Singapore ramps up economic relationship with Africa, posts 20% project growth

NUMBER OF PROJECTS facilitated by Singapore companies in Africa, majorly in the infocomm media (ICM), urban infrastructure and food sectors, has over the last five years recorded significant growth.

In addition, Enterprise Singapore (ESG), the government agency championing enterprise development in the Southeast Asian country, facilitated 20 percent more projects by Singapore companies in Africa in 2020 compared to 2019, a report by the agency confirmed.

Commenting on the impact of the covid-19 pandemic on economic relationship between Singapore companies and Africa, Peter Ong, chairman, Enterprise Singapore, said the pandemic has accelerated the demand for digital solutions, opened up new opportunities for Singapore companies and increased business relationships with Africa.

“In the first six months of 2021, close to half of the projects facilitated by ESG involved technology solutions in fintech, blockchain and artificial intelligence.

In addition, almost half of the Memoranda of Understanding and agreements signed at the Africa Singapore Business Forum (ASBF) 2021 between Singapore companies and their African partners were technology-related,” he added.

Ong further emphasised that the COVID-19 underscored the importance of Singaporean companies building business beyond Asia Singapore and expanding into other markets such as Africa, to offer untapped opportunities.