Singapore based firm keen to invest in Transport sector

The Singapore-based GAC (Singapore) Pte Ltd has shown interest to invest in Myanmar’s public transport sector.

Officials of the company conveyed their interest during a meeting with Directorate of Investment and Company Administrator on December 5.

If the plan works out, Singapore will be the second country after Japan to invest in the sector.

During the December 5 meeting, the GAC officials expressed their interest to cooperate with Myanmar’s Road Transport Administration Department.

Japan entered Myanmar’s public transport sector this year. As part of the trade cooperation, Japanese buses have already arrived in Yangon, sources said.

The third biggest trading partner of Myanmar, Singapore does not have much investment here. But once European Union relaxed sanctions on Myanmar early this year, trades between the two countries is expected to decline.

“They (Singapore) are concerned about it. So, they are now turning to investment,” a representative of Myanmar Fishery Federation said requesting not to be named.

Apart from planning to invest in the gasoline stations in Myanmar, Singapore businessmen are planning to enter the transportation sector now, he said.

Singapore’s investment in Myanmar is only over US$1.85 billion until the end of October while its total trade amount was over $3 billion in the 2011-2012 fiscal year.

Source - Eleven Media