Unlocking areas of trade and investment between Singapore and South Africa
09 October 2016
Deputy President Cyril Ramaphosa has lauded the successful working visit to the Republic of Singapore from 05-07 October 2016. Deputy President Ramaphosa was on a two-nation working visit to both the Socialist Republic of Vietnam and Singapore from 03-07 October 2016. Both working visits were undertaken to consolidate existing bilateral political, economic and trade relations between South Africa and the two countries.
Photo: Deputy President Cyril Ramaphosa paying a courtesy call on the President of Singapore, His Excellency, Mr Tony Tan Keng Yam, Singapore. Siyasanga Mbambani
The visit to Singapore provided the South African delegation led by Deputy President Ramaphosa with an excellent opportunity to learn from the Singaporean model of economic success and the role of state-owned enterprises in advancing economic growth and national developmental objectives of the country.
Key to the visits was efforts by Deputy President Ramaphosa and his delegation was to unlock future areas of trade and investment and among others to attract Singaporean State Owned Enterprises to invest in South Africa through the Public Private Partnership in line with South Africa’s Nine-Point Plan. In this regard, Singapore’s state-owned enterprises have contributed significantly, the sovereign wealth fund Temasek Holdings, to its economic development programme.
Bilateral trade between the two countries has grown significantly with Singapore being South Africa’s second largest trading partner in the Asean Region. By 2014 bilateral trade amounted to R28.9 billion as compared to R23.5 billion recorded in 2015. Exports in 2015 amounted to R6.8 billion while imports totalled R16.6 billion.
Deputy President Ramaphosa also utilised the working visit to Singapore to secure a commitment from Singapore to assist South Africa with skills development and to increase the number of training courses for South African students offered under the Singapore Co-operation Programme.
During the working visit Deputy President Ramaphosa paid a courtesy call on Singaporean President Tony Tan Keng Yam and held bilateral discussions with the Deputy Prime Minister Tharman Shunmugaratnam before attending a briefing session by the Singaporean Housing Development Board.
Deputy President Ramaphosa was supported on the working visit to Singapore by Deputy Minister of International Relations and Co-operation Nomaindia Mfeketo; Deputy Minister of Environmental Affairs Barbara Thomson, Deputy Minister of Public Enterprises Bulelani Magwanishe; Deputy Minister of Defence and Military Veterans Kebby Maphatsoe; Deputy Minister of Economic Development Madala Masuku, senior government officials and advisors.
The South African Presidency