Singapore and Africa enhancing economic linkages

Abstract

ABSTRACTWith one of the highest trade to gross domestic product ratios globally, Singapore’s economy is highly susceptible to downturns in global trade volumes and, as such, maintains a strategic interest to achieve diversification among its trade partners. To that end, this small Southeast Asian city-state stands to benefit from its increasing trade and investment with African partners as the broader Southeast Asia–Africa corridor gains momentum. The growing seriousness and effort among Singapore’s private sector to better familiarize itself with African opportunities is compelling. Rising bi-lateral investment and trade flows, new co-operation frameworks and increasingly frequent trade missions are a testament to the extent to which there exists growing awareness and accessibility between Africa and Singapore. Indeed, such activities result from the growing realization that as African economies rise and turn an important corner in their development, there will be abundant opportunities accessible to economic partners beyond the common narratives with the United States, Europe and China. While Singapore may not offer the same level of scale or political clout on the continent, this paper explores early stage progress in identifying specific areas of meaningful co-operation and its attempt to define its role in Africa as a value-adding partner.