: Singapore-Africa economic relations deepen with bilateral trade growing more than 50% over last five years
MR No.: 33/25
Economic relations between Singapore and Africa continue to strengthen, with bilateral trade growing by over 50% from S$12.1 billion in 2020 to S$18.7 billion in 2024. Singapore companies' investments in the African continent exceeded S$26.9 billion as at end 2023.
As a boost to economic ties between Singapore and Africa, bilateral investment treaties between Singapore and two key West African markets, Côte d'Ivoire and Nigeria, entered into force today. These announcements were made by Singapore Minister for Sustainability and the Environment and Minister-in-charge of Trade Relations Grace Fu during her opening address today at the eighth Africa Singapore Business Forum (ASBF) organised by Enterprise Singapore. The treaties will promote greater investment flows between Singapore and the respective countries by protecting investors’ interests, thereby increasing their confidence to pursue investment opportunities in these markets.
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