Enterprise Singapore drives investment in Africa’s digitalisation, manufacturing 

Enterprise Singapore is seeking to increase investment in Africa’s digitisation and manufacturing sectors through partnership as Singapore hosts the seventh Africa-Singapore Business Forum (ASBF) in August this year. 

The three-day event, to be held from August 29 to 31 August 2023, and expected to be attended by some 500 businesses and government leaders aims to explore between Africa and Asia, using Singapore as the springboard. 

This comes as Singapore’s Foreign Direct Investment (FDI) in Africa reached US$21 billion as at end 2020, with trade between the continent and Singapore reaching US$14.38 billion in 2022. 

Speaking about the event, Mr Rahul Ghosh, Director for Middle East and Africa, Enterprise Singapore, said: “Africa is a market that no company can or should ignore.” 

He explained that the African Continental Free Trade Area (AfCFTA), the largest free-trade area by number of member states, after the World Trade Organisation (WTO), with a combined Gross Domestic Product (GDP) value of USD$3 trillion presented an investment opportunity for Asia. 

“Singapore companies are drawn by AfCFTA’s potential and are eager to explore new opportunities for collaboration in areas such as manufacturing and digital solutions,” he said. 

He also said Singaporean companies could share knowledge and innovative solutions with Africa, thereby, contribute to the continent’s development and create a mutually beneficial partnership. 

“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,” Mr Ghosh said. 

Enterprise Singapore, the government agency championing trade between Africa and Singapore and connecting Africa to the Asian market has established three overseas Centres in Africa. 

The Centres, which are in Ghana, South Africa and Kenya, are to facilitate partnerships between Africa and Singapore through engagement with both government authorities and private sector players. 

Such an effort is to generate a pipeline of trade and investment opportunities by building business networks and connecting African companies with relevant Singapore partners. 

First held in 2010, the ASBF is a biennial platform, organised by Enterprise Singapore for African and Singaporean companies and government representatives to network and explore growth opportunities. 

This year’s forum would be on the theme: “Driving Africa’s growth through digitalisation, manufacturing and sustainability.” 

It is a reflection on the rising digital boom, sustainable development and the boost in manufacturing, spurred by the implementation of AfCFTA. 

The forum would have a networking opportunity for participants and business matching sessions as well as panel discussions on trade and manufacturing, digitalisation and the green economy. 

Source: GNA 

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