The global Covid-19 pandemic should not dampen investor appetite in Africa. The continent remains an investment destination of choice despite the challenges, panellists at an opening session of the 2021 Africa Singapore Business Forum heard this week.
Trade between Singapore and Africa has been growing steadily over the past five years, with Singapore among the top 10 investors in Africa. More than 100 Singaporean companies are currently operating across 50 African countries in the oil and gas, consumer, digital, agri-business and trade sectors.
Commenting on the sectors offering the most potential for investment, African Development Bank president, Akinwumi Adesina, cited renewable energy, such as mini and micro grids, solar, infrastructure and logistics.
The annual event identifies opportunities in key sectors, including digital technology, financing, innovation, manufacturing, sustainability, and urban solutions.
Singapore investors were urged to take both a short- and long-term view of the investment climate, with Africa expected to rebound in the short term and continue to be an important investment destination in the long term, with many unexploited opportunities.
The digital and industrial revolution, Africa’s new free trade area agreement, and green growth were also identified as sectors offering good investment potential.
Tharman Shanmugaratnam, Singapore’s senior minister and coordinating minister for social policies, said Africa was at the cusp of a connectivity revolution, which was a huge opportunity. He gave the example of an innovative pilot platform that Singapore had signed with the Bank of Ghana, which links small and medium-sized enterprises with creditors and provides free exchange of information.
Organised by Enterprise Singapore, the Africa Singapore Business Forum is the premier platform for promoting business exchange and thought leadership between Africa and Asia. It has brought together over 2 000 business and government leaders from 30 countries to explore partnerships and growth opportunities between both sides.
