The fifth meeting of the Singapore-Myanmar Joint Ministerial WorkingCommittee took place in Yangon on July 6 under the chair of SingaporeanMinister of Trade and Industry Lim Hng Kiang and Myanmar Energy Ministerand Chairman of the Investment Commission U Zay Yar Aung.

According to a press statement by the Singaporean Ministry of Tradeand Industry, the sides focused their discussions on three areas ofmutual interest: trade and investment, finance, and legal affairs.

They highlighted the growing economic ties and discussed measures toenhance cooperation in urban solutions, transport and agri-trade; expandair connectivity; and develop small- and medium-sized enterprises.

The Monetary Authority of Singapore and the Central Bank of Myanmarsigned a memorandum of understanding on cooperation in bankingsupervision and capacity building.

The twocountries agreed to jointly organise legal workshops and shareexperience to deepen understanding of the legal frameworks of bothcountries.

The Joint Ministerial WorkingCommittee was established in 1995 as a platform to promote bilateraleconomic cooperation and forge new business opportunities.

In2014, bilateral trade rose by 6.6 percent annually to 3.23 billion SGD(2.39 billion USD). Singapore was Myanmar’s top foreign investor withinvestments amounting to 4.3 billion USD last year, according to thepress statement.

The committee’s 6th meeting will be held in Singapore in 2016.-VNA