More business and investment opportunities are under way for Singapore and Rwanda, as both countries signed a bilateral investment treaty (BIT) and an air services agreement (ASA) on Thursday.
In a joint press statement issued yesterday, the Ministry of Trade and Industry and the Civil Aviation Authority of Singapore said the BIT will protect investors' interests and open up more business opportunities for both countries.
The BIT establishes rules on how Rwanda should treat investments from Singapore, and vice versa. Singapore companies operating in Rwanda will enjoy protection on their investments, on top of what is already accorded under Rwanda's domestic laws, the two bodies said.
The ASA aims to enhance connectivity, enabling wider economic benefits through increased investment, tourism and trade between the Republic and Rwanda.
The airlines of Singapore and Rwanda will be able to fly any number of passenger and cargo services between both countries as well as to any third country, with no restrictions on capacity, frequency, aircraft type and routing.
Senior Minister of State for Trade and Industry Koh Poh Koon signed the BIT with Rwandan Minister for Trade and Industry Vincent Munyeshyaka, and the ASA with Rwandan Minister of State in charge of Transport Jean de Dieu Uwihanganye.
The event came near the end of Deputy Prime Minister and Coordinating Minister for Economic and Social Policies Tharman Shanmugaratnam and Dr Koh's state visit to Kenya and Rwanda from June 12 to 14.
The bilateral investment treaty establishes rules on how Rwanda should treat investments from Singapore, and vice versa. Singapore companies operating in Rwanda will enjoy protection on their investments, on top of what is already accorded under Rwanda's domestic laws, the two bodies said.
Dr Koh also attended the opening of CrimsonLogic's office in Kigali, its first office in the African continent. CrimsonLogic is a Singapore e-government products and services provider. The office will support CrimsonLogic's operations in Rwanda, including its work on the iRembo project, a portal for e-government services.