Singapore companies drawn to opportunities in Myanmar: survey

Myanmar is an investment hotspot for Singapore firms looking to expand abroad, a new survey conducted by UOB shows.

Seventy per cent of companies surveyed said they plan to expand into the country within the next 12 months.

The 108 respondents were polled after attending a UOB investment seminar in Yangon in February.

Companies are keen on Myanmar because of the country's growing middle class and rapid transformation, the survey showed.

Mr Ivan Chu, the business operations manager of hardware tools and safety equipment supplier Soon Hong Seng, said Myanmar's rapid growth and demand for infrastructure mean there is a ready market for the company's products.

"This, combined with competitive labour costs and young and vibrant workforce, makes Myanmar an attractive expansion destination for our manufacturing business," he added.

UOB established its Foreign Direct Investment Advisory Unit in Myanmar last year to help clients invest in the country.