The 7th Joint Committee of Myanmar-Singapore Ministerial Meeting was held at Melia Yangon Hotel in Yangon on September 24.
During the meeting, Thaung Tun, Union Minister for Investment and Foreign Economic Relations of Myanmar, and Mr. Chan Chun Sing, Minister for Trade and Industry of Singapore signed an Agreement on Promotion and Protection of Investment between Myanmar and Singapore.
“Singapore’s investment volume to Myanmar has reached more than US$ 22 billion,” said Union Minister Thaung Tun.
The agreement can noticeably support the investors between the two countries. It can not only create investment environment but also boost investment between Myanmar and Singapore.
Myanmar approved 321 investment businesses of Singapore from 1988-89 to now and investment volume reached more than US$ 22 billion, accounting for 27 %.
In the current financial year, Singapore is making most investment in Myanmar and it is also an important and strategic economic partner.
The official statistics of the Ministry of Commerce indicated that the trade volume between the two countries amounted to US$ 3.838 billion.
The meeting focused on trade, investment promotion and industrial zones, technical cooperation and assistance for SMEs, urban development, finance and banking services, and legal affairs and intelligence property right services.
Both ministers expressed desire to continue boosting trade and investment and cooperating in other areas in the future.
The Joint Committee of Myanmar-Singapore Ministerial Meeting was founded in 1995 with the aim of accelerating technical cooperation drive between the two countries.
Translated and Edited by Win Htut
