Singapore Signs Bilateral Agreements With Ethiopia, Mozambique and Nigeria

IE Singapore's initiatives strengthen economic ties between Singapore and Africa with bilateral agreements and the opening of a third office 

• IE Singapore moved to Nairobi, Kenya-his third overseas center in Africa Singapore sign bilateral agreements on tax, investment and air services with Ethiopia, Mozambique and Nigeria respectively

SINGAPORE, Singapore, September 1, 2016 / -

1. Growth is expected in terms of trade, investment and business between Singapore and Africa as International Enterprise (IE) SIngapore announced the creation of its third center overseas in Africa during the Business Forum Africa-Singapore (FAAS) 2016 today. This center, whose opening will take place in Nairobi, Kenya in 2017, will provide Singaporean companies access to East Africa which is experiencing rapid growth. FAAS also saw the historic conclusion of the Agreement for the Avoidance of Double Taxation (ADT) with Ethiopia, a bilateral investment treaty (BIT) with Mozambique and an Air Services Agreement (ASA) with the Nigeria. These bilateral agreements should clarify the taxing rights of the signatories on all forms of income streams from cross-border business, create greater confidence among investors and facilitate the flow between people.

Monsieur Satvinder Singh, Assistant Président-Directeur Général, IE Singapore, à FAAS 2016 (Source: International Enterprise (IE) Singapore

Monsieur G. Jayakrishnan, Directeur du Groupe, Moyen Orient et Afrique, IE Singapore à FAAS 2016 (Source: International Enterprise (IE) Singapore.

2. The Deputy Prime Minister of Singapore and Minister Coordinator of Economic and Social Policy, Mr. Tharman Shanmugaratnam, was the guest of honor and main panelist at the event, which attracted about 450 delegates from Africa and Singapore .

Tapping into the Africa Fast Growth

3. The above steps indicate the growing interest in trade in Africa. Despite some recent challenges, Africa would see a growth of 4.3% between 2016 and 2020 [1]. Since 2005, bilateral trade Singapore-Africa increased at a compound annual growth rate of 5.2% to S $ 11.5 billion in 2015 [2]. At the end of 2014, cumulative direct investments in Africa Singapore reached S $ 22.1 billion. [3] There are currently 60 Singaporean companies with operations in over 50 African countries.

4. Rapid urbanization in Africa, coupled with its rich natural resource base, availability of workforce, making it an attractive investment location for Singapore companies.

5. According to Mr. Lee Ark Boon, CEO of IE Singapore, "The long-term growth prospects in Africa are strong. Singaporean companies seeking to diversify away from traditional markets should consider the options in Africa. We are encouraged to see our companies develop a more nuanced view of Africa taking into account sub-regional characteristics. Our new office in Nairobi will help Singaporean companies to identify and seize business opportunities, cultivate local partners and strengthen the brand of Singapore in the area of ​​South Africa fast growing. With three regional offices in sub-Saharan Africa, in Accra (West Africa), Johannesburg (South Africa) and Nairobi (East Africa), IE Singapore will have a network in the global market to help Singaporean companies through the continent. "(See Appendix 1 for Mr. Lee's speech)

The Singapore Economic Partnership Africa-earning speed

The third center overseas IE Singapore in Africa

6. The new center overseas IE Singapore in Nairobi, Kenya, will serve as a launch pad for Singapore companies venturing in East Africa, a region that is home to the most dynamic economies in the continent such as Ethiopia, Kenya, Rwanda, Tanzania and Uganda. In 2015, East African GDP reached US $ 299 billion, representing 19% of total GDP of sub-Saharan Africa. [4] Among the key growth areas, there are those of urban infrastructure, transportation and logistics, hospitality, real estate and information technology and communication.

Bilateral agreements

7. IE Singapore works closely with the relevant government authorities to improve connectivity and facilitate bilateral trade and investment between Singapore and Africa. The agreements signed today with Ethiopia, Mozambique and Nigeria are the latest in a series of bilateral agreements signed between Singapore and African countries since 2014, including bilateral investment treaties (BITs) with Cote ivory and Burkina Faso, and ADT with Rwanda and Seychelles.

8. It was also announced that the shipping company Singapore-based Pacific International Lines (PIL) and the Federal Government of Nigeria signed an MOU to establish a shipping company joint venture in Nigeria with Nigerian investors local. The joint venture will be managed by PIL and develop activities in the transport of bulk cargo and containerized cargo, and oil for the international segments and coastal cabotage.

The Forum of Africa-Singapore Business (FAAS) 2016

9. Designed and launched in 2010 by IE Singapore, FAAS 2016 is the fourth edition of this forum, which is recognized as an important platform for the promotion of investment, trade and thought leadership between Asia and Africa. To date, the FAAS gathered more than 2,000 senior business leaders and government officials from 30 countries. (See Annex 2 for the list of speakers at FAAS 2016)

10. Over the years, the FAAS has also become the focal point for initiatives focusing on Africa. This year, several co-located events, including a high-level meeting for foreign affairs ministers of Africa, as well as seminars on private capital and technology in Africa, will take place.

Appendix 1: Speech by Mr Lee Ark Boon, CEO, IE Singapore
Appendix 2: List of Speakers in 2016 FAAS
Appendix 3: Event Photos (FAAS 2016)

For more on Africa, see http://www.IESingapore.gov.sg/asbf/Market-Information

More information available on our Twitter accounts ( @IE_Africa ) and Facebook ( IE Singapore ).

[1] Source: Global Economic Outlook, International Monetary Fund, 2016
[2] Source: IE Singapore
[3] Source: Department of Statistics, Ministry of Trade and Industry
[4] Source: World Bank, 2015

Distributed by APO for International Enterprise (IE) Singapore.

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About International Enterprise Singapore:
International Enterprise (IE) Singapore is the government agency that promotes international trade and accompanying Singaporean companies wanting to launch abroad. Our vision is of a prosperous business center in Singapore to compete at international level and major international traders.

IE Singapore attracts commodity dealers around the world to establish their global or Asian base in Singapore. Today, Singapore is a thriving hub of commerce with a complete ecosystem for energy affairs, food products, metals and minerals.

Through our partnership with our global businesses and assistance for the preparation of the market, we also work with companies based in Singapore in their various stages of growth to become globally competitive.

Our global network of overseas centers in more than 35 locations provides the necessary connections in many developed and emerging markets. See www.iesingapore.gov.sg for more information.

About the Forum of Africa-Singapore Business 2016:
Returning for its fourth edition, the Forum of Africa-Singapore Business is the first business platform for exchanging ideas and promoting trade and investment ties between Africa and Singapore.

Organized by IE Singapore, the government agency driving the external economy, the Forum of Africa-Singapore Business is a valuable platform for business leaders and governments in both regions to network and deepen partnerships.

See www.IESingapore.com/asbf for more information.

SOURCE
International Enterprise (IE) Singapore