Two Singaporean companies will make investment in Myanmar's wood-based industries and construction sectors in joint venture with local Myanmar counterparts, official media reported Monday.
The two Singaporean companies, namely Wood Craft International and Uni Global Power, will cooperate with Myanmar's Global Star and Nature Link companies to produce finished wood products and invest in infrastructural development including hotel, apartment, office, city mart through the build-operate-transfer (BOT) system, said the New Light of Myanmar.
Singapore is making increased investment in Myanmar at a time when the country is in need of capital, technology and human resources to implement its economic reform process for development.
According to Myanmar official statistics, Singapore's investment in Myanmar amounted to $2.358 billionas of July 2013 in 90 projects, accounting for 5.49 percent of the total since Myanmar opened to such investment in late 1988 and standing the 6th in Myanmar's foreign investment line-up.
Singapore figures show that in 2012, bilateral trade between Myanmar and Singapore reached 2.782 billion USdollars of which Myanmar's export to Singapore amounted to 282.89 million dollars while its import from Singapore valued at 2.5 billion dollars.