Singapore firms to increase investments in Myanmar’s hotels and constructions
Published on Saturday, 06 April 2013 23:10
Singapore-based Shangrila Group’s hotel construction site in Yangon
More investments from Singapore, the country’s sixth largest investor, will focus on civil constructions and hotel industry of Myanmar, according to the businessmen at Singapore-Myanmar Business Forum in Yangon on April 4.
Tan Soon Kim, International Enterprise (IE) Singapore’s Southeast Asia Division’s Director, said that Myanmar needs more hotels and infrastructure to accommodate the needs of its growing tourism industry.
He pointed out that Myanmar will chair World Economic Forum 2013 in Nay Pyi Taw in June, and will host Southeast Asia Games in December. Besides, it will become the chairman of the Association of South East Asian Nations in 2014, all these indicating possible surge in the number of tourists to Myanmar.
Thus, IE Singapore is interested to invest in constructions and hotel businesses in Myanmar, he added.
However, there are still possible land issues for foreign investors in Myanmar and most investors will require to make joint-ventures with local companies, Aung Lwin, Deputy Chairman of the Republic of Union of Myanmar Federation of Chambers of Commerce and Industries (UMFCCI), said.
Tan Soon Kim said as IE Singapore has opened its overseas centre in Yangon, it will be able to coordinate such joint ventures between Singapore and Myanmar firms.
IE Singapore’s overseas centre will also help other Singapore firms invest in infrastructural developments of Myanmar such as construction and transportation as well as manufacturing and trading.
IE Singapore had led business delegations to Myanmar, and raised awareness of business opportunities in Myanmar among Singapore firms.
Singapore-Myanmar Business Forum which was attended by both business and government leaders of both sides was also organized by IE Singapore, taking support from the two countries’ chambers of commerce.
Singapore is currently the third largest trading partner of Myanmar. In 2012, its bilateral trade with Myanmar rose to 1.8 billion up from 1.6 billion in 2011.
Singapore firms to increase investments in Myanmar"s hotels and constructions
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