Japanese electronics giant Hitachi opens sales-services unit in Laos hinh anh 1An opening ceremony for Hitachi Elevator Laos Co., a Japanese electronics giant Hitachi Ltd.’s first Laotian unit, is held on Oct. 9 in Vientiane. (Photo courtesy of Hitachi)

Hanoi (VNA) - Japanese electronics giant Hitachi Ltd. launched a sales and service unit in Laos, eyeing a five-fold increase in its local elevator and escalator market share as it expands its business in Asia and the Middle East, Kyodo News reported.

The Tokyo-based firm has sold elevators and escalators in Laos via its arm in Thailand - Siam-Hitachi Elevator Co. - for around 20 years, taking a 3 percent local market share in the fiscal year through March 2019.

Hitachi held an opening ceremony for Hitachi Elevator Laos Co. last week. The joint venture with a capital of 14.29 billion kip (1.6 million USD) is owned 40 percent by Hitachi, 30 percent by Siam-Hitachi, and the remainder by local firm Tangchareon Construction Sole Co.

Laos is the 16th country in which Hitachi has established a base for its elevator and escalator business. The giant opened its units in Asia like China, India, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, Vietnam, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates./.