Economic ties between Singapore and Africa have strengthened significantly, with bilateral trade surging by over 50% from S$12.1 billion in 2020 to S$18.7 billion in 2024. This growth was highlighted during the eighth Africa Singapore Business Forum (ASBF), where Singapore’s Minister for Sustainability and the Environment, Grace Fu, announced the enforcement of new investment treaties with Côte d’Ivoire and Nigeria. These treaties are designed to enhance investor confidence and promote increased investment flows between Singapore and these West African nations.
The ASBF, organised by Enterprise Singapore, also marked a historic moment with the presence of Ghana’s President, John Dramani Mahama, the first African Head of State to attend the forum since its inception in 2010. The event featured discussions on strengthening Africa-Asia collaboration amidst global challenges, with Singapore’s Minister of State for Trade and Industry, Alvin Tan, participating in a keynote dialogue alongside African business leaders.
Five agreements were exchanged at the forum, including a Memorandum of Understanding between Enterprise Singapore and the Ghana Standards Authority. This agreement aims to enhance standardisation cooperation, particularly in petroleum transactions, by adopting Singapore’s Mass Flow Metre standards in Ghana. Other agreements spanned financial services, sustainability, and consumer sectors, reflecting the growing business partnerships between Singapore and Africa.
Enterprise Singapore’s Chairman, Lee Chuan Teck, emphasised the importance of building bridges with like-minded nations, noting the fourfold increase in first-time market entry projects by Singapore companies in Africa from 2020 to 2024. The ASBF 2025, themed “Bridging Capabilities, Charting Sustainable Growth,” continues until 28 August, gathering over 700 business and government leaders from around 40 countries.
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