Myanmar seeking urban development expertise, investment

By Thomas Cho | Posted: 04 May 2012 1705 hrs   ... 


SINGAPORE: Myanmar is looking for partners to help in its urban development efforts as part of the opening of the country's policy doors to attract more foreign investors.
At a business dialogue organised by IE Singapore on Friday, Myanmar Union Minister for Construction U Khin Maung Myint said he welcomes the expertise of Singapore companies.

Myanmar was looking for good partners with the right expertise to achieve equitable growth as it transitions into a modern economy, the minister said.

He also outlined two focus areas for urban development in Myanmar.

First, the country wants to develop a comprehensive urban development plan and legal framework to promote home ownership and investment in the real estate sector.

Second, the country plans to develop satellite cities and low-cost housing.

The minister also invited investment in real estate and property development from hotels, serviced apartments and housing.

"Singapore companies have built up extensive experience and industry knowledge in urban development. As Myanmar develops, we hope to tap into Singapore companies knowhow and welcome them to participate in our growth as we urbanise," Minister U Khin Maung Myint said.

Currently, Singapore is Myanmar's third largest trading partner.

Some 74 Singapore companies have invested US$1.8 billion in the country.

- CNA/wm

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