“Diplomatic relations between Myanmar and Singapore go back 50 years. In recent years, trade between the two countries has increased. In 2015, the trade volume amounted to S$3.5 billion, a 9.6-per-cent increase,” he added.

The Singaporean finance ministry provides assistance for human resources development and policy shifts in cooperation with Myanmar’s finance ministry and the Central Bank of Myanmar.

“Out of the nine foreign banks which got the green-light [to operate here], the UOB and the OCBC from Singapore launched their banking services last year. These two banks can help develop Myanmar’s banking sector and increase foreign investment,” he added.

Until the end of January, Singapore’s total investment reached US$12.02 billion while China’s investment amounted to US$15.44 billion, according to the Directorate of Investment and Company Administration.

Singapore is used as a conduit for a lot of trade and investment with Myanmar from many countries, including the US, which still have complicated relations with the quasi-civilian government.