Singapore was Myanmar’s top overseas investor in 2014, accounting for more than half of the over US$8 billion in total inflow, which had doubled from US$4 billion in 2013, according to a report in the China Post on 6 July.
The information was given by Singapore’s Deputy Prime Minister Teo Chee Hean who added that trade links between the two countries are also “stronger than ever.” Singapore is Myanmar’s third largest trading partner after China and Thailand, with bilateral trade amounting to US$2.42 billion, he said.
Teo was speaking at the official opening of OCBC’s Yangon branch on Thursday.
OCBC also signed a memorandum of understanding with 10 domestic banks to collaborate in training and capacity building.
Teo said Singapore has consistently supported Myanmar’s development over the years by sharing our development experiences and providing technical assistance. The Singapore Cooperation Programme has trained over 11,700 Myanmar officials in economic and human resource development as well as public administration, Teo noted.