Singapore strengthens economic ties with Africa, aims to become continent’s gateway to Asia

Last updated on August 4th, 2023 at 04:47 pm

The number of Singaporean companies doing business in Africa has soared from only 60 in 2018 to more than 155 companies today, which demonstrates that the wealthy city-state increasingly views Africa as a very important market that should not to be ignored.

In a sign of this deepening connection, Singaporean Prime Minister Lee Hsien Loong embarked on a symbolic journey to Africa in May this year. In short, Africa, a continent marked by its youthful dynamism and promise, has captivated the strategic interest of Singapore.

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Singaporean companies looking to invest in Africa and other somewhat unfamiliar regions can seek additional help from a new office set up by the Commonwealth Enterprise and Investment Council . Ghosh said that Africa was a very important market that should not to be ignored, especially in the context of the African Continental Free Trade Area that has created the largest free trade area in the world with a combined gross domestic product value of $3 trillion.