Singapore, Myanmar agree to bolster bilateral ties

The fifth meeting of the Singapore-Myanmar Joint Ministerial Working Committee took place in Yangon on July 6 under the chair of Singaporean Minister of Trade and Industry Lim Hng Kiang and Myanmar Energy Minister and Chairman of the Investment Commission U Zay Yar Aung.

According to a press statement by the Singaporean Ministry of Trade and Industry, the sides focused their discussions on three areas of mutual interest: trade and investment, finance, and legal affairs.

They highlighted the growing economic ties and discussed measures to enhance cooperation in urban solutions, transport and agri-trade; expand air connectivity; and develop small- and medium-sized enterprises.

The Monetary Authority of Singapore and the Central Bank of Myanmar signed a memorandum of understanding on cooperation in banking supervision and capacity building.

The two countries agreed to jointly organise legal workshops and share experience to deepen understanding of the legal frameworks of both countries.

The Joint Ministerial Working Committee was established in 1995 as a platform to promote bilateral economic cooperation and forge new business opportunities.

In 2014, bilateral trade rose by 6.6 percent annually to 3.23 billion SGD (2.39 billion USD). Singapore was Myanmar’s top foreign investor with investments amounting to 4.3 billion USD last year, according to the press statement.

The committee’s 6th meeting will be held in Singapore in 2016./.

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