SINGAPORE - Singapore and Myanmar will begin discussions on a bilateral investment treaty and begin to update its agreement on avoidance of double taxation, in a sign of growing economic ties between the two countries.
This move will send a positive signal to investors and boost economic growth, said Prime Minister Lee Hsien Loong on Wednesday (Nov 30).
Mr Lee made the announcement at a dinner which he hosted for Myanmar state counsellor Aung San Suu Kyi, who is here until Friday on an official visit.
Both leaders, in toast speeches at the official dinner in the Istana's ballroom, talked about bilateral ties.
Mr Lee said that Singapore has been a long-standing and steadfast friend of Myanmar and is confident in Myanmar's long-term success.
This confidence can be seen in their strong economic ties and growing trade and investment into Myanmar, he added.
Links between both countries' people are also strong and growing, and are set to increase with the mutual lifting of visa requirements on Thursday.
Singapore is glad to help Myanmar train its officials, and is also happy to share its experience of building and running hawker centers, said Mr Lee, who visited Myanmar in June.
Myanmar is looking to upgrade its wet markets and build a hawker centre in Yangon, and Ms Suu Kyi will visit a hawker centre on Friday.
"We are happy to share our experience and persuade our hawkers to divulge some of their secret recipes of chwee kueh, chye tow kueh, chicken rice and laksa," he said with a laugh.