Mar 20, 2014

Myanmar offers Singapore firms new business opportunities

Singapore companies can benefit from growing business opportunities in Myanmar amid the country's rapid development.

New potential partnerships beyond Myanmar's capital Yangon were highlighted on Tuesday at the IE Singapore Global Conversations dialogue.

The dialogue was attended by a visiting Myanmar delegation, jointly led by chief ministers for Yangon, Bago and Mandalay.

Among the business opportunities is the upcoming Hanthawaddy International Airport in Bago, which is expected to drive demand for aviation-related services such as maintenance, repair and operations engineering, ground handling, catering and air cargo services.

Myanmar's second largest city and logistics hub Mandalay also offers prospects for establishing export-oriented manufacturing trading activities with China and India.

In the past year, Singapore companies have tapped on business opportunities in the infrastructure, urban development and hospitality sectors in Myanmar.

Singapore is Myanmar's third largest trading partner and fourth largest investor, with bilateral trade amounting S$3 billion in 2013 - a 70 per cent jump from the year before.

IE Singapore said overseas investments by Singapore in Myanmar have grown at a compound annual growth rate of 31.7 per cent over the last five years, reaching S$3.7 billion in 2012.

Source: Channel News Asia