Singapore ups Myanmar investment
- Published: 5/04/2013 at 02:52 PM
- Online news:
Singapore will open a Yangon Overseas Centre to encourage growing trade and investment in Myanmar.
Singapore will open a Yangon Overseas Centre to encourage growing trade and investment in Myanmar. (Photo by Adam Renton)
The announcement was made at the Singapore-Myanmar Business Forum on Thursday where three agreements and two memoranda of understanding (MoUs) were signed by Singaporean companies across various industries, including telecoms and hospitality.
Speaking at the event at Yangon's Sedona Hotel, Teo Eng Cheong, International Enterprise (IE) Singapore's CEO 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.”
Singapore Telecommunications Ltd signed an agreement with Straits Trading (Al Noor Group) to distribute SingTel’s satellite phones, its Broadband Global Area Network, and satellite broadcasting bandwidth services in Myanmar.
Amara Hospitality Capital will develop a hotel in Yangon; coffee chain Ya Kun International will open 10 outlets across the country over the next two years; and Krislite Pte Ltd, which has been supplying lighting products to Myanmar since 1994, will supply lighting for the 2014 ASEAN Summit in Myanmar.
Singapore’s National Development Minister Khaw Boon Wan previously said that the island-state is looking to Myanmar to be a source for produce, particularly seafood and vegetables.
Speaking in Parliament on March 13, he said the Singaporean government is “particularly hopeful of Myanmar becoming a good food source,” because it is nearby and a fertile country. It also used to be a major rice exporter in the past, he said.
About the author
Writer: Rosie Gogan-Keogh/Mizzima