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TO open doors for more Singapore companies to do business in Myanmar, International Enterprise (IE) Singapore on Thursday signed a memorandum of understanding (MOU) with the Myanmar Investment Commission (MIC).
The strengthening up of economic ties between the two countries will pave the way for Singapore businesses to explore collaboration in urban and housing solutions, utilities, transport and logistics, manufacturing, oil and gas, and professional services in Myanmar, IE Singapore said.
The MOU was inked on the sidelines of the 6th Singapore-Myanmar Joint Ministerial Working Committee meeting.
Said Tan Soon Kim, IE Singapore's assistant chief executive: "Myanmar has shown steady growth since its political and economic reforms started in 2011. Whilst 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."
As at end-March 2017, Singapore was Myanmar's top foreign investor with investments amounting to US$4.3 billion.
As Myanmar's key cities develop, IE Singapore said it has been working closely with Singapore companies across all sectors to contribute to the growing infrastructure and lifestyle needs of the burgeoning urban population.