Singapore businesses move towards forging stronger business collaborations with the emerging markets of Tanzania and Kenya
Engaging the East Africa Community via its largest consumer markets
Singapore, Wednesday, 09 November 2011 - The Singapore Business Federation (SBF) and the Singapore Chinese Chamber of Commerce and Industry (SCCCI) jointly led a business mission to Tanzania and Kenya from 9 - 16 November 2011 in conjunction with the visit by Mr. Lee Yi Shyan, Minister of State, Ministry of Trade & Industry and National Development
Led by Mr. Teo Siong Seng, Vice Chairman of SBF and Chairman of SCCCI, the 34-member delegation comprises top executives from the various sectors of agriculture commodities, logistics, industrial park development, mining, consumer products, financial and investment services, luxury retail and ICT. Mr. Zainul Abidin Rasheed, former Senior Minister of State, Ministry of Foreign Affairs was alsopart of this delegation in his capacity as Advisor to SBF's Africa Business Group.
The delegation visitedTanzania from 9 - 12 November, covering economic centre Dar esSalaam and the semi-autonomous region of Zanzibar, to gain first hand insights on the business dynamics and opportunities in Tanzania's emerging economy. Tanzania is a transition economy and has introduced policies to transform its former socialist economy progressively into a market economy. Over the last 10 years, the country was the leading investment destination in East Africa with FDI stock exceeding USD6 billion dollars. This mission sought to help Singaporean delegates identify projects in agriculture, infrastructure, mining, tourism, retail and real estate amongst others.
The mission then moved on to Kenya's capital and commercial centre, Nairobi from 13 - 16 November to better understand the new investment and trade climate for the country following the passage of the new constitution in August 2010, in addition to exploring the developmental opportunities for Singaporean companies under the Kenya 2030 economic development master plan. As the regional economic and commercial hub of East and Central Africa, Nairobi is one of the most prominent cities in Sub Saharan Africa. It is the regional headquarters for several international companies and organisations, including the headquarters for the United Nations in Africa and Middle East. Additionally, Nairobi is home to the Nairobi Stock Exchange, one of the largest in Africa.This is the second delegation SBF has dispatched to Kenya within a span of a year. The last exploratory delegation to East Africa took place in December 2010, with a 14-member delegation comprising of companies from consumer goods, retail, ICT, construction material, security and oil & gas.
Tanzania and Kenya are key economic heavyweights of the East Africa Community (EAC), a five member country trade bloc located in East Africa. Kenya is EAC's largest economy and the economic, logistics and commercial hub for the region due to its strategic location, unrivalled infrastructure, talent pool and entrepreneurial community. Both Tanzania and Kenya are also the first and second largest consumer market respectively within the EAC, with an approximate 83 million population and USD54.5 billion GDP in total. The ports of Mombasa in Kenya and Dar es Salaam in Tanzania also serve as the key entry points for goods moving in and out of the three other landlocked EAC member countries (Uganda, Rwanda and Burundi).
Delegates on this mission met up withkey government officials from the Tanzanian and Kenyan Ministry of Industry and Trade, Ministry of Finance & Economic Affairs and Ministry of Transport, and with the political leaders of Zanzibar. In addition, they also participated in several networking events, business matching sessions and site visits organised by SBF's counterparts in both countries. Through this business mission, SBF also explored the feasibility of third country collaborations by working with the Chinese embassies present in Kenya and Tanzania to arrange networking and information sharing sessions between the delegates and Chinese companies present in Africa. It is envisaged that through these networking platforms, Singapore and Chinese companies would be able to work jointly and complement each other.
About Africa Business Group
The Africa Business Group (AFBG) is formed under the auspices of the Singapore Business Federation (SBF). The AFBG was launched in July 2010 during the inaugural Africa-Singapore Business Forum, where Mr. Lee Yi Shyan, Minister of State, Ministry of Trade and Industry and Ministry of Manpower, was the Guest-of-Honor and witness.
The AFBG will be a platform to facilitate the exchanges between the Singapore business community and their counterparts from the African region. Partnering business associations and investment promotion agencies in the African region, AFBG will assist Singapore companies to make inroads into the fast growing markets of Africa and play a part in the developmental needs of region. AFBG is headed by Mr. Shabbir Hassanbhai, Council Member, SBF and Director, Indo Straits Trading Co Pte Ltd.
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