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IE Singapore Opens Office in Ghana to Unlock Opportunities in West Africa's MEDIA RELEASE IE Singapore opens office in Ghana to unlock opportunities in West Africa’s frontier markets Four agreements inked between Singapore and Ghana to promote public and private sector collaboration. MR No.: 022/13 Singapore, Wednesday, 24 July 2013 1. International Enterprise (IE) Singapore officially opened its 38th global office in Accra yesterday to catalyse and develop trade and investment opportunities in West Africa, leveraging Ghana as a launch pad. At the opening ceremony of IE Singapore’s Accra Overseas Centre, two Memoranda of Understanding (MOUs) and two agreements were signed between Singapore and Ghana, deepening collaboration by both countries on a public and private sector level. 2. This is part of IE Singapore’s efforts to spearhead the overseas expansion of Singapore companies in Africa. The Accra Overseas Centre is IE Singapore’s second office in Africa, coming six months after the its office in Johannesburg in January 2013. Both Overseas Centres will serve as gateways for Singapore companies into the high-growth regions of West and Southern Africa respectively. 3. The Accra Overseas Centre opening was graced by Ms Hanna Tetteh, Ghana’s Minister for Foreign Affairs, Mr Haruna Iddrisu, 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 (CEO) of IE Singapore, Mr Dileep Nair, Singapore’s appointed High Commissioner to Ghana, and Mr Shabbir Hassanbhai, Chairman of the Africa Business Group, Singapore Business Federation (Please refer to Annex 1 and 2 for speeches by Mr Teo Eng Cheong and Senior Minister of State Lee Yi Shyan). International Enterprise Singapore is the government agency driving Singapore’s external economy. IE Media Release 24 Jul 13 4. Said Mr Teo Eng Cheong, CEO of IE Singapore, “Venturing into emerging markets with significant investment potential is one way for Singapore companies to diversify risks as they expand their presence globally. IE Singapore is boosting our presence in Africa to help Singapore companies better navigate the market, and capitalise on the vast business opportunities available.” 5. Singapore companies’ interest in Africa is on the rise. There are an estimated 55 Singapore companies operating across 43 countries in Africa today, up from 35 companies across 29 countries in 2010. Singapore-Africa trade has grown at a compound annual rate of 19.5% since 2009, reaching S$13.8 billion in 2012. 6. Through its Accra Overseas Centre, IE Singapore aims to promote trade and investment in the Economic Community of West African States (ECOWAS) sub-region1, 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. Growing economic ties between Singapore and Ghana 7. At the opening ceremony yesterday, Singapore and Ghana signed two MOUs and two agreements, attesting to the mutual interests of both countries to partner each other. 8. 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. 9. 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. 1 ECOWAS is a regional group of fifteen West African countries; with the mission to promote economic integration across the region. Page 2 of 11 IE Media Release 24 Jul 13 10. 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. Annex 1: Welcome remarks by Mr Teo Eng Cheong, CEO of IE Singapore Annex 2: Opening address by Mr Lee Yi Shyan, Senior Minister of State for Trade & Industry and National Development Annex 3: Event pictures ---End--- Note to Editor Please use ‘IE Singapore’ or ‘IE’ if an acronym for ‘International Enterprise Singapore’ is required. In addition, unless otherwise stated, the use of statistics cited in our media releases, website or Statlink, should be attributed to IE Singapore. Issued by IE Singapore. For media enquiries and/or event pictures, please contact: In Ghana (8 hours behind Singapore): In Singapore: Janissa NG AW Xiuxing Manager Senior Manager Corporate Communications Group Corporate Communications Group DID : + 65 6433 4400 DID : + 65 6433 4722 Mob : + 65 9822 4710 Email : [email protected] Email : [email protected] ______________________________________________________________________ Page 3 of 11 IE Media Release 24 Jul 13 About International Enterprise Singapore International Enterprise (IE) Singapore is the government agency driving Singapore’s external economy. For the past 30 years, we have been spearheading the overseas growth of Singapore-based companies and promoting international trade. Our vision is a thriving business hub in Singapore with Globally Competitive Companies (GCCs) and leading international traders. IE Singapore attracts global commodities traders to establish their home base in Singapore. Today, Singapore is a thriving trading hub for the energy, agri-commodities and metals & minerals trading clusters. Through our Global Company Partnership and Market Readiness Assistance, we work with Singapore-based companies to customise total solutions in capability building, market access and financing for their internationalisation. Our global network of overseas centres in over 35 locations provides the necessary connections in many developed and emerging markets. Visit www.iesingapore.com for more information. Page 4 of 11 IE Media Release 24 Jul 13 ANNEX 1 WELCOME REMARKS BY MR TEO ENG CHEONG, CHIEF EXECUTIVE OFFICER, INTERNATIONAL ENTERPRISE SINGAPORE, AT THE OFFICIAL OPENING OF ACCRA OVERSEAS CENTRE, ON 23 JULY 2013, AT MOVENPICK AMBASSADOR HOTEL, ACCRA, GHANA The Honourable Hannah Tetteh, Minister for Foreign Affairs; The Honourable Haruna Iddrisu, Minister for Trade and Industry, Ghana; Mr Lee Yi Shyan, Senior Minister of State for Trade & Industry and National Development, Singapore; Distinguished Guests, Ladies and Gentlemen. 1. Akwaaba!2 A very warm welcome to the official opening of International Enterprise Singapore’s Overseas Centre in Accra. 2. It is a pleasure to have so many of you from Ghana and Singapore join us at this important milestone. INTRODUCTION 3. Singapore is a small country. We are located in the heart of Southeast Asia, with a total land area of just 710 square kilometres, a fraction of the Greater Accra Region. 4. Given Singapore’s limited domestic market, the external economy is critical for our sustainable, long-term growth. By external economy, I am referring to the economic activities generated by our international trade and overseas investments. These allow Singapore-based companies to address business opportunities while contributing in a positive way to economic development beyond our shores. 5. International Enterprise Singapore, or IE Singapore, is the government agency driving the growth of Singapore’s external economy. Through our Overseas Centres in over 35 locations, we facilitate investments by Singapore companies into 2 Means “Welcome” in Twi, one of the nine recognised ethnic languages in Ghana Page 5 of 11 IE Media Release 24 Jul 13 developed and emerging markets. We also promote international trade by working with global commodities traders to establish their global or Asian headquarters in Singapore. GROWTH OF GHANA, GATEWAY INTO ECOWAS 6. While Ghana and Singapore seem to be unlikely partners, there is significant potential in deeper cooperation between our two countries. As an early indication of the strengthening economic ties between Ghana and Singapore, our trade has increased six-fold over the past year, to reach S$1.2 billion, or 2 billion Cedis. 7. The International Monetary Fund expects Ghana’s economy to expand at a rate of more than 6 per cent a year until 2015, given the very strong economic fundamentals put in place by the government. 8. Ghana is an excellent gateway into the ECOWAS sub-region. Six of the 15 ECOWAS countries are among Ghana’s top 20 export partners, demonstrating the increasing importance of Ghana to the sub-region. Its strategic location also provides easy access to major economies such as Ivory Coast, Mali, Niger and Nigeria. SINGAPORE A RELEVANT PARTNER IN GHANA’S GROWTH 9. There are close to 30 Singapore companies in Ghana today, contributing to growth in sectors such as agri-commodities, logistics and infocomm technology. We hope to see this number increase given the many opportunities for Singapore and Ghana to work together. The signings today between the public and private sectors reflect the potential in a close partnership as Ghana develops. On an industry level, we hope to deepen business ties through the exchange of information and missions. On a company level, you will witness Singapore companies stepping
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