Singapore inks bilateral agreements with Ethiopia, Mozambique and Nigeria

Singapore inks bilateral agreements with Ethiopia, Mozambique and Nigeria

Aug 24, 2016: Singapore inked bilateral tax, investment and air services agreements with Ethiopia, Mozambique and Nigeria at the Africa Singapore Business Forum (ASBF).

International Enterprise (IE) Singapore also announced at the forum the establishment of its third overseas centre in Africa. Due to open in Nairobi, Kenya in 2017, the centre will give Singapore companies access to the fast-growing East Africa region. Singapore's Minister for Trade and Industry (Industry) S Iswaran signed an avoidance of double taxation agreement with Ethiopia, an investment treaty with Mozambique and an air services agreement with Nigeria. In a joint statement issued by the Ministries of Trade and Industry, Finance and Transport, MrIswaran said Singapore companies must venture beyond traditional overseas markets to seize opportunities in untapped countries in regions such as Africa. "Ethiopia, Mozambique and Nigeria are three fast-growing African economies and the agreements signed today signify commitment on the part of Singapore and the respective African governments to support trade, tourism and investment between our countries," he said. Singapore also has bilateral investment treaties with Ivory Coast and Burkina Faso, and double taxation agreements with Rwanda and the Seychelles. Since 2005, Singapore-Africa bilateral trade has grown at a compounded annual growth rate of 5.2 per cent, reaching S$11.5 billion in 2015, IE Singapore said. As of end 2014, Singapore's cumulative direct investments into Africa stand at S$22.1 billion. There are 60 Singapore companies operating across more than 50 African countries.
Photo caption: Minister for Trade and Industry (Industry) Mr S. Iswaran speaking at an event on May 31, 2016.PHOTO CREDIT: BUSINESS TIMES

Related Posts

DP World joins hands with Masdar’s green energy solutions for Africa and the Middle East ports

DP World joins hands with Masd ...

Jun 23, 2017: Dubai-based DP World and Abu Dhabi’s renewable energy company Masdar, have entered into a Memorandum of Unders ...

China Southern Airlines and Etihad Airways enter into codeshare agreement

China Southern Airlines and Et ...

Jun 23, 2017: The Abu Dhabi-headquartered Etihad Airways, and China Southern Airlines, Asia’s largest airline, have announce ...

New Port of Ghoubet opens for operations

New Port of Ghoubet opens for ...

Jun 23, 2017: Djibouti has opened the new $64 million Port, Port of Ghoubet. This is the third of the four ports designed to boost ...

AFI KLM E&M secures support contract for Air Mauritius’ A350 fleet

AFI KLM E&M secures suppor ...

Jun 22, 2017: AFI KLM E&M has won a long-term component support contract for Air Mauritius' new Airbus A350s. This contra ...