Monday, January 14, 2013

Singapore investors build hopes of entering Burma’s construction market

Monday, 14 January 2013 13:10 Khin Myo Thwe

Several Singaporean companies have indicated an interest in investing in the high-end construction business and other industries in Burma, a notable advancement from previous Singapore firms which chose mostly to steer toward the construction of hotels.

Construction workers lay the foundations for a new high-rise building near Strand Road in downtown Rangoon. (Photo: Mizzima)

That was the message conveyed when a group of the island state’s business representatives led by Wilmar Investment Holding Pte Vice- Chairman George Yeo met Myanmar Investment Commission (MIC) Chairperson Soe Thein on January 11.

“The Singapore investors suggested that they would like to invest in world-standard hotel constructions in Yangon, Mandalay and Bagan-Nyaung Oo; palm oil refineries in the Thilawa industrial zone in Yangon Region; sugar refineries and high-tech industries in Sagaing Division; and rice and rice-product industries in Pegu and Irrawaddy Divisions,” said an MIC spokesperson.

He said they also showed an interest in constructing high-standard factories, refineries and plants to cater for the following industries: oil & oilseeds; animal feed; wheat; beans, lauric oil; and fertilizer.

In 2011, Singapore firms were involved in 10 of the 26 hotels that were passed for construction under agreements made with Burma’s Ministry of Hotels & Tourism.
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