Tendersinfo keep you informed about the latest events in the national and international Procurement Industry. Procurement News provides in-depth coverage of the procurement industry, including contract awards, contract additions, new contract wins, mergers and acquisitions. Tendersinfo through its tender news section provides an update on all domestic and global tendering opportunities, invitation to bid & trade leads.
Singapore,South Africa : IE inks an MoU with IFC
Publish Date : 03-Sep-2012
A Memorandum of Understanding (MoU) has been inked between Singapore\'s International Enterprise (IE) and the International Finance Corporation (IFC), the private investment arm of the World Bank Group, to tap growth prospects and identify investment opportunities in Africa.
The MoU, which was inked at the recently concluded Africa-Singapore Business Forum held by IE Singapore, aims to boost closer trade links between the Asia Pacific city-state and African firms.
Under the memorandum, Singapore will be able to access the IFC\'s 21 offices in the continent and subsequently profit from the funding agency\'s vast experience, market knowledge, and extensive network in Africa.
The diverse continent has recently shown enormous potential and rapid growth, with a rise in GDP of 5% per annum in the last 5 years, exceeding the world average of 3.6% during the same period.
Satish Bakhda, General Manager and Head of Operations at Rikvin, a Singapore company incorporation specialist, said : \"The long-term benefits of the MoU are substantial. Africa\'s growth sectors offer a myriad of opportunities for business collaboration\".
He added : \"The IFC agreement will allow Singapore companies to expand their businesses while benefitting the African economy. It will open doors to Singapore companies, as well as allow international investors to tap Africa via Singapore. More importantly, expanding into African markets will cement Singapore\'s reputation as a premier business location for international investors seeking Singapore company formation\".
In the last five years, Singapore\'s trade with Africa has been increasing at a compound growth rate of 11.8% per annum, hitting a record high of nearly S$14 billion in 2011. With direct investments reaching up to S$23.8 billion in 2010, Singapore is Africa\'s major ASEAN investor so far, and now with the recent MoU, total trade is expected to get as significant boost.
