SINGAPORE - International Enterprise (IE) Singapore signed a memorandum of understanding (MOU) with the Myanmar Investment Commission (MIC) on Thursday (June 8) that will open doors for more Singapore companies to explore collaboration in urban and housing solutions, utilities, transport and logistics, manufacturing, oil and gas and professional services.
The MOU was signed by IE Singapore's assistant chief executive officer (CEO) Tan Soon Kim and MIC's secretary U Aung Naing Oo at the sidelines of the 6th Singapore-Myanmar Joint Ministerial Working Committee meeting. It was witnessed by Minister for Trade and Industry (Trade) Lim Hng Kiang and Union Minister for Planning and Finance, and chairman of the MIC Kyaw Win.
Said Mr Tan: "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.
"Through this MOU, we hope to further collaboration between both countries on urban solutions, transport and logistics, utilities and professional services."
As of end-March 2017, Singapore was Myanmar's top foreign investor with investments amounting to US$4.3 billion (S$5.9 billion). 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 country's burgeoning urban population as its key cities develop
For example, through its introduction and facilitation, BreadTalk successfully negotiated its franchise model with Myanmar conglomerate Shwe Taung. Its first stall in the country has opened on the ground floor of Shwe Taung's landmark Junction City mall.
Singapore firm Bok Seng Logistics also made its first in-roads into Myanmar after identifying a credible local business partner with IE Singapore's facilitation. In February, it signed a MOU with Ayeyar Hinthar, the largest conglomerate in the Ayeyarwaddy Region which owns the Pathein Industrial City (PIC), the region's first large-scale industrial park. With this, it will explore provision of logistics hubs services to the PIC and beyond.
IE Singapore has also been working with Surbana Jurong to expand in the market through introduction of project leads and partners. At present, Surbana Jurong is involved in 40 projects across Yangon, Bago, Mandalay, Rakhine and Ayerwaddy.