Singapore inks three bilateral deals with Ethiopia, Mozambique and Nigeria

SINGAPORE'S Minister for Trade and Industry (Industry) S Iswaran inked bilateral deals with three African countries during the Africa-Singapore Business Forum on Wednesday.

These are: An agreement with Ethiopia on avoidance of double taxation, an investment treaty with Mozambique and an air services agreement with Nigeria.

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 S$10.95 billion. As at end-2014, Singapore's stock of total direct investment abroad in Africa was S$22.1 billion, while Singapore's stock of foreign direct investment from Africa amounted to S$21.5 billion.