Singapore has announced two initiatives to increase economic cooperationwith Myanmar during Singaporean Emeritus Senior Minister Goh ChokTong's current visit to the country.
The initiatives include therevival of a joint ministerial committee to promote economic ties andan agreement to cooperate in banking and finance.
A jointministerial working committee, which was established in 1995 and lapsedin 2001, will be active again this year to promote the areas of tradeand investment, finance and law.
Singapore’ Minister of Trade and Industry Lim Hng Kiang and Myanmar’s Energy Minister Zay Yar Aung will co-chair the commitee.
During his three-day visit to Myanmar from February 2, Goh Chok Tongmet with Myanmar's central bank governor and finance minister. Bothsides agreed to conclude a memorandum of understanding on cooperation inbanking supervision and helping Myanmar to build its capacity in thefinancial sector.
Earlier in last October, the Central Bank ofMyanmar granted licences to nine foreign banks to operate in restrictedservices. Two Singaporean banks – the OCBC and the UOB – were among therecipients.
Currently, Singapore is Myanmar's third largestforeign direct investor with a total capital of over 8 billion USDbehind China and Thailand.-VNA