,Singapore

SG companies' projects in Africa double in 5 years

The effort took effect over five years.

Projects by Singapore companies in Africa doubled over five years. 

Enterprise Singapore faced 20% growth in projects in 2020, compared to 2019. 

The majority of the companies that made their presence were in the infocomm media, urban infrastructure, and artificial intelligence. During the first six months of 2021, almost half of the projects involved with environment, social, and governance include technology solutions in fintech, blockchain, and artificial intelligence.

Peter Ong, chairman of Enterprise Singapore, showed interest in Africa and its untapped potential. 

“Whilst Southeast Asia and China are natural markets for Singapore companies to expand into due to proximity and familiarity, other markets such as Africa offer untapped opportunities. “

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