YANGON, MYANMAR: Economic ties between Singapore and Myanmar received a boost on Thursday as five pacts were inked in Yangon.
The private sector partnerships, consisting of three agreements and two Memoranda of Understanding, are in industries like telecommunications and hospitality.
One partnership is that of Amara Hospitality Capital, a subsidiary of Amara Holdings. The company will develop a new hotel in Yangon.
Currently Singapore is the largest investor in Yangon’s hospitality industry, with three of the largest international hotels – Parkroyal Hotel, Sedona Hotel and Traders Hotel.
International Enterprise (IE) Singapore said in a statement that these private sector collaborations will contribute to Myanmar’s growth through investments and knowledge sharing.
As interests in Myanmar grow, the opening of an IE Singapore’s Overseas Centre in Yangon proves timely.
The centre will facilitate trade and investment between Singapore and Myanmar in sectors like industrial and urban development, transport and logistics.
IE Singapore said the centre will also support Myanmar firms which want to use Singapore as a base to expand in Asia and beyond.
Singapore’s President Tony Tan Keng Yam, who is currently on a state visit to Myanmar, officiated the opening of the centre.
The centre marks the 37th global office for IE Singapore.
It is also IE Singapore’s 7th Overseas Centre in Southeast Asia.
IE Singapore’s CEO, Teo Eng Cheong, said: “Many Singapore companies in Myanmar today have their sights set on opportunities across a range of sectors.
“Having a presence on the ground, with the right insights and connections, will convert this interest into concrete projects in key sectors.
“We will also encourage companies to work together and provide a complete value chain of solutions. This will give them a crucial edge in this increasingly competitive market.”
Five pacts inked in Yangon, boosting Singapore-Myanmar ties
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