Singapore signs investment treaties with Burkina Faso, Ivory Coast

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Trade ties between Singapore and Africa are growing. The Republic entered into a Bilateral Investment Treaty (BIT) with two African nations, Burkina Faso and Ivory Coast, at the business forum on Wednesday.

Both BITS aim to protect investors' interests from the countries involved and open up more business and investment opportunities. Singapore companies operating in Burkino Faso and Ivory Coast will enjoy treaty protection on top of protection under their domestic laws.

Key features of the treaties, according to the MTI release, include:

• Ensuring that our investments in Burkina Faso and Ivory Coast will not be treated less favourably than other foreign investments
• Providing prompt, adequate and effective compensation in the event of nationalisation
• Allowing cross border transfer of capital and returns
• Offering international arbitration as an avenue for our investors to resolve investment disputes

Singapore's investment into Africa has reached S$20.1 billion, an 11.2 per cent increase since 2008, said MTI. Bilateral trade has risen steadily at the rate of 11.7 per cent over the past five years, amounting to S$14.1 billion in 2013.

The new BITs will open up more opportunities in sectors such as agriculture. Other potential areas of collaboration will also be explored as bilateral exchanges grow between the countries.

Other than these two treaties, Singapore also has a BIT with Mauritius and Libya. Singapore currently has 41 BITs in force.