Singapore is the top investor in Myanmar's Thilawa economic zone
People work at the site of the Thilawa Special Economic Zone project Reuters

Singapore has been listed as the top investor so far in a huge industrial zone on the outskirts of Yangon, Myanmar, according to the country's Directorate of Investment and Company Administration.

A special report by the Eleven Media Group showed that the $1.5 billion (S$2 billion) Thilawa Special Economic Zone (SEZ) has attracted a total of $713.3 million of investments including everything from children's toy manufacturing to a car assembly plant and a deep sea port.

According to the report, 13 foreign countries have invested and Singapore leads the list among all the investors. Investments from the Republic amounted to US$298.15 million (S$406 million), which is followed by Japan, Hong Kong, Thailand, the UAE, Panama, China, Malaysia and South Korea.

The total amount of investments from within Myanmar topped US$28 million. Most of the investments were in the industrial sector which was followed by trade and services.

The investment report said that other countries like US have used Singapore as a pipeline in order to avoid the trade sanctions which are maintained by Washington against the former military junta.

Myanmar is seen to have 51-per-cent stake while Japan has 49 per cent in the project.