Business opportunities for Singapore companies in Africa
Singapore companies at the Africa Singapore Business Forum say this includes the potential to export the Singapore brand of business to the continent.
“We do not have a strong agri base in Nigeria yet, so everything is still imported at the moment, whether it is flour, sugar, rice or salt. So the potential for other food products is huge. Noodles was not an African eating habit, we created an eating habit,” said Mr Haresh Aswani, managing director of Tolaram Group.
MORE ROOM FOR GROWTH
Companies like Tolaram Group and Olam International are among some 60 Singapore firms which are active in Africa, and there is perhaps more room for growth.
Mr V Shankar, CEO for Europe, Middle East, Africa and Americas at Standard Chartered, elaborated: “What Singapore can export is its efficiency, knowledge base and skills. The areas would be everything from retail to hospitality, healthcare, education, agri products and infrastructure. Africa is a diverse mosaic and it has got huge opportunities across the board.”
Total trade between Singapore and Africa stood at more than S$14.1 billion as of last year, just over 1 per cent of Singapore’s total trade.
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