salute, the tiny giant!
Singapore Ventures Into Sub-Saharan Africa In A Big Way
SINGAPORE, Oct 12 (Bernama) - Singapore today sent the largest ever delegation of local companies to Sub-Saharan Africa to seek business opportunities in a big way there.
Led by Minister of State for Trade and Industry and Manpower, Lee Yi Shyan, the 31-company strong delegation comprising 44 representatives, will make its first stop in Nigeria, followed by South Africa and then Ghana.
The week-long trade mission is jointly organised by International Enterprise (IE) Singapore, the Singapore Business Federation, as well as the Singapore Chinese Chamber of Commerce and Industry.
The IE in a statement here today quoted Lee as saying that Africa, being resource-rich, was attracting more foreign direct investments (FDI) than ever, while trade with Asia had also been growing steadily.
"This business mission will help our firms find out more of the promise of the African market," Lee said, adding that Singapore firms in sectors such as port and logistics, environmental services, offshore marine, oil and gas, information and communication technology, urban and infrastructure, and commodities, were observing new demand patterns.
FDI in Africa has grown at an average of 146 per cent annually over the last 22 years to reach US$36 billion in 2007, while trade between the continent and the rest of the world has been steadily increasing.
In particular, bilateral trade between China and Africa jumped 45 per cent in 2008 to reach US$107 billion, of which less than one per cent went through Singapore, the IE said.
Nigeria was Singapore's 68th largest trading partner in 2008, with a total trade of S$613 million, an increase of over 50 percent from S$391 million in 2007.
Meanwhile, in 2008 total trade between Singapore and South Africa amounted to S$2.09 billion, an increase of 19 percent from 2007.
IE said Singapore companies looking to reach out to the rest of Africa could consider tapping into South Africa's good connectivity with the rest of the world,as well as its conducive business environment, while using it as a launch pad for business in Sub-Saharan Africa.
The trade agency also said the 2010 World Cup in South Africa would also translate into a myriad of infrastructure opportunities to support the African government's committed development of its public transport and roads, and give a boost to the country's tourism sector.
With Ghana, Singapore's bilateral trade amounted to S$204.8 million in 2008, with imports reaching S$102.8 million and exports hitting S$101.9 million.
salute, the tiny giant!
Good luck Singapore.
`can't say that I'm that suprised. Lately, Nigeria bought a number of military platforms from Singapore, from the Spyder LSV for the Nigeria army (NA) to other maritime assets like the Suncraft OPCs for the Nigeria navy (NN).
^ Really? Didn't know that!
great move singapore.