Deputy President Cyril Ramaphosa lauds visit to Singapore

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

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 wasto 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 the 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.

Ten South African companies with a total capital expenditure of R1.67. billion between 2003 and 2015. These include Naspers, Computamaps, Investec among others. During this period a total of 987 jobs were created in the industry sector, hotels and tourism, financial services and ICT. According to FDI market database four FDI projects from Singapore were recorded up to March 2016 with a capital expenditure amounting to R246.06 million creating 223 jobs.

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.

Ten South African companies with a total capital expenditure of R1.67. billion between 2003 and 2015. These include Naspers, Computamaps, Investec among others. During this period a total of 987 jobs were created in the industry sector, hotels and tourism, financial services and ICT. According to FDI market database four FDI projects from Singapore were recorded up to March 2016 with a capital expenditure amounting to R246.06 million creating 223 jobs.

Deputy President Ramaphosa also utilised the working visit to Singapore to secure a commitment of 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.

Source: The Presidency Republic of South Africa.

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