The Tanzania Investment Centre (TIC) had signed a Memorandum of Understanding (MOU) with IE Singapore Cooperation Enterprises.
The signing occurred in Dar es Salaam in early December 2013 and will improve the exchange of investment and business information between Tanzania and Singapore.
Mr Seah Moon Ming, Deputy Chairman of IE Singapore Cooperation Enterprises, suggested that the improved exchange of information would be mutually beneficial for both countries and that Singapore was eager to strengthen its ties with Tanzanian business.
Ms Juliet Kairuki, Executive Director of the TIC, also spoke of the increasing interest from Singapore companies, particularly in buying shares in oil and gas resources.
Notably, a state owned Singapore company, Temasek Holding’s Pavilion Energy bought a $1.3billion USD stake in three offshore blocks in Tanzania in November 2013.
Additionally, in June 2013 4 MOU’s were signed at the Tanzania – Singapore Business Forum addressing increased collaboration in trade, infrastructure, energy and port services.
According to the Observatory of Economic Complexity, Tanzania’s exports to Singapore amount to USD 19,296,753, a 0.45% share of the country’s total exports.
In regards to imports however, Singapore is Tanzania’s fifth largest trading partner with a 6.73% share totalling USD 416,391,437.