Africa is one of the world's most dynamic regions, with rapid urbanisation, accelerating industrialisation, and a growing middle class driving consumption. Africa continues to present significant growth opportunities, even amidst current global uncertainty.
Singapore's trade and investments with Africa have been growing over the years. Our volume of merchandise trade has grown at a compounded annual growth rate of 10.6over the last five years. Singapore-based companies have invested over US20 billion in Africa as of 2023. Singapore companies such as Wilmar and Tolaram have been in Africa for many years and have become household names in agri-commodities and FMCG. More Singapore companies are now looking towards Africa as a strategic destination for diversification. Commercial interests are moving beyond trading, to long-term investments in sectors such as ports and logistics, infrastructure, and urban services such as township master-planning and smart city solutions.
In ports and logistics, Singapore companies with expertise in port operations and airport management are relevant to Africa's infrastructure and connectivity priorities. In urban solutions, companies like Surbana Jurong and Meinhardt can support Africa's rapid urbanisation. With Singapore's experience in urban planning and development, we can contribute meaningful solutions in areas like township master-planning and smart city solutions.
In my travels to Africa, I've witnessed how the digital and green economy is another exciting space with great potential for collaboration. Africa continues to experience a digital revolution, particularly in fintech and e-commerce. And I believe Singapore's advanced digital ecosystem and regulatory framework can continue to support this transformation. We are already collaborating in fintech and digital trade solutions.
At the governmental level, Singapore has been working with various African countries to strengthen our supporting trade architecture. To date, we have signed 10 Bilateral Investment Treaties BITs and 14 Avoidance of Double Taxation Agreements DTAs. These agreements provide investors from both sides with greater regulatory certainty for investors and give our businesses more confidence to expand into Africa and vice versa. We also hope to work towards Singapore's first Free Trade Agreement with an African partner, which would mark a milestone in our economic relationship with the continent.