By Ashemiriogwa Emmanuel
Enterprise development and offshore business-building capabilities are expanding the limitations of Singapore’s small domestic market as companies in the city-state pose hub for global trading and startups, especially towards Africa.
This reflects in the number of projects by Singapore companies in Africa, especially in the Information, Communication and Media (ICM), urban infrastructure, and food sectors, which had doubled over the last five years.
According to a report from Enterprise Singapore (ESG), a statutory board under the Ministry of Trade and Industry in Singapore that champions enterprise development, the agency facilitated 20 per cent more projects executed by Singaporean companies in Africa in 2020 despite the pandemic compared to 2019.
The board indicated that the pandemic quickened the demand for digital and financial technology (Fintech) solutions which opened up new opportunities for Singaporean businesses, noting that half of the projects facilitated by ESG in the first six months of this year involved technology solutions in fintech, blockchain and Artificial Intelligence (AI).
This was further buttressed by 18 Memoranda of Understanding (MoU) and agreements signed at the Africa Singapore Business Forum (ASBF) 2021 between Singapore companies and their African partners which were technology-related.
According to the Chairman, ESG, Mr Peter Ong, “In Singapore, COVID-19 reminded us of the limitations of our small domestic market and underscored the importance of building businesses beyond our shores.
“While Southeast Asia and China are natural markets for Singapore companies to expand into due to proximity and familiarity, other markets such as Africa offer untapped opportunities.”
The growth in the economic relationship between Singapore and the world’s second-largest continent, Africa, has equally sprouted the series of online webinars and roundtables organized by the ESG from October 2020 to keep Singapore companies abreast of the fast-emerging opportunities in Africa.
Through this medium, the government agency said it was able to bring in over 60 per cent of the 500 companies that attended as new players in the African market where they were provided with real-time market insights, generating business leads, and identifying in-market partners.
Similarly, The ESG said that platforms like the Africa Singapore Business Forum (ASBF) were established to foster investment, trade, and thought leadership between Asia and Africa.
The sixth edition of this event was held on Monday and Tuesday, August 23 -24 2021 and featured the likes of Mr Akinwumi Adesina, the President of the African Development Bank (AfDB) Group, and Mr Vera Songwe, Under-Secretary-General of United Nations (UN) and Executive Secretary of the Economic Commission for Africa (ECA).
