Singapore and Myanmar have strengthened economic cooperation with the starting of International Enterprise (IE) Singapore’s Overseas Center in Yangon. Officiated by President Tony Tan Keng Yam, the starting of IE Singapore’s latest Overseas Center in Yangon marks its 37thglobal office. Additionally it is IE Singapore’s seventh Overseas Center in Southeast Asia, a region expected to chart GDP growth of above 5.5% this year.

Said Mr Teo Eng Cheong, Chief Executive Officer (CEO) of IE Singapore, “Many Singapore companies in Myanmar today have their sights established on opportunities across a range of industries. Having an existence on the floor, with the right connections and insights, will convert this interest into concrete projects in key sectors.

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We will also encourage companies to interact and provide a whole value chain of solutions. IE Singapore’s Yangon Overseas Center will facilitate trade and investment between Singapore and Myanmar in key sectors including infrastructure, industrial and urban development, logistics and transport, manufacturing and trading. It will also support Myanmar companies looking to use Singapore as basics to expand in Asia and beyond.

The office starting occurred today at the Singapore-Myanmar Business Forum in Yangon. The Community forum was organized by IE Singapore with the support of UMFCCI and SBF. Over 200 people of the Myanmar and Singapore business neighborhoods were present. The three Agreements and two MOUs will discover Singapore companies partner the Myanmar private sector and donate to the country’s growth via investments and knowledge transfer. The industrialisation in Myanmar will give rise to a demand for companies providing supporting business services.

An example is Singapore Telecommunications Limited, which signed a contract with Straits Trading (Al Noor Group) one of the biggest importers of mobile phones in Myanmar. Beneath the agreement, Straits Trading shall deliver SingTel’s satellite television mobile phones, Broadband Global Area Network (BGAN), and satellite television broadcasting bandwidth services in Myanmar. Amara Hospitality Capital, a subsidiary of Amara Holdings, the latest Singapore company to get into the fast-growing hospitality industry, will be developing a hotel in Yangon. Currently, Singapore is the largest buyer in Yangon’s hospitality industry with three of the biggest international hotels – Parkroyal Hotel, Sedona Hotel, and Traders Hotel.

To trip on the potential of Myanmar’s 60-million strong consumer market, Ya Kun International will be starting in Myanmar, of other international espresso chains ahead. Yakun aims to open ten outlets across Yangon within 24 months, two of which will be positioned in top stores in Yangon – the flagship Parksons Department Store at FMI Center and Junction Square Shopping Mall. Singapore is currently Myanmar’s third largest trading partner. 4.4 billion as of end-20115. Please, use ‘IE Singapore’ or ‘IE’ if an acronym for ‘International Enterprise Singapore’ is required. In addition, unless otherwise stated, the use of statistics cited inside our media releases, stating or website, should be related to IE Singapore. Issued by IE Singapore.