Africa: Singapore Moves to Deepen Trade Ties With Africa ...Set to Host Seventh Edition of Asbf

14 July 2023
Ghanaian Times (Accra)
By Cliff Ekuful

Singapore has moved to deepen trade ties and cooperation with Ghana and other African countries.

Trade between the African continent and Singapore reached US$14.38 billion in 2022, growing at a compound average growth rate (CAGR) of +14.7 per cent between 2018 and 2022, while Singapore's foreign direct investments into the continent reached an estimated US$21 billion as at the end of 2020

To increase the trade figures, the Asian country is set to host the seventh edition of the Africa Singapore Business Forum (ASBF) slated for August 29 and 31 this year under the theme "Driving Africa's Growth through Digitalisation, Manufacturing and Sustainability".

Organised under the auspices of Enterprise Singapore (EnterpriseSG), the government agency championing enterprise development in Singapore, this year's event would feature insights from Wamkele Mene, Secretary General of the African Continental Free Trade Area Secretariat, as well as African business leaders such as Samaila Zubairu, President and CEO of Africa Finance Corporation.

Others include, James Mwangi, Group Managing Director and CEO of Equity Group Holdings, Iyinoluwa Aboyeji, Founder of Future Africa, Kuseni Dlamini, Chairman, Massmart & Aspen Pharmacare, Karim S. Anjarwalla, Senior Partner, ALN Kenya, and Sophia Alj, Co-Founder, Chari, Gan Kim Yong, Minister for Trade and Industry of Singapore, and Alvin Tan, Minister of State for Trade and Industry and Community, Culture and Youth of Singapore.

This year's theme is in line with the opportunities arising from Africa's digital boom, sustainability development and the boost in manufacturing brought Free Trade Area agreement.

A statement issued in Accra yesterday said participants would hear from expert panels on consumer trade and manufacturing; digitalisation and tech; as well as the green economy.

They would also get to network with potential partners through business matching sessions.

Mr Rahul Ghosh, Director for Middle East and Africa, Enterprise Singapore, said "Africa is a market that no company can or should ignore".

"The African Continental Free Trade Area has created the largest free trade area in the world with a combined GDP value of USD$3 trillion. Singapore companies are drawn by its potential and are eager to explore new opportunities for collaboration in areas such as manufacturing and digital solutions. Singapore companies can also share knowledge and innovative solutions with Africa, contributing to the continent's development and creating mutually beneficial partnerships. We also welcome African companies to leverage our established business ecosystem and connectivity to set up their regional base in Singapore and expand into Asia," he said.

Read the original article on Ghanaian Times.

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