South Korean conglomerate Daewoo is to establish a local entity in Myanmar to build buses, according to a report. An article in the Myanmar Times said that Daewoo Bus Myanmar Company will be a 25:75 joint-venture between the Myanmar Trade Centre and the ZYLE Daewoo Commercial Vehicle Company, and has recently gained approval from the Myanmar Investment Commission (MIC) to begin operations at a factory in Yangon’s Mingalardon Township. The article said that the company has invested a total of US$ 5 million to assemble and manufacture “semi-knocked down” buses under the Daewoo brand, quoting U Soe Myint Aung, director of the Directorate of Investment and Company Administration (DICA).