Singapore, Africa to further business and government ties

Singapore’s knowledge and experience in areas such as logistics, urban solutions and human resources will be key advantages for companies here to seek opportunities in Africa, at a time when the continent is experiencing unprecedented economic growth, Deputy Prime Minister Mr Tharman Shanmugaratnam said at the Africa Singapore Business Forum today (Aug 27).

What Singapore companies can offer is not scale, but the ability to add value by bringing new solutions that can catalyze a larger process in business and infrastructure developments in Africa, Mr Tharman added.

The ASBF came as Singapore continues to eye Africa as the next frontier for trade. Total trade between both regions has been growing at almost 12 per cent annually since 2009 to S$14.1 billion as of last year, as data by the International Enterprise (IE) Singapore shows.

Today’s forum also saw Singapore sign a Bilateral Investment Treaty with Burkina Faso and Ivory Coast. Second Minister for Trade and Industry Mr S Iswaran, who presided over the signing ceremony this morning, noted that Singapore is also keen to develop stronger government-to-government linkage with African countries.

Meanwhile, several other bilateral agreements were reached today, including an Air Services Agreement between Singapore and Zimbabwe, as well as memorandums of understanding between Nanyang Technological University and two African business schools for research and training partnerships.