Singapore, Myanmar to convene bilateral joint ministerial meeting

Singapore and Myanmar will reconvene their joint ministerial working committee meeting this year after long pause to strengthen bilateral economic ties, said a joint press statement of the two countries published Wednesday.

The statement was issued during the current visit to Nay Pyi Taw by Emeritus Senior Minister Goh Chok Tong.

The revived ministerial meeting, to be co-chaired by Singapore Minister of Trade and Industry Lim Hng Kiang and Myanmar Minister of Energy cum Chairman of the Myanmar Investment Commission U Ze Yar Aung, will focus on collaboration in three areas of mutual interest, namely trade and investment, finance and legal sectors, the statement said.

The joint ministerial working committee was established in 1995 as a platform to promote bilateral economic cooperation and forge new business opportunities.

According to the statement, Singapore and Myanmar enjoy strong economic link with bilateral trade growing steadily in recent years.

In 2014, bilateral trade rose by 6.6 percent year-on-year to reach 3.23 billion Singapore dollars. Myanmar moved up eight places to become Singapore's 29th largest trading partner in 2014, while Singapore was Myanmar's 3rd largest trading partner in 2013.

Singapore was also Myanmar's third largest foreign investor in 2014 with a cumulative investment of 8.3 billion U.S. dollars since 1988.

Singapore companies have made significant investment in the Southeast Asian member nation with projects across various sectors such as hotels and tourist, industrial and real estate. Endi