Business News of 2014-07-13

Singapore holds trade and investment forum

A trade and investment forum aimed at developing opportunities and partnership between Africa and Asia is scheduled to be held in Singapore next month, 27-28 August 2014.

Dubbed the Africa-Singapore Business Forum (ASBF), it is on the theme: “Fostering Investment, Trade and Thought Leadership between Africa and Asia.” The International Enterprise Singapore (IE) is the government agency driving Singapore’s external economy.

Since 2010, the ASBF has brought together close to 1,000 business and government leaders from 30 countries to develop opportunities and partnership between these two dynamic regions.

ASBF 2014 will address critical issues and identify opportunities for the strategic growth of both regions through presentation and panel discussions, as well as provide numerous networking opportunities.

The Centre Director of International Enterprise (IE) Singapore, Middle East and Africa, Mr Ian Lee, at a breakfast meeting in Accra, said the world money was now flowing in Asia with Singapore as the hub of Asia and that partnering was the best way to increase investor interest in Africa.

“A lot of Singaporean companies have expressed interest in investing in Africa and particularly in Ghana and they are looking at almost all sectors including agri-business, ports and logistics and real estates,” he said.

He added that there had been a number of business-to-business discussions between Ghanaian businesses and their counterparts from Singapore and that the business forum was expected to lead to increase investments looking at the huge potential Ghana has.

Trade between Ghana and Singapore

Trade between Ghana and Singapore is currently around US$1 billion and FDI inflows amounted to US$250 million in 2012, information from the GIPC showed. Last year, investors from Singapore strengthened bilateral trade ties with their Ghanaian counterparts following the signing of a Memorandum of Understanding (MoU) and the opening of its Overseas Centre in Accra.

At the industry level, the Singapore Business Federation signed an MoU with the Association of Ghana Industries to collaborate on joint missions and facilitate the exchange of information.

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