Myanmar is putting a step forward in restoring economic glory for the country by reaching out to Singapore. On the 18th of May, 2016, the Foreign Minister of Singapore was invited to visit Myanmar and he graciously accepted the invitation. Aung San Suu Kyi extended the invitation for the same. After taking on the mantle of Foreign Minister, she is currently dedicated to forging long lasting relationships with neighbouring countries.
After the removal of US sanctions, there has been a push towards changing old political setups in the country. Economic reforms are one part of the agenda, which is helping the country build new policies and strive to enter the global market once again.
The aim of the meeting was to discuss the creation of a treaty that would favour bilateral investments between the countries. This would the beginning of negotiations and talks between the government, aided by the visit taken by Vivian Balakrishnan. In his speech, he concluded that the inclusion of Singapore in the treaty would add a weight of certainty to the growth of the market in Myanmar. As of now, Myanmar entered into similar treaties with both India and China.
The country of Myanmar is currently facing a great deal of instability. This is reflecting in the differences of opinion and policy between the current civilian government and the previous military one.
There are a number of Singapore based businesses that have identified the country as a funding ground for building new partnerships. A change of policy to allow bilateral relations would ease their fears and create an environment of economic surety. After the difficulties faced by Parkway Panti – a company based out of Singapore, the need of the hour is to create a framework that favours international investments.
The task has a long way ahead of it, as it requires cementing policies in place for the next ten years to come. At the same time, the investments would have to be backed by a constant flow of support, which will come from both Singapore and Myanmar. Both the countries are taking the matter quite seriously at the moment, in the hope to develop an advantageous alliance.
If the discussions move forward and are encouraged by the government, then the areas for investment will grow in an exponential manner. The Singapore Foreign Minister believes that there is a scope to create new engagement in sectors that have been ignored for a very long time. His focus in particular was on the fields of higher education, development of food science and the creation of better infrastructure for the country.
At the same time, the bilateral treaty will present socio-political benefits to both the countries. There is a similarity in the culture and the goals present for the future. Tourism is an important industry for both, which allows them to exchange information and knowledge to create a better global standard for the same. However, the two Foreign Ministers are not strangers to the challenges they face in moving ahead with talks. They do believe that despite the difficulties, there would be a way to move ahead and create a society that accepts varied ethnicities and races. The final goal for the two is a noble one, that of unity amongst the country.
Minster Suu Kyi was of the opinion that Myanmar will be able to absorb a great deal of knowledge from Singapore. She referred to their movement towards a united society, which has been able to withstand the struggle and difficulties that come with removing bias and prejudice.
In honour of the first visit by Dr. Vivian Balakrishnan, there ill also be a dinner reception held by him. It will celebrate the completion of diplomatic relationships between the two countries, which have gone back as far as 50 years. He will also meet with Senior General Min Aung Hlaing, who currently serves as the military chief for the country as well as Shwe Mann, the former speaker of Parliament.
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