" ITREALMS: Singapore opens Nairobi overseas centre to boost trade - ITREALMS

Thursday, June 14, 2018

Singapore opens Nairobi overseas centre to boost trade - ITREALMS

The Enterprise Singapore (ESG) has opened the Nairobi overseas centre to boost investments and trade, reports ITRealms.

The Nairobi Overseas Centre, ITRealms gathered, was opened by Singapore’s Deputy Prime Minister (DPM) and Coordinating Minister for Economic and Social Policies, Mr Tharman Shanmugaratnam, Kenya’s Cabinet Secretary for the Ministry of Trade, Industry & Cooperatives Mr Adan Mohamed, and Singapore’s Senior Minister of State (SMS) for Trade and Industry Dr Koh Poh Koon.

This is Enterprise Singapore’s third office in Africa, which will serve as its regional hub for East Africa. It complements Enterprise Singapore’s existing regional hubs in Johannesburg (South Africa) and Accra (Ghana). Enterprise Singapore’s Nairobi Overseas Centre will facilitate Singapore companies’ investments in Kenya and East Africa, and promote partnerships between Singapore and East African companies.

“East Africa houses some of the fastest-growing economies in the continent. Enterprise Singapore sees great potential for Singapore companies to offer their knowledge and expertise across areas such as infrastructure development and manufacturing, which are key priorities in this region. Kenya, with its stable growth and business-friendly environment, is the gateway to East Africa and we are positive that our office here will broaden our network of East African partners and strengthen the Singapore brand in the region,” said Mr Yew Sung Pei, Assistant Chief Executive Officer, Enterprise Singapore.

Currently, there are over 60 Singapore companies operating in Africa, across more than 50 countries, with US$19 billion invested in the continent. At the opening today, seven Memoranda of Understanding (MOUs) were signed between Singapore and Kenyan companies across corporate governance, e-payment, trade facilitation and natural resources.

In addition, the Nairobi Overseas Centre will allow Kenyan and African companies, including Small and Medium Sized Companies, to leverage Singapore as a gateway to capture growth opportunities in Asia. Strategically located at the heart of Asia, Singapore is in the middle of key trade flows from Europe, the United States, the Middle East, Australia and Asia, hence making a good springboard for African enterprises seeking growth in Asia.

On 12 June 2018, the Kenyan and Singapore governments signed Bilateral Investment Treaty (BIT) and Avoidance of Double Taxation Agreement (DTA) agreements to further cement bilateral economic ties. The signings were witnessed by Singapore’s Deputy Prime Minister Shanmugaratnam. Singapore will also sign a BIT and an Air Services Agreement (ASA) with Rwanda on 14 June 2018. These agreements further boost cross-border trade and investment flows, adding to Singapore’s fast-growing treaty network with Africa.

Over 150 business and government leaders from Singapore and Africa attended Enterprise Singapore’s Nairobi Overseas Centre opening ceremony. Singapore’s Deputy Prime Minister Shanmugaratnam and Senior Minister of State Koh are visiting Kenya and Rwanda from 12 - 14 June 2018. They are accompanied by 20 Singapore companies on a business mission jointly organised by the Singapore Business Federation and Enterprise Singapore.

Some of the Singapore companies that operate in Kenya include: CrimsonLogic , which is working with Kenya Trade Network Agency to design and run innovative and sustainable services to collaborate with Kenyan citizens and ecosystem. It also won the Kenya National Electronic Single Window System (KNESWS) in 2012; Pacific International Lines (PIL) , one of the first few liners in the world that provides a link from Asia/Middle East to Africa; and Red Dot Payment , which provides online payment solutions. They just signed a MOU today to provide alternative e-payment methods to Equity Bank.

Nenye Dom/GEE

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