NAIROBI (Xinhua) --
Kenya on Tuesday signed an agreement
with Singapore to phase out double taxation and attract
investments from the Southeast Asian country in key sectors like
agro-processing and financial services.
the Cabinet Secretary for National Treasury and Planning, said
the elimination of double taxation will promote trade between
the two countries alongside sharing of expertise required to
hasten economic growth.
"The main objective of eliminating double taxation is to
create a conducive environment for investments and trade in
goods and services between Kenya and Singapore," said Rotich.
"Other benefits include facilitation in tax administration
through sharing of information by tax authorities of the two
countries, hence checking tax evasion," he added.
Rotich said that Kenya is keen to tap into Singapore’s
expertise in policy and regulatory reforms as well as human
resources development that catapulted it to middle income status
within a short period.
Currently, the balance of trade between Kenya and Singapore
is in favor of the latter and represents a deficit of an
estimated 51 million U.S. dollars.
According to Rotich, Kenya’s exports to Singapore that
includes tea, fruits, nuts and vegetables stood at 30 million
dollars while imports from the country that included synthetic
fibers and polymers stood at 50 million dollars in 2017.
He said the signing of an agreement on promotion of
investments between Kenya and Singapore will help address the
yawning trade deficit.
"The agreement is also designed to encourage investor
confidence by setting high standards of investor protection
applicable in international law," said Rotich.
Tharman Shanmugaratnam, Singapore’s Deputy Prime Minister and
Coordinating Minister for Economic and Social Policies, said the
removal of double taxation will encourage investors from his
country to venture into Kenya’s rapidly growing manufacturing,
logistics and ICT sectors.
"We intend to deepen our cooperation with Kenya given that it
is East Africa’s largest business and logistics hub.
"The elimination of double taxation will encourage our
business entities to look for opportunities in Kenya,"
He revealed that Singapore private investors will be holding
regular forums with their Kenyan counterparts to explore
investment opportunities in key areas like shipping, logistics,
water solutions, construction and tourism.
Singaporean firms eye
Kenya’s financial technology sector
NAIROBI (Xinhua) --
Singaporean firms on Wednesday expressed interest
in investing in Kenya’s financial technology sector.
Tharman Shanmugaratnam, visiting Deputy Prime Minister (DPM)
and Coordinating Minister for Economic and Social Policies, told
a media briefing in Nairobi that Kenya has one of the most
developed financial services sectors in Africa.
"Singaporean firms are seeking to partner with Kenyan firms
in order to further entrench use of technologies in the
financial sector," Shanmugaratnam said when Enterprise
Singapore, the Singapore government agency promoting the growth
of Singapore’s overseas investments and trade, announced the
opening of its Nairobi Overseas Center.
The Nairobi Overseas Center will be Enterprise Singapore’s
third office in Africa, which will serve as its regional hub for
The office is expected to facilitate Singapore companies’
investments in Kenya and East Africa, and promote partnerships
between Singapore and East African companies.
The Singapore government delegation was accompanied by 20
Singapore companies who are visiting Kenya and Rwanda from June
12 to 14.
During the event, six Memoranda of Understanding (MOUs) were
signed between Singapore and Kenyan companies across corporate
governance, e-payment and trade facilitation.
Shanmugaratnam said that Singaporean entrepreneurs are also
keen to invest in the transport, logistics, as well as
He noted that Kenya is an ideal investment destination
because it is the regional hub for Eastern Africa.
He added that East Africa has plenty of opportunities due to
its large population, skilled human capital as well as growing
Yew Sung Pei, Assistant CEO of Enterprise Singapore, said
that East Africa houses some of the fastest-growing economies in
Pei said that 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.
He noted that Kenya, with its stable growth and
business-friendly environment, is the gateway to East Africa and
so the Nairobi office is expected to broaden the network of East
African partners and strengthen the Singapore brand in the
Currently, there are over 60 Singapore companies operating in
Africa, across more than 50 countries, with 19 billion U.S.
dollars invested in the continent.
In addition, the Nairobi Overseas Center will allow Kenyan
and African companies, including Small and Medium Sized
Companies, to leverage Singapore as a gateway to capture growth
opportunities in Asia.