Lagos - Singapore intends to deepen economic ties with the Economic Community of West African States (ECOWAS) as trade relations between both regions surge.
This is according to International Enterprise (IE) Singapore, an agency under the country's Ministry of Trade and Industry responsible for the growth of Singapore’s overseas investments and international trade.
According to IE Singapore’s West African Centre Director, Ian Lee, partnerships with the West Africa could bring meaningful investments that would be crucial to the country's long-term growth.
Singapore, he said, hoped to share its expertise with the ECOWAS through its public and private sectors.
"With economic relations between ECOWAS and Singapore on the rise, Singapore has been stepping up its engagement with the region. Today, it partners countries within ECOWAS to develop their infrastructure and education sectors, contributing to the region’s long-term socio-economic growth," said Lee.
Trade between ECOWAS and Singapore has grown at a compound annual growth rate of 10 percent in the last five years to reach about $1.2 billion.
Singapore companies are present in 11 out of 15 countries in the ECOWAS, spanning sectors such as agriculture, finance, oil and gas, and urban infrastructure.
Having gone through rapid industrial and economic development, many Singapore companies have experience and capabilities in sectors such as education, e-Government, finance, information and communications technology as well as urban and infrastructure solutions.
- CAJ News