Singaporean enterprises have substantially increased their investment in Myanmar, reaching 311.4 million USD in 2013, a sharp 41.5 percent rise from 2012, according to the Strait Times.

The newspaper quoted Lai Shu Ying from Singapore’s International Enterprise, a government agency driving Singapore's external economy, Singaporean companies are pouring money into urban development, connection and finance.

In 2013, Singapore was Myanmar’s third trade partner and the trade reached 3.23 billion SGD (2.38 billion USD) in 2014.

Myanmar’s abundant human and natural resources coupled with its strategic position bordering China, India and Southeast Asia are major reasons behind Singaporean companies’ decisions to invest.

Singaporean firms see strong promise in Myanmar—which opened its economy to the world three years ago—especially in consumer goods where competition is extremely low.

They hope to reap future benefits as the income per capita and the middle class in Myanmar increase.-VNA