YANGON, Sept. 25 (Xinhua) -- Myanmar and Singapore have signed an agreement on promotion and protection of investment between the two countries, according to the Ministry of Investment and Foreign Economic Relations Wednesday.
The agreement was endorsed at the 7th ministerial meeting of the Joint Committee of Myanmar and Singapore held in Yangon on Tuesday.
The agreement is said to create a more favorable, friendly and predictable investment enabling environment for investors from both countries and further enhance the two countries' bilateral trade and investment relationship.
Prior to the signing, Myanmar's Minister of Investment and Foreign Economic Relations U Thaung Tun and Singapore's Minister of Trade and Industry Chan Chun Sing had discussions on a wide range of topics covering bilateral cooperation in investment area, development of small and medium-sized enterprises, aviation, agriculture, food, finance and legal services.
Singapore is a leading investor in Myanmar with 22.1 billion U.S. dollars as of August, 2019 since late 1988, contributing 27 percent of the total foreign investment in the country.
Myanmar-Singapore bilateral trade hit 3.02 billion U.S. dollars in the first 10 months (October-July) of the fiscal year 2018-19, of which Myanmar's export to Singapore took up 300.8 million U.S. dollars, while its import from Singapore represented 2.72 billion U.S. dollars.