Singapore trade promotion agency setup Singapore-Myanmar Overseas office in Yangon on 4th April 2013 to boost economic ties and promote bilateral trade.
Singapore is the 3rd largest investors in Myanmar and is also one of the earliest investors given its long economic and cultural ties with the country. Currently Singapore is the largest investor in Yangon’s hospitality industry, as can be seen from three of the largest international hotels – Traders Hotel, Sedona Hotel and Parkroyal Hotel. Most of these hotels have been operating in Myanmar for more than 10 years.
Said Mr Teo Eng Cheong, Chief Executive Officer (CEO) of IE Singapore, “Many Singapore companies in Myanmar today have their sights set on opportunities across a range of sectors. Having a presence on the ground, with the right insights and connections, will convert this interest into concrete projects in key sectors. We will also encourage companies to work together and provide a complete value chain of solutions. This will give them a crucial edge in this increasingly competitive market.”
The following partnerships were signed during the Singapore Myanmar Business Forum:
- Sector: Telecommunications
Agreement between Singapore Telecommunications Limited and Al Noor International to distribute Singtel’s satellite phones (Inmarsat), SingTel Broadband Global Area Network (BGAN) and satellite broadcasting bandwidth services in Myanmar. Al Noor International is one of the largest importer of mobile phones in Myanmar.
- Sector: Services
Agreement between Krislite Pte Ltd and Lighting Specialist Co. Ltd. to supply lighting luminaires for the ASEAN Summit 2014 in Myanmar. Krislite has been supplying lighting products to the country since 1994.
- Sector: Consumer
Agreement between Ya Kun International Pte Ltd and Myanma Food for Thought Pte Ltd to set up 10 Ya Kun outlets in Yangon within 24 months.
- Sector: Hospitality
MOU between Amara Hospitality Capital Pte Ltd, Youth Force Hotel and Youth Force Construction Ltd to develop a hotel in Yangon, Myanmar.
- Sector: Business Federation
MOU between SBF (Singapore Business Federation) and UMFCCI (Union of Myanmar Federation of Chamber of Commerce & Industry) to work together towards developing and organising an Executive Programme on Myanmar for the International Business Fellowship (IBF) platform in 2103. This Programme, which involves a week-long market immersion itinerary in Yangon, aims to confer Singapore participants with the vital business know-how and insights on the dynamics of doing business in Myanmar.