A brand new treaty was signed in Yangon on Tuesday (September 24) allowing Singaporean firms in Myanmar to show to international arbitration for investment disputes.
Trade and Industry Minister Chan Chun Sing and Union Minister for Investment and Foreign Economic Relations U Thaung Tun signed it on the sidelines of the seventh meeting of the Singapore-Myanmar Joint Ministerial Working Committee.
The legally binding treaty sets out rules on how Myanmar and Singapore should treat investments and investors from each countries, she said Ministry of Trade and Industry (MTI) Singapore.
It also ensures, amongst other things, freedom of capital and profit transfer, compensation rights and non-discriminatory treatment of investors in most sectors.
The Singapore-Myanmar Bilateral Investment Promotion and Protection Treaty goals to advertise greater investment flows between the 2 countries by providing greater certainty and confidence to investors.
Chan, in a Facebook post, said the signing of the agreement marks one other milestone in economic relations between the 2 countries and expressed hope that it might encourage more Singaporean firms to take a position in Myanmar.
According to Myanmar Directorate of Investment and Company Administration, Singapore is the leading investor in Myanmar, providing greater than 1 / 4 of all foreign direct investment into the country. Bilateral trade volumes reached roughly $3.9 billion within the 2017-18 fiscal yr, with Singapore having been considered one of Myanmar’s key trading partners for several years.
