Singapore woos Africa for mutual benefits

A Director at Enterprise Singapore (EnterpriseSG), Rahul Ghosh, has called for a strong collaboration between Singapore and Africa to establish global firms for mutual benefits.

The collaboration should precede the creation of a robust environment that will thrive on strong commitment to accelerate economic growth but resilient enough to birth international firms to serve both markets, Mr Ghosh who is in-charge of Middle East and Africa, said at a virtual media briefing on July 20.

He was speaking ahead of the seventh Africa Singapore Business Forum (ASBF) scheduled between August 29 and 31, 2023 at Singapore.

On the theme “Driving Africa’s growth through digitalisation, manufacturing and sustainability,” the forum seeks to bring together more than 500 business and government leaders on a single platform to interact and propel solutions for mutual benefit.

The theme is in line with the opportunities arising from Africa’s digital boom, sustainability development and the boost in manufacturing brought about by the African Continental Free Trade Area agreement.

Participants can expect to hear from over 20 speakers at the forum to address a range of topics including Africa’s economic landscape and insights into Singapore’s competitive advantages as a gateway to Asia.

There will also be discussions on opportunities for strategic collaboration between both regions.

It is an initiative of EnterpriseSG the state agency championing enterprise development in Singapore.

Important market

Mr Rahul Ghosh stated that Africa was a very important market that should not to be ignored.

He said the African Continental Free Trade Area (AfCFTA) has created the largest free trade area in the world with a combined gross domestic product (GDP) value of $3 trillion.

He explained that Singapore companies were drawn by its potential and were eager to explore new opportunities for collaboration in areas such as manufacturing and digital solutions.

According to him, Singapore companies can also share knowledge and innovative solutions with Africa, contributing to the continent’s development and creating mutually beneficial partnerships.

“We also welcome African companies to leverage our established business ecosystem and connectivity to set up their regional base in Singapore and expand into Asia,” he said.

He added that companies in Africa should use Singapore as the gateway to reach consumers in Asia.

Transformation

The Regional Director in-charge of West and Central Africa at the Enterprise Singapore, Ms Jean Ng, observed that EnterpriseSG as a government agency was to drive enterprises transformation and growth by strengthening Singapore as a hub for global trading and startups.

“We attract global commodities traders to establish their global or Asian home base in Singapore.

“Today, Singapore is a leading global trading hub with a complete ecosystem for the energy, agri-commodities and metals & minerals trading clusters.

“We are also home to many global enterprises, startups and investors that operate in Singapore’s robust pro-enterprise environment,” she said.

Trade

Trade between the African continent and Singapore reached $14.38 billion in 2022, growing at a compound average growth rate (CAGR) of 14.7 per cent between 2018 and 2022.

While Singapore’s foreign direct investments into the continent reached an estimated $21 billion as at the end of 2020.

“We build trust in Singapore’s products and services through quality and standards. Renowned for our dedication to quality and innovation, Singapore companies make ideal business partners.

“With our global network in over 35 locations spanning many developed and emerging markets, we connect businesses with relevant Singapore companies for their business expansion,” she added.