Singapore to boost economic ties with Africa

Third edition of Africa Singapore Business Forum sets the stage for stronger trade and investment flows between both markets   JOHANNESBURG, South-Africa, June 4, 2014/ — 1.         Singapore has emerged the largest investor in Africa among the ASEAN countries, according to the latest United Nations’ World Investment Report 2013. Located strategically in the heart of Southeast Asia, Singapore’s economic ties with Africa have been on the rise. As of end 2012, Singapore’s investments into Africa saw a compound annual growth rate (CAGR) of 11.2% over the previous five years, reaching US$15.9 billion(1). Singapore-Africa trade has also increased, reaching US$11.1 billion in 2013, achieving a strong CAGR of 11.7% since 2009. According to International Enterprise (IE) Singapore (http://www.iesingapore.com), the Singapore government agency promoting trade and overseas investments, there are currently over 60 Singapore companies operating in over 50 countries in Africa. Projects span a wide range of sectors from agri-business, food & beverage and oil & gas, to eGovernment services, information & communications technology, and transport & logistics.