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Kenya ratifies trade treaties with Singapore after fete

People Daily - 11 September 2023

Kenya ratifies trade treaties with Singapore after fete
By Alvin Mwangi

Kenya’s ratification of a bilateral investment treaty with Singapore is set to enhance trade and investment relations between the two nations.

This treaty aims to protect the interests of investors from both countries and create a favourable environment for business opportunities in Africa and Asia.

This follows a forum organised by Enterprise Singapore brought business and government leaders from 40 countries to discuss Africa’s growth, digitalisation, manufacturing, and sustainability.
During the forum, five agreements were signed between Singapore and African companies.

Expanding trade relations
Tan Soon Kim, deputy CEO (Global Markets) at EnterpriseSG, said Singapore companies are responding to calls to explore Africa.

“This year, we have organised over 10 activities including business missions, webinars and workshops in sectors such as retail, healthcare, fintech, information and communications technology (ICT) and logistics,” Kim said. The forum highlighted the opportunities arising from the African Continental Free Trade Area (AfCFTA), which is expected to significantly boost intra-African trade.

Kenya plays a vital role in Singapore’s trade relations with Africa, with bilateral trade in goods reaching $1.1 billion in 2022. This treaty and the growing partnerships between Singapore and African countries are poised to foster economic growth, trade, and investment in the region.

 source: People Daily