(Photo: mediacorp)

Singapore (VNA) – Singapore and Myanmar will start negotiations on a bilateral investment pact and update their agreement on double taxation avoidance in a bid to underpin economic relations.

These moves will send a positive signal to investors, Singaporean Prime Minister Lee Hsien Loong said at a banquet on November 30 in honour of Myanmar State Counsellor Aung San Suu Kyi.

The deals seek to deliver a greater sense of assurance and security for Singaporean investors to operate in Myanmar, he said.

Meanwhile, many Singaporean airlines are planning for new routes to Myanmar, a boost to air connectivity between the two countries.

For her part, Aung San Suu Kyi said Myanmar welcomes Singaporean businessmen and wants to learn from Singapore’s experience in corruption control and human resource development.

The Myanmar State Counsellor arrived in Singapore for a three-day visit on November 30. The visit took place at a time when the two nations are celebrating 50 years of their diplomatic relations.

By the end of October, Singapore is Myanmar's second largest investor after China, with cumulative investment totaling 15.6 billion USD. Singaporean businessmen in Myanmar mainly operate in transport and energy sectors.-VNA