Singapore Business Federation Facilitates Trade and Investment in the Republic of Niger
- Outlines six key considerations in its development of Budget 2014 recommendations
- Proposes targeted approach to help SMEs across three situations: SMEs seeking growth, SMEs in survival mode and SMEs in sectors with special needs
- Urges Government to allow more time for the restructuring process and not introduce any more measures that would exacerbate the already harsh conditions that SMEs are currently facing
23 January 2014 [Singapore] – Singapore Business Federation organised a half-day Niger-Singapore Business Forum which was held in conjunction with the first State Visit to Singapore of His Excellency Issoufou Mahamadou, President of the Republic of Niger and his 30-strong accompanying official delegation which included 6 Ministers from key sectors of the economy.
The objective of the Forum was to primarily raise awareness among Singapore companies, about the trade and investment opportunities in the resource-rich West African nation of more than 16 million populations. More than 140 participants attend the Forum held at the Pan Pacific Hotel Singapore.
Niger is a country rich in mineral resources. It is one of the world’s largest suppliers of uranium (3rd largest in production and 5th largest in reserves). Buoyed by oil discoveries and an estimated 600 million barrels in reserves, Niger’s economy is expected to grow further in line with a projected increase in oil production and exports in the coming years. This mineral boom will spur further improvements in the social and economic development of the country, and create opportunities for businesses in various sectors, particularly in the infrastructure, agriculture, oil and gas, healthcare, education, mining and FMCG sectors.
As an indication of a growing economic and social cooperation between Singapore and Niger, two Memoranda of Understanding (MOU) were concluded at the Forum. The first MOU was signed between Singapore Business Federation and Chamber of Commerce, Industry and Crafts of Niger, to promote business and investment cooperation between Singapore and Niger, as well as to develop deeper exchanges and collaborations among the private sector in both countries.
The second MOU was signed between Singapore Cooperation Enterprise and the Ministry of Economic Planning, Land Management and Community Development of Niger for the scope of collaboration in the following areas of (1) National Master Planning of the Country (2) Regional Development Hubs (3) Urban Cities Master Development plans (4) Transport and Infrastructure Development and (5) Capacity Building (6) Aviation Infrastructure and Management.
Singapore and Niger’s bilateral trade is currently valued at just S$7.723 million in 2012, a slight improvement from S$6.572 million in 2011. Singapore’s exports of vegetable oils to Niger account for nearly 85% of this annual bilateral trade.