Singapore and Myanmar to Boost Collaborations
Following the strong interest shown by Singaporean companies to invest in Myanmar, International Enterprise (IE) Singapore recently signed a Memorandum of Understanding (MoU) with the Myanmar Investment Commission (MIC)
The aim is to strengthen economic relations between the countries and also open doors for more Singapore companies to explore collaborations in urban and housing solutions, utilities, transport and logistics, manufacturing, oil and gas and professional services in the market.
It was signed by IE Singapore’s assistant chief executive Tan Soon Kim and MIC’s secretary Aung Naing Oo, on the sidelines of the sixth Singapore-Myanmar Joint Ministerial Working Committee meeting in Singapore.
It was witnessed by Trade and Industry (Trade) Minister Lim Hng Kiang and Union Minister for Planning and Finance and MIC chairman Kyaw Win.
Tan said Myanmar has shown steady growth since its political and economic reforms started in 2011.
“While teething challenges are present, as with any emerging economy, we note the government’s efforts to create a conducive business environment for foreign investors.
“For instance, its newly-passed investment law shows the government’s commitment to promote investments.
“Through this MoU, we hope to further collaborations between both countries on urban solutions, transport and logistics, utilities and professional services,” he said.
As at March 31, Singapore was Myanmar’s top foreign investor, with investments amounting to US$4.3 billion (S$5.9 billion).
As Myanmar’s key cities develop, IE Singapore has been working closely with Singaporean companies across all sectors to contribute to the growing infrastructure and lifestyle needs of the burgeoning urban population.
For example, through IE Singapore’s introduction and facilitation, BreadTalk successfully negotiated its franchise model with Myanmar conglomerate Shwe Taung.
Its first stall in the country has opened in Shwe Taung’s landmark Junction City mall, occupying a prime space on the ground floor.
Bok Seng Logistics made its first inroads into Myanmar after identifying a credible local business partner with IE Singapore’s facilitation.
In February, it signed a MoU with Ayeyar Hinthar, the largest conglomerate in the Ayeyarwaddy Region which owns the Pathein Industrial City (PIC), the region’s first large-scale industrial park.
With this, it will explore provision of logistics hubs services to the PIC and beyond.
IE Singapore has also been working with Surbana Jurong to expand in the market through introduction of project leads and partners.
Presently, Surbana Jurong is involved in 70 projects across Yangon, Bago, Mandalay, Rakhine and Ayerwaddy.
It’s largest project is the provision of master-planning, infrastructure and port planning services for the 1,900ha industrial park in the Kyaukphyu Special Economic Zone in the western state of Rakhine.
This will house industrial clusters such as textile and garment, construction materials processing, food processing and marine supply.