The Bilateral Investment Treaty signed between Kenya and Singapore on June 12, 2018, is to be operationalised, President William Ruto has announced.
Speaking in a joint press brief with Singapore Prime Minister Lee Hsien Loong, Ruto said it will be done immediately.
"We directed our respective ministers to conclude negotiations on the Agreement on Avoidance of double taxation within the shortest time possible," he said.
The head of state said the move will spark and grow trade and investment between Kenya and Singapore.
It will also give greater confidence to investors to take up investment opportunities in either country.
The agreement is also set to further boost trade and investment flows between the two countries, and encourage participation in Kenya’s growth sectors such as agri-business, technology and transport and logistics.
In 2018, the Senior Minister of State for Trade and Industry Koh Poh Koon said the move signifies Singapore's commitment to deepen economic relations with Kenya and the East African region.
"Kenya was Singapore’s 13th trading partner in SSA in 2017 with total bilateral trade in goods amounting to $85.4 million."
The two leaders also signed another MoU on Skills Development to facilitate collaboration in human resource capacity building for civil servants and students.
This will particularly be in specific areas that need support and sustainable socio-economic development priorities.
