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Enterprise Singapore opens overseas centre in Kenya to spearhead Singapore companies’ entry into fast-growing East Africa

Singapore companies to look forward to capturing opportunities in fintech, urban solutions, manufacturing, consumerism, logistics.

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Published by Enterprise Singapore
on 09 Jul 2018

Enterprise Singapore opens overseas centre in Kenya to spearhead Singapore companies’ entry into fast-growing East Africa
  1. Enterprise Singapore (ESG) opened its third overseas centre in Africa today to facilitate Singapore companies’ entry into East Africa and boost two-way trade and investment flows. Enterprise Singapore has identified key growth sectors in East Africa such as fintech, e-commerce, logistics, light manufacturing, urban solutions and energy, where Singapore companies can contribute. Located in Nairobi, Kenya, the new overseas centre will serve as a regional hub for East Africa, complementing Enterprise Singapore’s existing regional hubs in Johannesburg (South Africa) and Accra (Ghana).

  2. The opening was officiated by Deputy Prime Minister (DPM) and Coordinating Minister for Economic and Social Policies Mr Tharman Shanmugaratnam, Senior Minister of State (SMS) for Trade and Industry Dr Koh Poh Koon, and Kenya’s Cabinet Secretary for Ministry of Industry, Trade & Cooperatives Mr Adan Mohamed. Over 250 business and government leaders from Singapore and Africa attended the opening ceremony. DPM Shanmugaratnam and SMS 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 Singapore Business Federation and Enterprise Singapore.

  3. Said Mr Yew Sung Pei, Assistant Chief Executive Officer, Enterprise Singapore, “Today, over 60 Singapore companies operate in Africa across more than 50 countries. Interest from Singapore companies is growing. Our new office in Nairobi will actively identify opportunities for Singapore companies, broaden our networks, and strengthen the Singapore brand in the fast-growing region. With three regional hub offices in Sub-Saharan Africa, Enterprise Singapore has built a comprehensive in-market network to facilitate Singapore companies’ entry into the continent.”

  4. The growing bilateral economic ties with Africa were further cemented with the signings of a Bilateral Investment Treaty (BIT) and Avoidance of Double Taxation Agreement (DTA) between Singapore and Kenya yesterday, witnessed by DPM Shanmugaratnam. On 14 June 2018, Singapore will also sign a BIT and an Air Services Agreement (ASA) with Rwanda. These agreements add to Singapore’s fast-growing treaty network with Africa, boosting cross-border trade and investment flows. 

    Tapping East Africa’s strong potential

  5. Accounting for 22% of Sub-Saharan Africa’s total GDP, East Africa is the fastest-growing region in the continent. It grew 5.9% in 2017 to S$467.6 billion. The region is well-connected and is home to some of the fastest-growing economies in Africa, including Ethiopia, Kenya, Rwanda, Tanzania and Uganda. Kenya, with its stable growth and business-friendly environment, is the gateway to East Africa. It grew 5.1% in 2017 and is expected to grow further at 5.5% this year.

    Growing ties between Singapore and Kenya

  6. Six Memoranda of Understanding (MOUs) were exchanged today between Singapore and Kenyan partners covering corporate governance, e-payment and trade facilitation. For example:

    1. Red Dot Payment signed an MOU with Finserve Africa Limited, a subsidiary of Equity Bank, to collaborate on alternative e-payment methods such as WeChat and Alipay in Kenya. 

    2. CCRManager signed an MOU with Stanbic Bank to collaborate on a global platform for financial assets trading and to improve trade financing capacity. 
  7. From 28 to 29 August 2018, Enterprise Singapore will organise the fifth edition of the Africa Singapore Business Forum (ASBF), where delegates will discuss business opportunities, network and form potential partnerships. Participants can expect to glean insights on new topics including financing, digital technology and real estate. ASBF 2018 also sees greater representation of speakers from different regions of Africa.

Last Modified Date: 09 Jul 2018