A growing number of Singapore companies are venturing into the African market. There are currently over 60 Singapore companies operating in more than 50 countries in Africa. The mix is diverse, with both large corporations and small-and-medium sized enterprises (SMEs) involved in projects across a wide variety of sectors such as oil & gas, agri-business, food & beverage, e-Government services, information & communications technology, and transport & logistics.
Trade between Asia and Africa is also increasing quickly in line with a global trend of rapidly growing commerce across developing countries. Such trade is centred beyond natural resource-extractive commodities, agricultural goods, and other traditional African exports, and includes diversified exports such as processed goods, consumer goods, food, as well as tourism. From 2016 to 2020, trade flows from Asia to Africa are estimated to grow at 10% yearly.