IE Singapore Opens In Accra To Bring Trade And Investment Into Ghana And The Region

Four agreements inked between Ghana and Singapore to promote public and private sector collaboration.

Ghana, Tuesday, 23 July 2013
1. International Enterprise (IE) Singapore, the Singapore government agency spearheading the growth of international trade and overseas investments by Singapore-based companies, has officially opened its 38th global office in Accra. At the opening ceremony today, two agreements and two Memoranda of Understanding (MOUs) were signed between Singapore and Ghana, deepening collaboration between the public and private sectors of both countries.

2. IE Singapore's Accra Overseas Centre will help Singapore companies venture into the Economic Community of West African States (ECOWAS) sub-region, leveraging Ghana as a launch pad. It is IE Singapore's second office in Africa, coming six months after its office in Johannesburg in January 2013.

3. The Accra Overseas Centre opening was graced by Mr Haruna Idrissu, Ghana's Minister for Trade & Industry, and Mr Lee Yi Shyan, Singapore's Senior Minister of State for Trade & Industry and National Development. Also in attendance were Mr Teo Eng Cheong, Chief Executive Officer of IE Singapore, Mr Dileep Nair, Singapore's High Commissioner to the Republic of Ghana, and Mr Shabbir Hassanbhai, Chairman of the Africa Business Group, Singapore Business Federation.

4. IE Singapore's Accra Overseas Centre aims to boost economic collaboration by accelerating trade and investment cooperation in the ECOWAS sub-region, focusing on the logistics, oil & gas and consumer sectors. It will also facilitate companies from Ghana and ECOWAS looking to use Singapore as a base to expand into Asia and beyond.

5. Said Mr Teo Eng Cheong, Chief Executive Officer (CEO) of IE Singapore, 'Today, we are seeing growing interest from the Singapore business community to explore opportunities in Africa. Singapore-based companies are interested to partner Ghana in its long-term growth. Through this Overseas Centre in Accra, IE Singapore will identify and facilitate business partnerships that are aligned with Ghana and the region's development needs.'

6. At the opening ceremony, Singapore and Ghana signed two agreements and two MOUs, attesting to the mutual interest of both countries to partner each other.

7. To create a platform for Singapore companies looking to venture into the market, IE Singapore signed an MOU with the Ghana Investment Promotion Centre (GIPC) to jointly identify business opportunities and match Singapore companies with relevant partners in Ghana.

8. At the industry level, the Singapore Business Federation signed an MOU with the Association of Ghana Industries to collaborate on joint missions and facilitate the exchange of information.

9. In the private sector, Singapore companies entered partnerships in the consumer services and urban infrastructure sectors.

Singapore Company Kheng Keng Auto signed a joint venture agreement with Car Joint Company to build one-stop centres offering automobile solutions in Ghana.

RSP Architects Planners & Engineers and ABP Consult, consultancies from Singapore and Ghana respectively, signed an agreement to jointly work together for the sourcing and servicing of real estate development projects in Ghana.

10. Trade between ECOWAS and Singapore has grown at a compound annual growth rate of 10% in the last five years (2008-2012) to reach SGD6.9 billion (GHS1.9 billion) . Singapore's trade relations with Ghana in particular has been on the rise, increasing six-fold to reach SGD1.2 billion (GHS 2 billion) in 2012.

11. For general enquiries about doing business with Singapore companies in Ghana, or locating your business in Singapore, visit the IE Singapore website at www.iesingapore.com, or call its toll-free line at +65 6337 8120 for more information.

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Issued by INFOCUS PR on behalf of IE Singapore
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