SINGAPORE OPENS TRADE AND INVESTMENT OFFICE IN NAIROBI

NAIROBI– The Singapore Government has officially opened the Enterprise Singapore Nairobi office which seeks to deepen promotion of trade, investments and enterprise development between the two countries.

Adan Mohamed, kENYA’S Cabinet Secretary (Minister) for Industry, Trade and Cooperatives, who opened the trade and investment office here Wednesday, credited Singapore’s contribution to key segments of the Kenyan economy. The opening was also attended by Singapore Deputy Prime Minister and Co-ordinating Minister for Economic and Social Policies Tharman Shanmugaratnam.

Mohamed noted that the new office will help bridge the trade deficit between the two countries in support of the Kenyan Government’s agenda. Last year, Singapore imported products worth 3.6 million US dollars from Kenya while its exports to Kenya amounted to 56.5 million USD.

Kenya’s main exports to Singapore include tea, coffee, fruits, nuts, tobacco, fish and vegetables. Singapore’s major exports to Kenya include petroleum products, polymers of ethylene, plant machinery and equipment, data processing machines and telecommunications equipment.

Shanmugaratna lauded Kenya’s positioning in the East and Central Africa region and the ongoing trade reforms as impetus for trade between the two countries.

I believe that this office will play a significant role in deepening and opening new markets and investments between Singapore and Kenya as well as the East and Central African Region.

Kenya’s ideal positioning provides a launching pad to penetrate the enormous market of over 650 million people of the African Continental free Trade Area and Tripartite Free Trade Area (aFcfta) arrangement.

This market brings together three established Regional Communities of the East Africa Community (EAC), the Common Market for Eastern and Southern Africa (COMESA) and the Southern Africa Development Community (SADC).

Source: NAM NEWS NETWORK