Singapore, Armenia sign pacts to strengthen economic, bilateral ties

Singapore

SINGAPORE and Armenia sealed four memoranda of understanding (MOUs) and one agreement on Monday, building on their friendly relations and common interests.

In a statement issued last night, the Ministry of Foreign Affairs said the pacts will help strengthen economic ties and enhance bilateral ties.

The exchange of documents was witnessed by Prime Minister Lee Hsien Loong and Armenian Prime Minister Nikol Pashinyan, who is on his first official visit to Singapore.

An agreement for the avoidance of double taxation was inked, which will boost cross-border trade and investment between the Republic and Armenia.

Another key area for closer collaboration is tourism, with the two countries signing an MOU that will enable them to gain from the sharing of tourism knowledge and best practices.

The remaining three MOUs dealt with cultural and artistic cooperation, the exchange of botany-related knowledge as well as technical and vocational education.

In conjunction with the official visit, the Singapore-Armenia Business Roundtable was held on Monday.

Eight Singapore companies spanning sectors as diverse as manufacturing, energy, agri-commodities and technology and analytics expressed interest in strengthening business ties between the two countries.

Also present at the roundtable were Mr Pashinyan, Minister of High-Technological Industry Hakob Arshakyan and other members of the Armenian delegation.

In his welcome address at the event, Senior Minister of State for Trade and Industry Koh Poh Koon encouraged closer collaboration between both countries, in trade and investment.

Comparing Armenia with the Republic, Dr Koh said: "Armenia is a hub and a transition point between the European markets and Central Asia and many of the companies here have business interests in that part of the world as well.

"In that aspect, there is some similarity between Armenia playing that bridging role between Europe and Central Asia and Singapore being a springboard into the larger South-east Asian market."

Total bilateral trade between Singapore and Armenia was a modest S$2.8 million in 2018.

Hailing the roundtable as a valuable platform for Singaporean companies to better understand Armenia's business landscape, Singapore Business Federation chief executive Ho Meng Kit called it a "clear sign of commitment from both governments".

Once concluded and entered into force, the Eurasian Economic Union (EAEU)-Singapore Free Trade Agreement (EAEUSFTA) will usher in more business engagements between the two countries, he added.

Armenia currently chairs the EAEU, which also includes Belarus, Kazakhstan, Kyrgyzstan and Russia.

Through the five-member trade bloc, investors can tap on a US$1.8 trillion market comprising 180 million people.