Myanmar, Singapore negotiate for trade, investment deal
Source: XinhuaNet Time:2017-08-11 09:18:01
YANGON, Aug. 10 (Xinhua) -- Myanmar and Singapore are negotiating terms for a trade and investment deal between the two countries to ensure smooth, free and safe investment, official media reported Thursday.
The Promotion and Protection of Investment Agreement would govern labor exchange between the two nations and protect investors in both countries from government-imposed work stoppage or confiscations, said the report, adding that the deal would be reached by the end of this year.
The agreement aims to minimize investment barriers, facilitate the investment and create more opportunities for Singapore expatriate workers in Myanmar as well as Myanmar people working in Singapore, said officials.
The next negotiation between trade representatives of the two countries will take place in October.
Eleven countries including China, India, Thailand and Japan have already entered into Promotion and Protection of Investment Agreements with Myanmar.
According to official statistics, Singapore's investment in Myanmar reached 17.495 billion U.S. dollars as of June 2017 since late 1988, ranking the second in foreign investors' line-up.