Monday, 09 December 2019

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Singaporeans look to Burmese energy, banking

Singaporean industrialists want to invest in Burma’s energy and banking sectors, as well as its port-related businesses, according to an official from the Republic of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI).

He said several representatives from the Singapore Business Federation will hold discussions with a Burmese delegation at the UMFCCI office in Rangoon on Wednesday, November 7.
“Singaporean industrialists are also interested in investing in Burma’s biotechnological and education sectors,” said the official.

Representatives of Singapore’s petroleum industry will also attend the meeting, he said.

The UMFCCI meeting coincides with new legislation passed by Burma’s parliament easing restrictions on foreign investment in the country.

 In July, Mizzima reported that at a business conference in Singapore, Burmese officials predicted foreign investors would “flood” into Burma once its foreign investment laws had been amended:

Singapore is currently the biggest foreign investor in Burma’s hotel and tourism industry, with the Sedona Hotel and Park Royal Hotel in Rangoon, and the Sedona Hotel in Mandalay.
Overall, Singapore is Burma’s sixth largest investor and also a major trading partner, with the value of trade last year reaching US $2 billion—two-thirds of which was imports from Singapore.

The Kachin’s last stand
Since October this year, Burma has been in a state of civil war, with fighting between Burmese military and armed ethnic rebels. The ruling junta started a crackdown on these armed groups.

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