Kenya's bilateral trade in goods reached $85.4m in 2017.
Singapore will reduce the double taxation of income flows from cross-border business activities in Kenya through the Bilateral Investment Treaty (BIT) and the Agreement for the Avoidance of Double Taxation (DTA) between the two countries.
According to an announcement, the DTA will stipulate the taxing rights of both countries on all forms of income flows.
“Enterprise Singapore has been working closely with Singapore companies to venture into Kenya and the rest of East Africa,” Trade and Industry senior minister of state Koh Poh Koon said.
The official believes that the agreements will signify Singapore’s commitment to deepen economic relations with Kenya and the East African region by boosting trade and investment flows between the two countries through the agreements. He thinks that said agreements will encourage Singapore’s participation in Kenya’s growth sectors including agri-business, technology, transport, and logistics.
In 2017, Kenya was Singapore’s 13th trading partner in Sub-saharan Africa (SSA) with an $85.4m worth of bilateral trade in goods.
With a GDP growth at an average of 6% per annum between 2010 to 2017, Kenya is considered as one of the fastest growing economies in East Africa, with GDP growth at an average of 6% per annum between 2010 and 2017. The country has one of the largest maritime ports in SSA and provides a point of entry for neighbouring landlocked countries.
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