related to The Myanmar Communications Industry (MPT), a unit of the Myanmar government.
The KDDI lost 45 billion yen in real terms, although its net profit forecast for the 2023–2024 fiscal year ended in March. The company’s profits were projected to increase slightly, but it was also known that it had fallen by 6 percent over the previous year.
KDDI Summit Global Myanmar, a joint venture between KDDI and Japanese trading conglomerate Sumitomo Corporation, has been involved in Myanmar’s telecommunications industry through a cooperation agreement with MPT’s mobile communications business since 2014.
According to KDDI and Sumitomo Corporation, the dollar exchange regulations imposed by the Myanmar government in April 2022 have delayed dollar-based lending operations and caused a deficit to continue operating telecommunications operations.
