Singapore strengthens economic cooperation with Myanmar

According to Channel News Asia, two initiatives – the revival of a joint ministerial committee to boost economic ties and an agreement to cooperate in the area of banking and finance – were announced during Goh’s visit.

The Singapore-based news agency reported that a Joint Ministerial Working Committee (JMWC), which was established in 1995 and lapsed in 2001, will be active again this year to promote areas of trade and investment, finance and law. Singapore's Trade and Industry Minister Lim Hng Kiang will co-chair the committee with Myanmar's Energy Minister Zay Yar Aung.

Minister of State for Trade and Industry Teo Ser Luck was quoted as saying "You will also see human capital training and investment, skills development in that sense because these are the things that any developing country would need.

"With this platform, the JMWC, we hope that we can enable the whole process to be more systematic and also make sure that we cover the areas that is more focused that actually bring a win-win for both sides. There's definitely competition, you saw the interest of several other countries' consortiums and businesses and even the government approaching the Myanmar government.

"Singapore and Myanmar have a very deep relation starting all the way back. We believe that with AEC and Myanmar coming up so strongly and also opening up the economy, I think Singapore is well positioned to help Myanmar as well as enable our businesses to invest in the Myanmar market and do well here and at the same time to build our diplomatic relations and scale it to a new height."

Two Singapore banks - OCBC and UOB - are among 9 licence recipients which are expected to start their restricted banking operations in the country this year.

Singapore is Myanmar's third largest foreign direct investor behind China and Thailand, and as of end-2014 contributed over US$8 billion.

While meeting Thein Sein on Tuesday, Goh on Wednesday met Myanmar's Military Commander-in-Chief, Senior General Min Aung Hlaing for the first time. 

During their hour-long meeting, they had a candid discussion on Myanmar's development and also talked about the role of the military in maintaining Myanmar's peace and stability, Channel News Asia said.

Goh also had meetings with Parliamentary Speaker Shwe Mann and the ruling Union Solidarity and Development Party's Vice Chairman Htay Oo. Before returning to Singapore, he also had a private meeting with opposition leader Aung San Suu Kyi.

Goh last visited Myanmar in 2013.