Opening of IE Singapore Overseas Centre in Yangon

Singapore and Myanmar have strengthened economic cooperation with the opening of International Enterprise (IE) Singapore’s Overseas Centre in Yangon. 

An indication of the growing business interests between both countries, Singapore companies signed three Agreements and two Memoranda of Understanding (MOUs) with private sector counterparts in Myanmar, kicking off partnerships across a diverse range of sectors, namely telecommunications, hospitality, consumer, and business services.

Officiated by President Tony Tan Keng Yam, the opening of IE Singapore’s latest Overseas Centre in Yangon marks its 37th global office. It is also IE Singapore’s seventh Overseas Centre 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 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.”

IE Singapore’s Yangon Overseas Centre will facilitate trade and investment between Singapore and Myanmar in key sectors including infrastructure, industrial and urban development, transport and logistics, manufacturing and trading. It will also support Myanmar companies looking to use Singapore as a base to expand in Asia and beyond.

The office opening took place at the Singapore-Myanmar Business Forum in Yangon. Also present at the Forum were Mr Khaw Boon Wan, Singapore Minister for National Development; Mr Teo Ser Luck, Singapore Minister of State for Trade and Industry; Mr Kyaw Lwin, Myanmar Union Minister for Construction; Mr Htay Aung, Myanmar Union Minister for Hotels and Tourism; Mr Robert Chua, Singapore Ambassador to Myanmar; Mr Tin Oo Lwin, Myanmar Ambassador to Singapore; Mr Teo Eng Cheong, CEO of IE Singapore; Mr Tony Chew, Chairman of the Singapore Business Federation (SBF) and Mr Win Aung, President of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI). 

The Forum was organised by IE Singapore with the support of SBF and UMFCCI. Over 200 members of the Singapore and Myanmar business communities were present.


Growing economic ties between Singapore and Myanmar
 
The three Agreements and two MOUs will see Singapore companies partner the Myanmar private sector and contribute 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 will take its first steps into Myanmar’s heavily-regulated telecommunications sector with an agreement with Straits Trading (Al Noor Group) one of the largest importers of mobile phones in Myanmar, to distribute SingTel’s satellite phones, its Broadband Global Area Network (BGAN), and satellite broadcasting bandwidth services in Myanmar. 

This partnership was a result of an Infocomm Technology (ICT) mission led by IE Singapore in October 2012. Another example is Singapore lighting solutions provider, Krislite Pte Ltd, which has been supplying lighting products to Myanmar since 1994. The company is set to supply lighting luminaires for the 2014 ASEAN Summit in Myanmar.

Amara Hospitality Capital, a subsidiary of Amara Holdings, the latest Singapore company to enter the fast-growing hospitality industry, will be developing a hotel in Yangon. Currently, Singapore is the biggest investor in Yangon’s hospitality industry with three of the largest international hotels – ParkroyalNike Shoes