Petroleum Africa
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Thursday, June 5, 2014
With the third edition of the Africa Singapore Business Forum, the Asian country is looking to build closer bilateral relations throughout the African continent. The UN pegs Singapore as the largest investor in the continent among the ASEAN countries.
As of end 2012, Singapore’s investments into Africa saw a compound annual growth rate (CAGR) of 11.2% over the previous five years, reaching $15.9 billion. Singapore-Africa trade has also increased, reaching $11.1 billion in 2013, achieving a strong CAGR of 11.7% since 2009. G. Jayakrishnan, IE Singapore Group Director for Middle East and Africa, said: “We see an opportunity to collaborate and develop long-term solutions in many areas including urban development & planning, eGovernment, oil & gas, transport & logistics, manufacturing & special economic zones, technical and vocational training, power, water, and affordable housing.”
Singapore is already home to a multitude of oil & gas equipment manufacturers and distributors and is a global hub for repairs and offshore fabrication with companies such as Keppel Offshore & Marine, Sembcorp Marine, RK Offshore, and Pacific Radiance having facilities there. These companies are presently providing services to Africa. Perhaps a most interesting turn is that several countries in Africa are looking to turn themselves into the Singapore of the West and have been investing in the same sort of facilities that Singapore offers.
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