INCREASING CONNECTIVITY
Singaporean companies in Africa Africa presents the last investment frontier for many companies across the world . With expertise spanning oil and gas , logistics and manufacturing , as well as clean urban and infrastructure planning , Singaporean companies are naturally well-placed to find a range of opportunities on the continent . While some African countries compare relatively favourably with more developed Western economies , a number of logistics challenges are present and are set to continue until infrastructure projects are delivered and political situations stabilise . None more pressing is the continent ’ s infrastructure gap which could cost as much as $ 90 billion a year for the next decade in order to address . Other industries face similar long term challenges but innovative solutions are afoot to combat the doom and gloom .
Ascent Solutions , for example , specialises in producing IoT technology for the logistics industry and for cargo security tracking . Its iSPOT™ solution provides continuous location , security and sensor-based tracking that not only helps to prevent cargo theft , but also reduces customs administration time and costs .
There are also cases where the growth of African economies is creating new areas of demand that Singapore-based companies are keen to fulfil . Recognising Africa ’ s growing affluent class , Star Publishing has found a new market in South Africa ’ s Free State , where it is delivering a range of hard copy and digital classroom materials to private sector schools . Singapore ’ s Institute for Technical Education is working on a number of vocational education projects across the continent .
The conditions in parts of Africa now and Singapore 50 years ago are clearly different , but the comparison does highlight what still must be done . Upholding the rule of law and developing a solid regulatory and governance body will go a long way to assure businesses that their assets and investments will be safe – a point Osman is also keen to stress . The value of a local presence supported , where possible , by local partners , is key . Given the sound business climate in Singapore , the fact that a number of companies from the nation state have chosen Africa as a place to do business should be an inspiration to others across the world .
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