Business

Enterprise Singapore opens new centre in Kenya

Enterprise Singapore (ESG) opened a centre in Kenya yesterday - its third in Africa - to help local companies enter the region and boost trade and investment between the two markets.

The centre in the capital Nairobi will serve as a regional hub for East Africa and complement ESG's outlets in Johannesburg, South Africa, and Accra, Ghana.

ESG assistant chief executive Yew Sung Pei said: "Today, over 60 Singapore companies operate in Africa across more than 50 countries. Interest from Singapore companies is growing.

"Our (Nairobi) office will identify opportunities for Singapore companies, broaden our networks and strengthen the Singapore brand in the fast-growing region."

ESG has identified several growth sectors in East Africa where Singapore firms can contribute, including fintech, e-commerce, logistics, light manufacturing and urban solutions and energy.

The official opening coincided with a state visit to Kenya and Rwanda by Deputy Prime Minister Tharman Shanmugaratnam, who is also Coordinating Minister for Economic and Social Policies, and Dr Koh Poh Koon, the Senior Minister of State for Trade and Industry.

The delegation is accompanied by 20 Singapore firms on a business mission organised by ESG and the Singapore Business Federation.

Singapore's economic ties with East Africa have been strengthened with the signing of a bilateral investment treaty and avoidance of double taxation agreement between Singapore and Kenya on Tuesday.

A bilateral investment treaty and an air services agreement with Rwanda will be signed today.

Six memoranda of understanding (MOUs) were also signed between Singapore and Kenyan partners yesterday.

BUSINESS & FINANCE