MOU to open doors for more Singapore firms to do business in Myanmar
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.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Economy & Policy
NTUC aims to do more to support PMEs, who now account for nearly half its membership
Daily Debrief: What Happened Today (Apr 25)
Singapore’s inflation eases more than expected in March, with headline inflation at 2.5-year low
8 in 10 firms in S-E Asia, Greater China positive about business environment: UOB survey
Flexi-work request guidelines not meant to prescribe blanket outcomes for employers or influence hiring of workforce: SNEF
Daily Debrief: What Happened Today (Apr 23)