Africa-Singapore Business Forum Held
Following Japan's 9th Tokyo International Conference on African Development (TICAD9), the 8th Africa-Singapore Business Forum (ASBF) was held in Singapore from August 26-28, featuring active discussions on Africa business.
Recognition of Geopolitical Crisis and Importance of Regional Cooperation
Current situation assessment: Singapore's Minister for Sustainability and the Environment and Minister-in-charge of Trade Grace Fu warned that the rules-based global trade order that has dominated for the past 70 years is in crisis due to rising protectionism and economic fragmentation.
Need for institutional cooperation: For developing regions like Africa and Southeast Asia, this presents headwinds that hinder growth, necessitating strengthened institutional cooperation to promote investment and sustainability.
Economic Cooperation Strategy Between Africa and Southeast Asia
FTA and RCEP framework utilization: Building on Singapore's track record of promoting Free Trade Agreements (FTAs), establishing partnerships with major economic powers, and positioning ASEAN as a hub for broader regional frameworks like the Regional Comprehensive Economic Partnership (RCEP), expectations were expressed for progress in the African Continental Free Trade Area (AfCFTA) concept in addition to regional organizations like the East African Community (EAC).
Comparable economic scale and growth potential: Africa and Southeast Asia were evaluated as regions with comparable economic scales that are young and rapidly growing, capable of cooperating and complementing each other's strengths.
Specific Success Cases and Market Access Strategies
Tyme Group success case: Citing the case of South Africa's Tyme Group choosing Singapore as its global headquarters and successfully expanding into the Philippines, the potential for African companies to access ASEAN and other regional markets through Singapore's network was demonstrated.
Panel discussions: Panel discussions on addressing African urban issues, expanding consumer markets, and energy transition emphasized the importance of forming partnerships while listening to African opinions and needs, with active discussion of initiatives by both African and Singapore companies.
Policy Significance and Future Outlook
This forum demonstrated Singapore's role as a bridge connecting Africa and Southeast Asia, presenting concrete pathways for mutual economic cooperation. The discussions particularly highlighted the importance of institutional cooperation and sustainable development partnerships between developing regions.