Singapore Implements Bilateral Trade Treaties With Burkina Faso, Ivory Coast

Singapore Implements Bilateral Trade Treaties With Burkina Faso, Ivory Coast

From Channel News Asia

Introducing new approaches in areas such as logistics and water treatment can be Singapore’s role in Africa’s development by introducing new approaches, said Deputy Prime Minister Tharman Shanmugaratnam at the 3rd Africa Singapore Business Forum on Wednesday (Aug 27).

“When we think of Africa, we must think of it as an opportunity to add value,” he said. “Because Singapore is a very small country, we have never thought about opportunities in the rest of the world in terms of scale – let me go in and grab this, or grab that. It is always in terms of how can I find a small niche for myself, where I can add value, where I can introduce new ideas, new approaches, and raise productivity.”

Trade ties between Singapore and Africa are growing. The Republic entered into a Bilateral Investment Treaty (BIT) with two African nations, Burkina Faso and Ivory Coast, at the business forum on Wednesday.

Singapore’s Second Minister for Trade and Industry, Mr S Iswaran, signed the Burkina Faso-Singapore BIT with Minister for Industry, Commerce and Handicraft Arthur Kafando. The Ivory Coast-Singapore BIT was signed with Minister for Commerce, Craft and SME Promotion Jean Louis Billon.

Both BITS aim to protect investors’ interests from the countries involved and open up more business and investment opportunities. Singapore companies operating in Burkino Faso and Ivory Coast will enjoy treaty protection on top of protection under their domestic laws.

Read more at Channel News Asia