Singapore trade mission pushes gateway opportunities

South Africa has much to offer Singapore businessmen wanting to establish themselves not just in the country but in Africa, says Yi Shyan Lee, Singapore Minister of State and Minister of Trade and Industry. Speaking to FTW at a gala dinner organised by PIL South Africa at the Hilton Sandton in Johannesburg last week, Lee, who accompanied a delegation of businessmen on a mission to South Africa and Nigeria, said there was much opportunity for relations to be strengthened. “Both countries are the gateways to their specific regions – South Africa to Africa and Singapore to Asia. In Singapore we have 8 000 multinationals who use the city as their headquarter base. South Africa offers a perfect entry point for those businessmen wanting to spread their wings into Africa.” Lee said there was also an opportunity to increase trade between the two countries. “Our total international trade with the world is 870 billion Singapore dollars of which only 2.1 billion is with South Africa. That is less than 0.5% of the total. I believe there is opportunity to grow this relationship as well.” According to Siong Seng Teo, president of the Singapore chamber of commerce, which organised the business mission to Africa, the trip proved to be very informative. “We usually do trade missions to China and the other Asian regions, but we are pleased to have chosen Africa as a destination and many of the delegation have been able to identify business opportunities, while also understanding the continent better.” Teo said the aim of the mission was to promote the development of industry and commercial ties with Africa. “Our intention has been to promote the overseas growth of Singapore-based enterprises and international trade. During this business mission we have managed to meet with many role-players both here in South Africa and in Nigeria and return with much hope for more trade between the two countries.” Ivan Naik, managing director of PIL South Africa who hosted the delegation for their farewell dinner, welcomed the business mission saying it was imperative for businessmen from both countries to meet and interact. “South Africa is strategically located in Africa and is a gateway to the continent. Developing relationships with our Singapore counterparts is very important not just for them to access Africa, but also for us to access Asia.”