World's 4th richest country opens regional business hub in Nairobi
5 days ago, 19:46
- The hub will be used to promote partnership between Singapore and East African companies
- It will also facilitate Singapore companies’ investments in the East Africa region
- Singapore chose to set base in Nairobi because of its business-friendly environment
- At least six MOUs were signed between Singapore and Kenyan companies during the office launch
The future looks more promising for the Kenyan business community as one of the world's richest and most developed countries set's base in Kenya.
Singapore, which had a GDP per capita of KSh 9.36 million (US$ 93,680) as of June 2018, has opened its first ever East African business centre in Nairobi.
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Speaking during the historic launch of the office dubbed Nairobi Overseas Centre on Wednesday, June 13, Enterprise Singapore's Assistant Chief Executive Officer, Yew Sung Pei, said this was third office in Africa and will serve as its regional hub for East Africa.
“East Africa houses some of the fastest-growing economies in the continent. Enterprise Singapore sees great potential for Singapore companies to offer their knowledge and expertise across areas such as infrastructure development and manufacturing, which are key priorities in this region," Pei told TUKO.co.ke.
He said Singapore chose Kenya because of its stable growth and business-friendly environment and will use the newly established Nairobi office as the gateway to East Africa.
"We are positive that our office here will broaden our network of East African partners and strengthen the Singapore brand in the region,” the Enterprise Singapore Assistant CEO said.
Enterprise Singapore is a government agency promoting the growth of Singapore’s overseas investments and trade.
The Nairobi Overseas Centre was opened by Singapore’s Deputy Prime Minister (DPM) and Coordinating Minister for Economic and Social Policies, Tharman Shanmugaratnam, Kenya’s Trade and Industry Cabinet Secretary (CS) Adan Mohamed, and Singapore’s Senior Minister of State (SMS) for Trade and Industry Koh Poh Koon.
Currently, there are over 60 Singapore companies operating in Africa across more than 50 countries.
Singapore has invested more than KSh 1.9 trillion (US$19 billion) in the continent.
Six Memoranda of Understanding (MOUs) were signed between Singapore and Kenyan companies across corporate governance, e-payment and trade facilitation during the launch of the Nairobi Overseas Centre.
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