International Enterprise (IE) Singapore, an agency under the Singapore Ministry of Trade and Industry, has taken a significant step to engage the Economic Community of West African States (ECOWAS) with the official opening of its first Overseas Centre in the sub-region on 23 July 2013.
Based in Accra, Ghana, the Overseas Centre aims to catalyse strategic trade and investment initiatives between Singapore, Ghana and the ECOWAS countries.
IE Singapore is a government agency promoting the growth of Singapore�s overseas investments and trade. With a global network in over 35 locations, it facilitates investments by Singapore companies into developed and emerging markets across a range of industries and growth sectors.
These include urban solutions (urban planning, waste and water management), transport and logistics (management of ports and airports), infocomm technology (telecommunications and e-government), manufacturing as well as business services such as healthcare and education.
IE Singapore also develops and promotes international trade, working with global commodities traders to establish their global or Asian home base in Singapore. In Asia, Singapore is a leading commodities trading hub in energy, agri-commodities and metals & minerals.
The IE Singapore Accra Overseas Centre will serve as a window to the ECOWAS for Singapore. It aims promote and facilitate economic partnerships between Singapore and the ECOWAS, both on a government and private sector level.
Said IE Singapore�s Centre Director in Accra, Mr Ian Lee, �As the ECOWAS embarks on a path of swift socio-economic development, its countries will require partners that bring meaningful investments. Having gone through a similar development path, Singapore is well-placed to share our experience with the region.�
IE Singapore will also support companies in the ECOWAS venturing into Asia, using Singapore as a base for their regional operations. Singapore is strategically located in the heart of Asia and has well-connected infrastructure to the region.
Growing Singapore-Ghana economic relations
Trade between both countries has been on the uptrend, increasing six-fold to reach S$1.16 billion in 2012.
Added Mr Lee, �Supported by the sub-region�s growth, we see an opportunity for Ghana and Singapore to deepen our already positive trade and investment links. Singapore companies are reliable, long-term business partners that can participate in Ghana�s development through the transfer of knowledge and technology.�
In Ghana, Singapore hopes to help build capacity and contribute to growth in the following sectors:
� Transport and logistics: Ghana�s rapidly developing economy has led to a rise in trade. With the increased demand for sea and in-land logistics services, Singapore companies can contribute in areas such as port management, logistics and warehousing.
� Oil & gas: Development of the oil & gas industry has resulted in a rise in upstream and downstream activities. This has created demand for services supporting oil & gas exploration and production activities, an area that Singapore companies have established expertise in.
� Consumer: With the country�s private consumption projected to grow at 6.5% in 2013 and 6% from 2014 to 2017, Singapore companies are keen to offer more options for consumer products such as food and electronics through partnering local distributors, or setting up manufacturing facilities.
The official opening ceremony for IE Singapore�s Overseas Centre will take place on 23 July 2013 in Accra, Ghana.
The event will be graced by Singapore�s Senior Minister of State for Trade and Industry, Mr Lee Yi Shyan, who will be leading a business delegation of Singapore companies to West Africa.
Also in attendance will be Mr Teo Eng Cheong, Chief Executive Officer of IE Singapore, Mr Dileep Nair, Singapore�s High Commissioner to the Republic of Ghana, and Mr Shabbir Hassanbhai, Vice Chairman of the Singapore Business Federation and Chairman of the Africa Business Group.
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