Establishment of Our Office in Bangkok, Thailand
NEW COSMOS ELECTRIC CO., LTD. (JASDAQ listing: Securities code 6824; Address: 2-5-4 Mitsuyanaka, Yodogawa-ku, Osaka; Tel: 06-6308-2111; President: Yoshinori Takahashi; Capital: 1,460 million yen) established an office in Bangkok, Thailand in February 2019, and aims to strengthen the sales of gas alarms in Southeast Asia.
Background of Establishment
The total population of the ASEAN countries has reached 640 million, and their future GDP is estimated to grow at an annual rate of 5%. In view of such circumstances, it is likely that gas-related markets will continue to expand, resulting in the gas alarm market developing towards the future.
For three years from 2015, the Company established its liaison office in Singapore and had been collecting information on the gas alarm market and other relevant markets in Southeast Asia. As a result, the Company decided to have its business base in Thailand, where about 2,400 Japanese manufacturers have their bases—remarkable among Southeast Asian countries—which include our potential customers, such as auto makers and their affiliated companies, petroleum and gas companies, and food-service companies.
It is said that LNG consumption in Thailand is estimated to increase four to fivefold in a ten-year period and sevenfold in a twenty-year period from now. Because of this, the economy of Thailand is expected to substantially grow in the future.In such an environment, the Company will engage in sales support activities in a more sophisticated manner targeting both agents and customers, while conducting activities with an eye towards the establishment of a local company and the deployment of maintenance business in future years.
In addition, the Company aims to increase the sales across Southeast Asia by engaging in sales support activities in neighboring countries, such as Myanmar, Cambodia, and Laos, setting Thailand as the key site of the activities.
[Profile of the Thailand Office]
|Operations||Provision of support to agents in importing and selling gas detectors and alarms for industry use, and gas detectors and alarms for commercial use|
|Office manager||Koichi Tanaka|
|Number of employees||2|