Singapore, a city that owes its prosperity almost entirely to its position as a hub for international trade, is constantly on the lookout for the next frontier. And now, as Singaporean businesses scour the world for opportunities, Africa is increasingly attracting the Lion City's attention - though the Singapore-Africa relationship remains relatively nascent. Since independence in 1965, Singapore has naturally concentrated much of its energy on becoming a hub for the Asia-Pacific region. Until recently, Africa was, at best, an afterthought for most Singapore-based investors - but, in a city always seeking new growth opportunities, it was inevitable that Singapore would eventually turn its gaze towards Africa.
"Singapore tries to make itself useful to economies that are far bigger than itself," says Amit Jain, director of the Centre for African Studies at Nanyang Technological University in Singapore. Policymakers have consistently viewed free trade as critical to the city state's prosperity and while ties with regional giants such as China and India remain important, the country has increasingly recognised that Africa represents the world's "next growth engine".
While Singapore's economic ties with Africa are 'starting from a low base," Jain says the country is "preparing the ground" for the relationship to expand. Trade in goods between Africa and Singapore amounted to 12.4bn in 2023, according to Enterprise Singapore figures, while there are now more than 100 Singaporean companies operating in Africa.