After Foreign Minister Vivian Balakrishnan’s trip to Naypyitaw, the country of Singapore is beginning to consider the benefits of an investment treaty with Myanmar. This type of treaty could be quite beneficial for foreign investors that are interested in getting a taste of security, a strong policy, and assurance for their investments. Dr. Balakrishnan also stated that it can help to speed up the process of foreign investment between the two countries. Both the Myanmar State Counsellor and Dr. Balakrishnan addressed the public with a press conference to discuss this joint venture.
The main thing to remember is that although this sounds promising, the idea of the investment treaty is in its beginning stages. It is something that Myanmar is accustomed to as they also have bilateral investing treaties with countries including India and China.
Dr. Balakrishnan’s trip was to celebrate the 50th anniversary of Myanmar deciding to partake in bilateral relations with other countries. Both of the ministers discussed other important issues such as improving air transportation between each other, improving trade and investment, and increasing tourism opportunities. Later in the day, Dr. Balakrishnan met with Senior General Min Aung Hlaing, the commander in chief for the Myanmar armed forces. He also met with Shwe Mann, the Lower House Speaker.
Singapore received the title of the second largest investing country in Myanmar, falling just behind China. As one of their biggest trading partners, Singapore has also worked with Naypyitaw to help skilled workers. This initiative offers vocational training for people that are interested in partaking in skilled trades to help boost the Asean economy.
Both representatives agreed that there are several things that they appreciate about one another and a variety of things that they can learn from each other. The main benefit that Myanmar wishes to receive from Singapore is the ability to learn about sustaining a multiracial, multi-religious, and multi-ethnic community. As well as learning from the strategic decisions that are responsible for the growth of Singapore.
The Myanmar government was invited to a dinner hosted by Dr. Balakrishnan and Ms Suu Kyi was the guest of honor. There is a trip set for Prime Minister Lee Hsien Loong to visit Myanmar sometime in June to help headline the launch of the first Singapore-Myanmar Vocational Training Institute. This leaves some room for speculation as to whether the two countries will consider their talks about a bilateral investment agreement.
Between the conversations that were had and the information that Myanmar and Singapore learned from each other, Dr. Balakrishnan believes that they solidified a strong connection pertaining to ensuring that both countries succeed at all costs. Over the past 50 years the relationship between the two have grown even stronger, and so a bilateral investment treaty wouldn’t be falling too far behind. With this union, both Myanmar and Singapore will have the opportunity to develop an even firmer working relationship. With a bilateral investment treaty, their working relationship will surely prove to be mutually beneficial for residents and different types of business owners alike.
About the Author:
Morris Edwards is a content writer at Singapore Company Incorporation Consultants Pte Ltd, who loves to learn and write about Business in Asia and Singapore Company Formation