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Singapore, Myanmar seek business opportunities during Yangon chief minister's first visit

Xinhua, July 4, 2016 Adjust font size:

International Enterprise (IE) Singapore on Monday hosted Yangon Chief Minister U Phyo Min Thein, who is on his first visit to Singapore since his appointment in March 2016, in a closed-door dialogue and dinner to seek business opportunities, said the trade promotion agency in a press release on Monday.

IE Singapore revealed that 11 senior representatives from Singapore companies with expertise in urban planning and development, hospitality, energy and utilities as well as transport and logistics solutions discussed key priorities of the Yangon government and exchanged ideas on areas of partnership between the private and public sectors of Singapore and Myanmar.

At the dialogue and dinner, Lee Ark Boon, CEO of IE Singapore, said that Yangon chief minister noted Singapore companies' international track record and welcomed them to collaborate with the Yangon government in the infrastructure and urban solutions sectors.

Lee added that IE Singapore's Yangon office, which has been set up in April 2013 to facilitate Singapore companies' entry into Myanmar, will work with the Yangon authorities on suitable projects.

"Myanmar and Singapore enjoy strong bilateral ties and we welcome companies from both countries to continue forging business relationships for mutual success," said Yangon Chief Minister U Phyo Min Thein.

Since the start of a wave of political and economic reforms in 2011, Myanmar has generated strong interest from Singapore companies. The growth outlook in Myanmar remains positive under the new administration led by President U Htin Kyaw.

Based on figures collated by the Myanmar Directorate of Investment and Company Administration (DICA), Singapore is the second largest investor in Myanmar after China. Bilateral trade between Singapore and Myanmar has increased 9.6 percent from 2014 to reach 3.5 billion Singapore dollars (2.6 billion U.S. dollars) in 2015. Endit