Speech by Minister Grace Fu at the 8th Africa Singapore Business Forum

It is a pleasure to be here this morning at the 8^th Africa Singapore Business Forum (ASBF).  A warm welcome to everyone, especially to our friends from Africa who have travelled a long way from home. In particular, I would like to extend my warmest welcome to the President of Ghana, His Excellency John Dramani Mahama, and ministers from 16 African countries for attending the ASBF this year. Your presence today reflects our shared commitment to fostering stronger partnerships between our countries.

We meet at a pivotal moment. The rules-based global trading order, which has been the dominant geopolitical and economic paradigm for the past seven decades, is under strain from rising protectionism and economic fragmentation. For developing regions like Africa and Southeast Asia, this is clearly a headwind that will reduce growth. 

That is why the topic of this year’s ASBF is important—how can Africa and Southeast Asia bridge our collective capabilities, and chart a sustainable path towards growth together? I would like to suggest three ways we can strengthen these connections and unlock the potential between our regions.

First, strengthening institutional linkages between Africa and Southeast Asia to promote trade, investments, and sustainability.

1. The African Continental Free Trade Area (AfCFTA) is a remarkable achievement—the world’s largest free trade area by participating countries, connecting 1.4 billion people in a single market, with a combined GDP of US$3.4 trillion. With its full implementation, the AfCFTA could create unprecedented opportunities for businesses, entrepreneurs, and innovators.

2. In Southeast Asia, we have the ASEAN Economic Community representing a combined market of 670 million people. We have built partnerships with major economies, and positioned ASEAN as the hub of broader regional frameworks such as the Regional Comprehensive Economic Partnership.

3. As two similarly large, young, and fast-growing regions, Africa and Southeast Asia can work together and play to our complementary strengths. Africa's vast resources and young population, combined with Southeast Asia's growing consumption and manufacturing capabilities, create immense potential for collaboration. Together, we could represent some of the world's most dynamic markets, with a combined population of nearly two billion people.

4. Singapore has been exploring more connections with Africa through trade agreements. We have had encouraging discussions with the East African Community (EAC) and its Secretariat on a potential Free Trade Agreement. We hope to begin formal negotiations once the EAC is ready to do so. This agreement would be a significant stepping stone in promoting open markets between our regions and creating new pathways for trade and investment.

5. To facilitate more investment flows, Singapore has also established Avoidance of Double Taxation Agreements (DTAs) and Bilateral Investment Treaties (BITs) with various African states. I am happy to share that Singapore’s BITs with Côte d’Ivoire and Nigeria have formally entered into force this week, bringing our total BIT count in Africa to seven. We are also negotiating a BIT with Ghana and hope to conclude discussions soon. These agreements will provide greater certainty and protection for investors, laying the groundwork for deeper and more sustainable economic partnerships between our regions.

6. In the emerging field of carbon markets, we have signed Implementation Agreements on carbon credits cooperation under Article 6 of the Paris Agreement with Ghana and Rwanda. These agreements set out a framework to enable much-needed investment to flow into carbon mitigation and climate adaptation activities, which benefit not just our countries, but contribute to global efforts to decarbonise.

Second, Africa and Singapore can strengthen our commercial linkages and reap mutual benefits.

1. Singapore’s trade relationship with Africa has shown promising growth. Merchandise and services trade have grown roughly 14% and 17% per annum respectively since 2020. Singapore has emerged as the eighth largest investor in Africa, with over US$20 billion invested across sectors like manufacturing and infrastructure development.

2. But there is still much more room to grow our commercial linkages. In recent years we are seeing more Singapore companies seize opportunities in high-growth sectors that align with Africa’s development priorities—from the green economy and agribusiness to digital services and fintech.

3. They include:

   1. Valency International, which inaugurated one of the world's largest cashew processing plants in Côte d'Ivoire last year.  Its US$40 million investment demonstrates the confidence in Africa's agribusiness sector. The facility will create over 2,000 jobs, with 80% of positions held by women, directly contributing to women's economic empowerment. This investment also helps Côte d'Ivoire move up the value chain to become a manufacturer of finished products.

   2. In the digital space, Singapore-based tech firm Trident is partnering with the Democratic Republic of the Congo to implement a nationwide digital identification system, known as DRCPass. The platform will enhance financial inclusion and improve public service delivery for over 110 million DRC citizens. It is a good example of how Singapore companies work with African partners to bridge the digital divide and promote financial inclusion.

4. I encourage our businesses to be agile, bold, and ready to step into new markets, and help shape Africa’s growth story while expanding Singapore’s global footprint.

5. As Africa enters its next phase of growth, the opportunities will no longer be only within its borders. Already, we are seeing African companies leverage Singapore's connectivity to access markets across ASEAN and beyond. For instance, Tyme Group started its network of digital banks in South Africa. It chose Singapore as its global headquarters, and has successfully ventured to the Philippines as well. We hope to see more of such success stories as we strengthen the bridges between our regions.

Last but not least, let’s continue to strengthen people-to-people linkages between Africa and Southeast Asia.

1. Platforms such as the Singapore Cooperation Programme have helped foster knowledge and people-to-people exchanges between our regions.  Since its inception, we have welcomed over 14,000 African officials from 54 African countries. Last year, we welcomed officials from 11 African countries for our Capacity Building Programme in “Trade Negotiations”, where negotiators from Africa and Singapore shared valuable insights from their experiences with trade negotiations. These exchanges have proven invaluable in building cultural understanding and friendships between our officials.

2. We are also facilitating direct business connections through regular business missions, workshops, and conferences. Enterprise Singapore works with business chambers and associations in Singapore to organise regular business missions to Africa.

3. In July last year, Minister of State for Trade and Industry Mr Alvin Tan led Singapore's first carbon credits business mission to Ghana, to explore opportunities for businesses in Singapore and Ghana to work together on carbon credits projects. This September, the Singapore Business Federation will be organising an Overseas Market Workshop to Egypt, focussing on trade, transport, logistics, and urban infrastructure development.

4. Another example is the Global Finance & Technology Network (GFTN). GFTN was established by the Monetary Authority of Singapore, to use technology and innovation to create efficient, resilient, and inclusive financial systems through global collaboration. It has partnered Rwanda and Ghana to support the growth of the financial services and technology sectors through the Inclusive FinTech Forum and the 3i Africa Summit, respectively. GFTN is currently working with the International Finance Corporation to organise the annual Global SME Finance Forum in September in Johannesburg, South Africa. These initiatives bring together government officials, international experts, industry leaders and businesses to create opportunities and foster strategies for inclusive and sustainable development for Africa.

As an African proverb reminds us, "If you want to go fast, go alone.  If you want to go far, go together."  Today, I am calling on everyone in this room to do two things:

1. Look beyond the familiar – let us not just see Africa and Southeast Asia as separate markets, but as complementary engines of growth; and

2. Be open to take the first step – whether you are an African company looking east or a Singapore company looking to Africa, make this ASBF your launching pad.

I wish everyone fruitful exchanges over the next three days. Thank you.