Singapore is expanding its engagement with Africa, with trade volumes and investment flows rising sharply in recent years. Goods trade grew from $9.2 billion in 2020 to $13.7 billion in 2024, a 50% increase, according to Enterprise Singapore. By end-2023, Singaporean companies had invested over $20 billion across energy, infrastructure, digital services and consumer goods.

The momentum was highlighted at the 2025 Africa Singapore Business Forum (ASBF) in Guangzhou, which drew 700 business and government leaders from 40 countries under the theme “Bridging Capabilities, Charting Sustainable Growth.”

Strengthening Legal and Economic Ties

Singapore announced that bilateral investment treaties with Nigeria and Côte d’Ivoire had entered into force, providing investor protections such as safeguards against expropriation and capital restrictions. Officials said the agreements would boost confidence and enable stronger capital flows.

Ghana also featured prominently. Former president John Mahama noted that bilateral trade reached $216 million in 2024 and encouraged Singaporean firms to expand into energy, agriculture and services as Ghana industrialises.

Partnerships Across Sectors

Five agreements were signed at the forum. Highlights include:

• Enterprise Singapore–Ghana Standards Authority: cooperation on petroleum transaction standards.

• Arkadiah Technology–CJ Commodities–Oman Carbon: agroforestry project to generate carbon credits.

• Embed Financial–Purpleline Solutions: digital insurance and microfinance in West Africa.

• LAC Global–Watertree (Ghana): distribution of wellness products across West Africa.

These deals reflect a shift from traditional trade to broader collaboration in sustainability, digital services, and consumer markets.

Broader Context

Speakers stressed Africa’s dual role as vulnerable to climate risks yet central to global decarbonisation, with vast renewable potential and carbon sinks. Panels also addressed infrastructure, financing and urbanisation, drawing participation from Côte d’Ivoire, Kenya, Rwanda and others.

Enterprise Singapore supports engagement through centres in Accra, Johannesburg and Nairobi, and will lead a trade mission to Lagos and Johannesburg in October.

Outlook

Analysts view Singapore’s approach as moving beyond short-term trade to long-term partnerships, with lessons from Asia’s development story adapted to African contexts. While challenges remain—including infrastructure gaps and regulatory risks—the combination of investment treaties, corporate partnerships and rising trade points to a deepening economic relationship.