Singapore signs bilateral treaty with Burkina Faso and Ivory Coast

More opportunities for Olam and Agritech.

Singapore is pressing foot on Africa with a new bilateral treaty with Burkina Faso and Ivory Coast hoping to protect investors’ interests from both countries and open up more business and investment opportunities.

According to a media release, Singapore Second Minister for Trade and Industry, Mr S Iswaran signed a Bilateral Investment Treaty (BIT) with two African countries earlier – Burkina Faso and Ivory Coast. The Burkina Faso-Singapore BIT was signed with Minister for Industry, Commerce and Handicraft Arthur Kafando and the Ivory Coast–Singapore BIT was signed with Minister for Commerce, Craft and SME Promotion Jean Louis Billon. Both signings took place today at the 3rd Africa Singapore Business Forum 2014 held in Singapore.

In a release by MTI, the treaty also underscores the increasing bilateral trade and growing economic ties between Singapore and the two countries.

On the signing with Burkina Faso and Ivory Coast, Minister S Iswaran said, “The treaties will provide our companies operating in Burkina Faso and Ivory Coast better protection and greater investment confidence, thus promoting investment flows between our countries. It also highlights the scope for greater economic cooperation between Singapore and Africa. Singapore’s ties with Africa are growing and we look forward to building stronger relations with the region.”

The BIT with Burkina Faso will open up more opportunities in sectors such as agriculture. There are currently a few Singapore firms with a presence in Burkina Faso, such as Olam International Limited and Agritech. Bilateral trade with Burkina Faso has been increasing. From 2012 to 2013, bilateral trade with Burkina Faso increased 15% to S$2.54 million.