Singapore opens first IE Overseas Centre in Yangon, Myanmar

To facilitate increased trade and investments.

In a release, the International Enterprise (IE) Singapore announced the opening of its first Overseas Centre in Yangon. The agency said this is part of strengthening economic cooperation between Singapore and Myanmar.

It also announced that 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. 

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.

Below are the details of the announced Agreements and MOUs:

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 – Parkroyal Hotel, Sedona Hotel, and Traders Hotel.

To ride on the potential of Myanmar’s 60-million strong consumer market, Ya Kun International will be opening in Myanmar, ahead of other international coffee chains.Yakun aims to open ten outlets across Yangon within 24 months, two of which will be located in top shopping malls in Yangon – the flagship Parksons Department Store at FMI Centre and Junction Square Shopping Mall.

Business chambers SBF and UMFCCI, also signed an MOU to develop an Executive Programme on Myanmar for the International Business Fellowship (IBF) platform in 2013. The IBF is a programme by IE Singapore to support Singapore-based companies in the training of company executives to acquire business knowledge and build networks in selected overseas markets, including Myanmar.