SINGAPOREAN businesspeople are showing an increased interest in making investments in Myanmar. Singapore has invested a total of US$13,286.354 million, according to U Zaw Min Win, Vice President of the Republic of the Union of Myanmar Federation of Chambers of Commerce and Industry.
“Singaporean firms tend to invest more here.” said the UMFCCI Vice President, adding that bilateral meetings are ongoing to further boost trade and investment. The UMFCCI and Singapore Business Federation jointly organised a Business Dialogue & Networking Session in Yangon yesterday, with 47 Singaporean businesspeople holding talks with Myanmar counterparts on cooperation in maritime trade, foreign investment, construction, energy and electricity, real estate and health sector.
For Myanmar business firms, the meeting was the first business session with Singaporean counterparts in the time of the new government.
During the business session, representatives also exchanged views on potential sectors for investment that include the manufacturing of construction materials, microfinance and information and communication technology.
We explained the philosophy and mechanics behind economic zones including the Thilawa Special Economic Zone being implemented in Myanmar to Singaporean businesspeople, added the UMFCCI Vice President. Sources say that Myanmar and Singapore have enjoyed a total trade volume of more than $2billion so far.
According to the Myanmar Investment Commission, Singapore is the second largest investor in Myanmar after China, which topped the country’s FDI list with an investment of $18,112.755.