VENTURES AFRICA – Asian tiger, Singapore, is looking to increase its investments in Africa, as the race for the continent’s promising long-term growth prospects intensify. The International Enterprise (IE) Singapore, the government agency driving Singapore’s external economy, is set to open a centre in Ghana as part of the country’s plans to help Singaporean firms increase investments in Africa.
The IE Singapore documents that about 48 Singapore companies have business interests in 42 African countries.
Today, the IE is also expected to sign a Memorandum of Understanding (MOU) with the International Finance Corporation (IFC), to facilitate closer business collaboration between Singapore and Africa.
Lim Ban Hoe, IE Singapore’s group director for Middle East & Africa, noted that the MOU would make it easier for Singaporean companies to expand into Africa.