Singapore has announced two initiatives to increase economic cooperation with Myanmar during Singaporean Emeritus Senior Minister Goh Chok Tong's current visit to the country.

The initiatives include the revival of a joint ministerial committee to promote economic ties and an agreement to cooperate in banking and finance.

A joint ministerial working committee, which was established in 1995 and lapsed in 2001, will be active again this year to promote the areas of trade and 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 Tong met with Myanmar's central bank governor and finance minister. Both sides agreed to conclude a memorandum of understanding on cooperation in banking supervision and helping Myanmar to build its capacity in the financial sector.

Earlier in last October, the Central Bank of Myanmar granted licences to nine foreign banks to operate in restricted services. Two Singaporean banks – the OCBC and the UOB – were among the recipients.

Currently, Singapore is Myanmar's third largest foreign direct investor with a total capital of over 8 billion USD behind China and Thailand.-VNA