Singapore’s Minister-in-Charge of Trade Relations, Grace Fu, addressed the 8th Africa Singapore Business Forum on 26 August 2025, highlighting the importance of strengthening trade and investment ties between Africa and Southeast Asia. The forum, attended by dignitaries including Ghana’s President John Dramani Mahama, focused on bridging capabilities between the regions amidst global economic challenges.
Fu emphasised the need for stronger institutional linkages, citing the African Continental Free Trade Area (AfCFTA) as a significant opportunity for collaboration. With a market of 1.4 billion people and a combined GDP of $3.4 trillion, the AfCFTA presents unprecedented opportunities for businesses. Similarly, the ASEAN Economic Community, with its 670 million people, has positioned itself as a hub for regional economic partnerships.
Singapore is actively pursuing trade agreements with African nations, including discussions with the East African Community for a potential Free Trade Agreement. Additionally, Singapore has established Bilateral Investment Treaties with Côte d’Ivoire and Nigeria, with negotiations underway with Ghana.
Commercial linkages between Singapore and Africa are also on the rise. Singapore’s trade with Africa has grown significantly, with merchandise and services trade increasing by 14% and 17% per annum, respectively, since 2020. Singapore-based companies like Valency International and Trident are investing in Africa’s agribusiness and digital sectors, creating jobs and enhancing financial inclusion.
Fu encouraged companies to explore new markets and leverage Singapore’s connectivity to access ASEAN and beyond. Initiatives like the Singapore Cooperation Programme and business missions are fostering people-to-people exchanges, further strengthening ties between the regions. As Africa continues its growth trajectory, Singapore aims to serve as a gateway for African companies seeking to expand eastward.
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