Addis Ababa (HAN) August 24.2016. Public Diplomacy & Regional Security News. Singapore’s Minister for Trade and Industry (Industry) S Iswaran inked bilateral deals with Ethiopia on avoidance of double taxation during the Africa-Singapore Business Forum on Wednesday.
The Minister also signed agreements with Mozambique and Nigeria on investment air services, respectively.
In a joint statement issued by the Ministries of Trade and Industry, Finance and Transport, Mr Iswaran 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.
In 2015, Singapore’s total trade with Africa amounted to 10.95 billion Singapore dollars. As at end-2014, Singapore’s stock of total direct investment abroad in Africa was 22.1 billion Singapore dollars, while Singapore’s stock of foreign direct investment from Africa amounted to 21.5 billion Singapore dollars.