Singapore, a country known as the largest investor in Africa among the ASEAN countries, plans to increase its economic ties with Africa through the third edition of Africa Singapore Business Forum, setting the stage for stronger trade and investment flows between both markets.
According to the latest United Nations’ World Investment Report 2013, Singapore’s economic ties with Africa have been on the rise. As of the end of 2012, Singapore’s investments in Africa saw a compound annual growth rate (CAGR) of 11.2% over the previous five years hitting $15.9 billion. Trade between the two countries has also increased reaching $11.1 billion in 2013 with a strong CAGR of 11.7% since 2009.
Currently, there are over 60 Singapore companies operating in over 50 countries in Africa and its projects span a wide range of sectors from the agri-business, food & beverage, oil & gas, e-Government services, information & communications technology and transport & logistics.
The Group Director for Middle East and Africa, IE Singapore, Mr. G Jayakrishnan says, “Singapore companies are taking concrete steps to participate more actively in Africa’s growth. Given Africa’s significant development needs, we see an opportunity to collaborate and develop long-term solutions in many areas including urban development & planning, e-Government, oil & gas, transport & logistics, manufacturing & special economic zones, technical and vocational training, power, water and affordable housing. Singapore can contribute actively as governments across Africa look to diversify growth and improve both business and social infrastructure for their countries.”
For African countries looking to expand into Asia, Singapore serves as an ideal launch pad. It is an easy place to do business and is Asia’s most competitive country. Singapore has over 10 African companies to date. Mr. Jayakrishnan explained, “Asia is enjoying a period of upward growth and remains one of the bright spots amid the current global landscape. To tap into this growth, we welcome African companies to partner with Singapore companies and leverage Singapore’s position and connectivity to expand into the region.”
Therefore, the African Singapore Business Forum (ASBF) 2014 has come at no better time to
help African and Singapore companies to connect and identify joint business opportunities. The Forum is a premier business platform for fostering investment, trade and thought leadership between Asia and Africa and will be held in Singapore from 27-28 August 2014.
The ASBF will address a wide range of critical issues on Africa’s economic landscape, provide insight into Singapore’s competitive advantages as well as identify opportunities for strategic collaborations between both regions. Hosted in Singapore since 2010, ASBF has brought together close to 1,000 business leaders and government leaders from 30 countries.