Myanmar ‘most popular country’ for Singapore companies, says business delegation

Myanmar is the most popular country for Singapore companies seeking overseas opportunities, says the head of a visiting business delegation from the city-state.

Singapore Business Federation chairman Mr S.S. Teo is leading the 45-member delegation on the SBF’s first visit to Myanmar since the change of government in late March, the city-state’s Today newspaper reported.

The delegation, that includes representatives from sectors such as property, education, publishing, shipping and logistics and construction, will visit Yangon, Nay Pyi Taw and Mandalay during a six-day visit that began on September 12, the report said.

“The high participation rate of Singapore companies in Myanmar-related events such as this business mission reflects a growing interest in the country,” Teo told the newspaper.

“Indeed, our SBF National Business Survey 2015-16 showed that Myanmar is the most popular country for Singapore companies venturing overseas. Through business missions like this, Singapore businesses can see first-hand Myanmar’s business landscape and emerging opportunities,” he said.

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In Nay Pyi Taw, the delegation will attend briefings by key ministries, the Myanmar Investment Commission and economic development agencies on Myanmar’s economy, investment climate, policies as well as specific industries.

In Yangon and Mandalay it will take part in networking activities with local businesses arranged by the SBF and the Union of Myanmar Federation of Chambers of Commerce and Industry.

While in Yangon it will also visit the Singapore-Myanmar Vocational Training Institute that was opened by Singapore Prime Minister Mr Lee Hsien Loong in June and aims to produce skilled workers to develop the  economy, Today said.

Singapore is the second-largest investor in Myanmar after China, with US$13 billion of approved foreign direct investment to April this year, shows data from the Directorate of Investment and Company Administration. Bilateral trade with Singapore increased 9.6 per cent from 2014 to reach $2.57 billion last year.

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