{"id":418,"date":"2021-08-23T15:39:22","date_gmt":"2021-08-23T15:39:22","guid":{"rendered":"https:\/\/www.africa-press.net\/rwanda\/all-news\/acfta-singapore-looks-to-invest-more-in-africas-manufacturing"},"modified":"2021-08-23T16:48:51","modified_gmt":"2021-08-23T16:48:51","slug":"acfta-singapore-looks-to-invest-more-in-africas-manufacturing","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/rwanda\/economy\/acfta-singapore-looks-to-invest-more-in-africas-manufacturing","title":{"rendered":"ACFTA: Singapore looks to invest more in Africa\u2019s manufacturing"},"content":{"rendered":"

Africa-Press<\/a> – Rwanda<\/a>. <\/strong><\/span>With the African Continental Free Trade Area (ACTFA) coming into force, Singaporean companies hope to invest more in Africa\u2019s manufacturing industry, according to Linn Neo, the Regional Director \u2013 East Africa Enterprise Singapore.<\/p>\n

Neo made the remarks during a press briefing that her office organised ahead of the biennial Africa Singapore Business Forum (ASBF), a platform for business exchange and fostering trade between Africa and Asia scheduled for August 23 to 24.<\/p>\n

\u201cWe do see a lot of potential. I think with the Africa continental free trade agreement coming into force,\u201d she said.<\/p>\n

\u201cThis presents an entire continent to Singaporean manufacturers. We are not new to doing manufacturing from the ground. We do have a number of investors who have been doing manufacturing in Tanzania, Uganda, Nigeria, Ghana, and we think that with the ACFTA coming into force, this will assist our companies and encourage even more manufacturers from Singapore to do manufacturing from Africa,\u201d she added.<\/p>\n

Trading under the ACFTA agreement commenced on January 1 this year, and it is expected to create growth opportunities for Rwandan and African producers and exporters in general, especially in untapped markets.<\/p>\n

The ACFTA is the largest in the world in terms of the number of participating countries since the formation of the World Trade Organization. The agreement requires members to remove tariffs from 90% of goods, allowing free access to commodities, goods, and services across the continent.<\/p>\n

The United Nations Economic Commission for Africa estimates that the agreement will boost intra-African trade by 52 percent by 2022. For Rwanda\u2019s case, the ACFTA mechanism is expected to drive Rwanda\u2019s exports to the African continent from the current $1.6B annually to about $5B in 10 years.<\/p>\n

According to the Ministry of Trade and Industry, among the markets that will bring fortunes to local exporters and traders including neighbouring DR Congo which is one of the leading markets for Rwandan produce.<\/p>\n

Other markets that Rwanda is eying include the Economic Community of West African States namely Nigeria, Ghana and Senegal and Economic Community of Central African States (ECCAS) including Gabon, Congo Brazzaville and Angola.<\/p>\n

The CFTA will also see Rwanda easily import raw materials for industries such as textile for value addition and exports which could see Rwanda reduce the import bill.<\/p>\n

Singapore has been a long-time development partner in Africa, for instance, the Asian country\u2019s development models have been used to influence manufacturing, sustainable infrastructure, innovations, and technology across the continent.<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Rwanda. With the African Continental Free Trade Area (ACTFA) coming into force, Singaporean companies hope to invest more in Africa\u2019s manufacturing industry, according to Linn Neo, the Regional Director \u2013 East Africa Enterprise Singapore. Neo made the remarks during a press briefing that her office organised ahead of the biennial Africa Singapore Business […]<\/p>\n","protected":false},"author":84,"featured_media":417,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15,28],"tags":[760,763,794,758,795],"class_list":["post-418","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-africa-press","tag-africa-press-rwanda","tag-manufacturing","tag-rwanda","tag-singapore"],"yoast_head":"\nACFTA: Singapore looks to invest more in Africa\u2019s manufacturing - Rwanda<\/title>\n<meta name=\"description\" content=\"With the African Continental Free Trade Area (ACTFA) coming into force, Singaporean companies hope to invest more in Afr ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/rwanda\/economy\/acfta-singapore-looks-to-invest-more-in-africas-manufacturing\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ACFTA: Singapore looks to invest more in Africa\u2019s manufacturing\" \/>\n<meta property=\"og:description\" content=\"With the African Continental Free Trade Area (ACTFA) coming into force, Singaporean companies hope to invest more in Afr ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/rwanda\/economy\/acfta-singapore-looks-to-invest-more-in-africas-manufacturing\" \/>\n<meta property=\"og:site_name\" content=\"Rwanda\" \/>\n<meta property=\"article:published_time\" content=\"2021-08-23T15:39:22+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-08-23T16:48:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/rwanda\/sites\/23\/2021\/08\/img-6123d1438dc9e.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1556\" \/>\n\t<meta property=\"og:image:height\" content=\"1036\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/acfta-singapore-looks-to-invest-more-in-africas-manufacturing#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/acfta-singapore-looks-to-invest-more-in-africas-manufacturing\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"ACFTA: Singapore looks to invest more in Africa\u2019s manufacturing\",\"datePublished\":\"2021-08-23T15:39:22+00:00\",\"dateModified\":\"2021-08-23T16:48:51+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/acfta-singapore-looks-to-invest-more-in-africas-manufacturing\"},\"wordCount\":416,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/acfta-singapore-looks-to-invest-more-in-africas-manufacturing#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/rwanda\/sites\/23\/2021\/08\/img-6123d1438dc9e.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Rwanda\",\"manufacturing\",\"Rwanda\",\"Singapore\"],\"articleSection\":[\"all news\",\"Economy\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/rwanda\/economy\/acfta-singapore-looks-to-invest-more-in-africas-manufacturing#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/acfta-singapore-looks-to-invest-more-in-africas-manufacturing\",\"url\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/acfta-singapore-looks-to-invest-more-in-africas-manufacturing\",\"name\":\"ACFTA: Singapore looks to invest more in Africa\u2019s manufacturing - 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