Africa-Singapore economic relations expand with bilateral trade growth at 15% per annum

Economic relations between Singapore and Africa continue to expand, as bilateral trade in goods grew by around 15% per annum between 2019 to 2022, reaching US$14.5 billion in 2022. Singapore companies’ investments in the African continent cumulatively reached US$23.7 billion as of 2021.

As a testament to the robust interest in participating in Africa’s growth opportunities, five agreements were inked today at the 7th edition of the Africa Singapore Business Forum (ASBF) 2023 organised by Enterprise Singapore (EnterpriseSG). These agreements span manufacturing, digitalisation and technology, sustainable development, transport, and logistics sectors.

To facilitate further growing ties between Singapore and Africa, the Kenya-Singapore Bilateral Investment Treaty was also ratified by both countries and formally entered into force on August 20, 2023. The Treaty will promote greater investment flows between Singapore and Kenya by protecting the interests of both Singapore and Kenyan investors.

The Treaty provides certainty and signals the commitment of both governments to create favourable conditions for businesses to thrive.

Source: Ghana Web