Mr Iswaran (left) during the signing ceremony yesterday. The agreements come at a time of growing interest among Singapore firms to explore opportunities in Africa. Photo: IE Singapore Agreements on tax, bilateral investment and air services open doors to emerging market. SINGAPORE — The Republic yesterday inked several tax, investment and air services agreements with Africa, in a move that will boost relations with the world’s second-largest and second most-populous continent. The agreements will also ease entry by Singapore firms into a region that investing guru Mark Mobius once described as the emerging market story of the next decade. Among the agreements signed by Minister for Trade and Industry (Industry) Mr S Iswaran at the fourth edition of the Africa Singapore Business Forum (ASBF) was an Avoidance of Double Taxation Agreement (DTA) with Ethiopia, a Bilateral Investment Treaty (BIT) with Mozambique, and a Bilateral Air Services Agreement (ASA) with Nigeria. “While our traditional overseas markets remain important, Singapore companies must venture beyond these markets to seize opportunities in untapped markets 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,” said Mr Iswaran. The Ethiopia-Singapore DTA clarifies the taxing rights between Singapore and Ethiopia, on all forms of income flows arising from cross-border business activities, and minimises the double taxation of such income. This will lower barriers to cross-border investment,...
S’pore deepens trade relations with Africa
Posted on: August 25, 2016
Posted on: August 25, 2016