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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