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.