Bilateral trade in goods between SG-Africa growing at 15% per annum

News Economy Staff Reporter , Singapore Published: 5 days ago Photo by Nothing Ahead via Pexels

As of 2022, trade value between the two markets has reached $19.4b.

Between 2019 to 2022, bilateral trade in goods between Singapore and Africa has grown at 15% per annum, data from Enterprise Singapore (EnterpriseSG) showed.

In value, bilateral trade between the two markets has reached $19.4b.

EnterpriseSG said the growing investments of Singapore companies in the African continent are also a testament to the expanding economic relations between the two markets.

As of 2021, the amount of investments by Singaporean companies to the African continent has reached $32.1b.

“Singapore companies are recognising the value of diversifying their businesses to markets further afield and have been responding to our call to explore Africa,” Tan Soon Kim, deputy CEO (Global Markets) at EnterpriseSG, said.

To further build Singapore’s relationship with Africa, Singapore and African companies inked five agreements at the 7th edition of the Africa Singapore Business Forum.

The agreements span manufacturing, digitalisation and technology, sustainable development, transport and logistics sectors.

Parties involved in the agreements include Robust International, Trames, Adatos, NivéSal, Sky 40-40 Company, Kenyan Investment Authority (KenInvest) , Jasco Investments, GreenA Consultants, and Conseil National de l’Ordre des Architectes de Côte d’Ivoire (CNOA).

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