Trade between Africa and Singapore has grown significantly over the past five years, rising by more than 50 per cent and highlighting the strengthening ties between the two regions.
Bilateral trade increased from $9.2 billion in 2020 to $13.7 billion in 2024, while Singaporean companies have invested over $20 billion across the continent, Enterprise Singapore, a government agency, said on Tuesday, August 26.
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Trade between Singapore and East Africa alone reached $541 million in 2024, up from $294 million recorded in 2020.
This growth was highlighted at the Africa Singapore Business Forum (ASBF), which opened in Singapore on August 26, bringing together more than 700 business and government leaders.
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Singaporean investment in Africa continues to expand across sustainability, financial services, digitalisation, and consumer markets. At ASBF, five new agreements were signed covering areas from climate technology and agroforestry to financial digitisation and wellness products, reflecting the growing appetite for cross-continental collaboration.
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Rwanda is poised to sign a Memorandum of Understanding with Singapore-based Climate Bridge International to advance carbon investments. The agreement will create a framework for identifying eligible projects, strengthening carbon credit systems, and building local institutional capacity.
The forum also highlighted Africa’s broader transformation, with sustainability serving as a key area of collaboration. From large-scale agroforestry projects in West Africa to Rwanda’s entry into carbon markets, African and Singaporean partners are increasingly aligning trade growth with climate objectives.
Similarly, Africa’s digital revolution is opening new avenues, with Singaporean firms entering fintech and insurance technology to expand financial access.
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What stands out is the convergence of Africa’s growing consumer base, rising demand for sustainable investment, and Singapore’s expertise in technology and standards.
Since its launch in 2010, the Africa Singapore Business Forum has established itself as the principal platform linking businesses and policymakers from both regions.
