Singapore is invested over US$7.5 billion in transport and communications sector, over US$4 billion in housing development sector and over US$3.3 billion in oil and natural gas sector, according to the 7th Joint Committee of Myanmar–Singapore Ministerial Meeting.

Myanmar allowed 312 investments from Singapore from 1988-89 FY till now and total investment is more than US$22 billion, which is about 27 per cent of total foreign investment.

Singapore invested US$43.88 million in the farming sector, over US$100 million in livestock and fishery sector, over US$49 million in the mining sector, US$2.531 billion in production sector, US$1.208 billion in the energy sector, US$3.357 billion in oil and natural gas sector, US$1.663 billion in hotel and tourism sector, US$4.050 billion in housing development sector, US$200 million in industrial sector and US$1.371 billion in other services sector, according to the Directorate of Investment and Companies Administration (DICA).

Myanmar and Singapore signed an agreement on the promotion and protection of investment on September 24.

“At the present, investment of Singapore in Myanmar is reached over US$22 billion,” said Thaung Tun, Union Minister for Investment and Foreign Economic Relations.

This bilateral investment agreement will create a more favourable, friendly and predictable investment-enabling environment for investors from both countries. In addition, it will also further enhance investment in Myanmar and Singapore.

Singapore is one of the top investors in Myanmar in this fiscal year and it is a strategic business partner for Myanmar.

“Trade volume is reached to US$3.838 billion in 2017-18 FY,” said Thaung Tun, quoting figures from the Ministry of Commerce.

Both sides discussed 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.