Singapore firms set foot in Myanmar
Companies and investors from Singapore, mainly from the engineering, energy and banking sectors, are increasingly flocking to newly-opened Myanmar to tap into a vast market that is expected to reach double-digit growth figures over the coming years.
TEE International Ltd, a Singaporean engineering firm, announced on November 9 that its subsidiary, TEE Resources Pte Ltd, signed a memorandum of understanding with a local company to open a cement plant, Business Times reported.
The local company, Ayeyarwaddy Cement Co Ltd, is part of one of Myanmar’s leading conglomerates, A1 Group of Companies. Project costs are estimated to be between $200 to $250 million, pending the completion of technical studies
Singapore has also set sights on investing into Myanmar’s energy and banking sectors, according to an official release from the Republic of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI).
“Singaporean industrialists are also interested in investing in Myanmar’s biotechnological and education sectors,” a UMFCCI was quoted as saying in Mizzima, a Yangon-based online news portal.
Representatives from the Singapore Business Federation held talks with the UMFCCI on November 7, which coincided with the signing of Myanmar’s long-awaited investment law.
Singapore is currently the largest foreign investor in Myanmar’s tourism and hotel industry.
Pepsi to set up local production
Meanwhile, US soft drink maker PepsiCo has said it is planning to start local production in Myanmar next year and is looking to sign a bottling agreement with a local firm as rivalry with Coca Cola is growing. Pepsi re-entered Myanmar in August after a 15-year break, see our story.
[caption id="attachment_5335" align="alignleft" width="240"] Singapore investors plan to run a cement factory in Myanmar[/caption] Companies and investors from Singapore, mainly from the engineering, energy and banking sectors, are increasingly flocking to newly-opened Myanmar to tap into a vast market that is expected to reach double-digit growth figures over the coming years. TEE International Ltd, a Singaporean engineering firm, announced on November 9 that its subsidiary, TEE Resources Pte Ltd, signed a memorandum of understanding with a local company to open a cement plant, Business Times reported. The local company, Ayeyarwaddy Cement Co Ltd, is part of one of Myanmar’s leading...
Companies and investors from Singapore, mainly from the engineering, energy and banking sectors, are increasingly flocking to newly-opened Myanmar to tap into a vast market that is expected to reach double-digit growth figures over the coming years.
TEE International Ltd, a Singaporean engineering firm, announced on November 9 that its subsidiary, TEE Resources Pte Ltd, signed a memorandum of understanding with a local company to open a cement plant, Business Times reported.
The local company, Ayeyarwaddy Cement Co Ltd, is part of one of Myanmar’s leading conglomerates, A1 Group of Companies. Project costs are estimated to be between $200 to $250 million, pending the completion of technical studies
Singapore has also set sights on investing into Myanmar’s energy and banking sectors, according to an official release from the Republic of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI).
“Singaporean industrialists are also interested in investing in Myanmar’s biotechnological and education sectors,” a UMFCCI was quoted as saying in Mizzima, a Yangon-based online news portal.
Representatives from the Singapore Business Federation held talks with the UMFCCI on November 7, which coincided with the signing of Myanmar’s long-awaited investment law.
Singapore is currently the largest foreign investor in Myanmar’s tourism and hotel industry.
Pepsi to set up local production
Meanwhile, US soft drink maker PepsiCo has said it is planning to start local production in Myanmar next year and is looking to sign a bottling agreement with a local firm as rivalry with Coca Cola is growing. Pepsi re-entered Myanmar in August after a 15-year break, see our story.
