Singapore is leading investor in Myanmar's Thilawa economic zone

Cranes seen along Yangon's construction skyline in 2015.
Cranes seen along Yangon's construction skyline in 2015.PHOTO: ST FILE

YANGON - Singapore is the top investor so far in a huge industrial zone on the outskirts of Yangon, the Eleven Media Group reported, citing the country's Directorate of Investment and Company Administration.

Housing everything from children's toy manufacturing to a car assembly plant and a deep sea port, the US$1.5 billion (S$2 billion) Thilawa Special Economic Zone (SEZ) has attracted a total of US$713.3 million of investments, said the report on Saturday (June 11).

Singapore leads a list of 13 foreign economies in terms of total amount invested, it said. Investments from the Republic amounted to US$298.15 million (S$406 million), followed by Japan (US$235 million), Hong Kong (US$38.65 million), Thailand (US33.2 million), the UAE (US$15.16 million), Panama (US$13.91 million), China (US$12 million), Malaysia (US$9 million), South Korea (US$8.3 million), Australia (US$7 million), Vietnam (US$6 million), Brunei (US$5 million), and Taiwan (US$4 million), according to the report.

Investments from within Myanmar topped US$28 million. Most of the total investments were in the industrial sector, followed by trade and services.

Singapore is used as a conduit by other countries, such as the US, to avoid trade sanctions maintained by Washington against the former military junta, the report added.

Myanmar owns a 51-per-cent stake in the project while Japan has 49 per cent.