Singapore is Myanmar's top foreign investor
SINGAPORE was Myanmar's top overseas investor last year, accounting for more than half of the over US$8 billion (S$10.8 billion) in total inflows, which doubled from US$4 billion in 2013.
Disclosing this, Deputy Prime Minister Teo Chee Hean also underlined the robust trade links between the two countries. Singapore is Myanmar's third-largest trading partner after China and Thailand, with bilateral trade amounting to US$2.42 billion, he said.
Mr Teo was speaking at the official opening of OCBC Bank's Yangon branch yesterday. OCBC signed a memorandum of understanding with 10 domestic banks to collaborate in training and capability building.
As Myanmar focuses on infrastructural development, foreign banks such as those from Singapore can play a role in providing financing on this front, he said.