SBF leads first business mission to Myanmar under new government
- Supported by IE Singapore, this is the first large-scale Singapore business mission to Myanmar since President Htin Kyaw took office in March 2016
- Delegation of 45 are from diverse sectors, including real estate and property, education, trading, and offshore marine engineering
During the six-day mission, the Singapore delegation will visit the cities of Yangon, Nay Pyi Taw and Mandalay. In Nay Pyi Taw, Myanmar’s capital city, the delegation will attend briefings conducted by key ministries, the Myanmar Investment Commission (MIC) and various economic development agencies on Myanmar’s economy, investment climate, policies, as well as specific industries.
In Yangon and Mandalay, the Singapore delegation will participate in business networking activities with local businesses arranged by SBF and the Union of Myanmar Federation of Chambers of Commerce and Industry. The delegation will also meet members of the Singapore Association of Myanmar (SAM) to learn about their experiences and forge business links, and visit the Singapore-Myanmar Vocational Training Institute in Yangon. The Institute, officially launched by Prime Minister Lee Hsien Loong in June this year, aims to produce skilled workers for the developing Myanmar economy.
Mr SS Teo said, “The high participation rate of Singapore companies in Myanmar-related events such as this business mission reflects a growing interest in the country. Indeed, our SBF National Business Survey 2015/16 showed that Myanmar is the most popular country for Singapore companies venturing overseas. Through business missions like this, Singapore businesses can see first-hand Myanmar’s business landscape and emerging opportunities. SBF will continue to work closely with our counterpart in Myanmar, the Republic of Myanmar’s Union of Myanmar Federation of Chambers of Commerce and Industry, towards promoting collaboration and deepening bilateral trade and investment links.”
Mr Tan Soon Kim, Assistant Chief Executive Officer of IE Singapore, said “Since Myanmar’s liberalisation three years ago, Singapore companies have made significant in-roads in the hospitality, infrastructure and services sectors. Beyond Yangon, there are opportunities in other areas such as Mandalay and Bago. Singapore companies can differentiate themselves from the global competition by ensuring that their projects benefit the Myanmar community too e.g. in the area of job creation or upgrading of the local industry.”
Based on figures collated by the Myanmar Directorate of Investment and Company Administration (DICA), Singapore is the second largest investor in Myanmar after China with US$13 billion worth of approved FDI as at April 2016. Bilateral trade increased 9.6% from 2014 to reach S$3.5 billion in 2015.
Since 2012, SBF has been actively organising several major market development activities in Myanmar to help Singapore companies seize growth opportunities there. These include five business delegations to Myanmar, three International Business Fellowship–Executive Programmes and four major industry trade shows in Yangon.
Through these initiatives, SBF has engaged 445 companies keen to venture into the Myanmar market. Besides these in-market activities, SBF has organised a series of ASEAN Market Insight Seminars on Myanmar in Singapore. Since 2012, SBF has actively engaged some 2,000 Singapore companies which have attended or participated in these seminars.