Japan's Hitachi Ltd has officially entered into a joint venture partnership with the local construction company CMED Group Co Ltd, aimed at expanding its sales, installation and maintenance services for elevators and escalators throughout the Kingdom, the company announced on Friday.

According to the release, Hitachi Elevator (Cambodia) Co Ltd will be a joint venture comprised of Cambodia and Thai-based counterparts.

The company predicts that the demand for elevators and escalators will increase by more than 10 percent a year in urban areas. The release noted that the joint venture will target the increase of large Japanese construction investments.