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Tolaram's free zone invites S'pore firms to invest in Africa
May 27, 2021 | The Straits Times
If not for the fact that it is building West Africa's largest deep water port and free trade zone, Tolaram Group would be best known as the company which taught Africans how to savour instant noodles.
Today, the Singapore-based group, whose annual turnover tops US$1.2 billion (S$1.6 billion), is one of Africa's largest conglomerates.
3 May 2021 | By Financial Afrik
During the visit of the French Minister of Economy and Finance, M. Bruno Le Maire, Proparco and NSIA group signed a new partnership to back Ivorian enterprises. Choose Africa Resilience, a grant accorded by Proparco will cover 500 000 000 XOF (3.75M€) in loans by NSIA Bank to entrepreneurs.
Sudan Opens for Business
May 7, 2021 | By Volker Perthes, Project Syndicate
After decades of strife and bloodshed, Sudan has made significant gains in the two years since its revolution, adopting important economic reforms and gradually rejoining the international community. Now, the country needs investment, and it has no shortage of profitable opportunities to offer.
China-Africa trade increases 26.9% in first quarter
May 17, 2021 | SeaNews
TRADE between China and Africa rose by 26.9 per cent in the first quarter year on year, reports Hong Kong's South China Morning Post.
Two-way China-Africa trade totalled US$52.1 billion in the first three months of the year as most economies eased trade and travel restrictions that had been imposed to curb the spread of the virus
March 15, 2021 | By Anita Gabriel, The Business Times
Olam International will be breaking up into two (relatively) bite-sized entities. The rejig of Olam's humongous portfolio and "full-fledged" spin-off for the food ingredient and agri-business assets mark the firm's most impactful endeavour to woo the market to raise growth capital.
Olam's group chief executive Sunny Verghese's enthusiasm is hard to miss even with his all-too-familiar measured and reflective despatch. "It's an exciting opportunity to create world-class businesses that will be true market leaders," he told The Business Times in an interview.
March 11, 2021 | By Angela Tan, The Business Times
The global trade imbalance due to Covid-19 has resulted in a mismatch between where sea containers are and where they need to be, causing supply-chain bottlenecks.
PIL executive chairman and managing director S S Teo, who is also Co-Chairman of ASEACC said as container liners struggle to meet demand for containers on the US and European routes, there is a knock-on effect on other trade lanes when containers are diverted. Most in the industry are expecting the container shortages in Japan, South Korea, India and South-East Asia to last until mid-2021.
Wilmar's Footprint in Africa
August 20, 2020 | By Thuma Mina South Africa
Since entering Africa in 2000, Wilmar International Limited has expanded its footprint to 16 countries on the continent engaging in the cultivation of oil palm, rubber, edible oil refining and packing, specialty fats production, soap and detergent manufacturing, oilseed crushing, rice milling as well as sugar milling and refining.
Wilmar and its associates are the largest producer of consumer pack edible oils, soaps and detergents in Africa with an extensive brand portfolio catering to the needs and tastes of every consumer.
Apr 2021 | By Eric Parry Architects
World class laboratories and office spaces within a landscaped garden setting. This is the future of Wilmar with its new R&D headquarters at Biopolis Road in Singapore. A combination of signature architecture, modernity and sustainability, the laboratory responds to climate and orientation to maximise the passive effect on reducing heat load and energy usage.
Singapore, Thailand link real-time payment rails for faster, cheaper cross-border transfers
Apr 29, 2021 | The Business Times
The Monetary Authority of Singapore (MAS) and the Bank of Thailand (BOT) on Thursday announced the first cross-border payments infrastructure to be established globally with the linkage of Singapore's PayNow and Thailand's PromptPay.
Monetary Authority of Singapore (MAS) and Bank of Ghana (BOG) adopt the Business sans Borders (BSB) and the Financial Trust Corridor (FTC)
Dec 8, 2020 | Monetary Authority of Singapore
The MAS and the BOG have commenced discussions to adopt the BSB open hub of platforms between Singapore and Ghana. These discussions on close cooperation will benefit the small and medium-sized enterprises (SMEs) and micro-SMEs (MSMEs) in both countries by expanding their connectivity with their counterpart economy, while introducing innovative FinTech and digital tools to help each SME seamlessly complete its regular business needs.
Reopening and reimagining Africa: How the COVID-19 crisis can catalyze change across the continent.
May 29, 2020 | By McKinsey & Company
COVID-19 poses a grave threat to lives across Africa, with the World Health Organization (WHO) estimating that the continent could see up to 190,000 deaths over the next year if the pandemic is not controlled. In the face of this challenge, governments have acted fast, both to strengthen the capacity of health systems and to contain the spread of the virus: as of May 19, about half of Africa’s population lives in countries imposing some type of lockdown. But despite accelerating case numbers and still-low testing rates in many countries (Exhibit 1), as well as recent reports of a worsening health crisis in hotspots on the continent, some governments have started to ease restrictions with caution as economic pain becomes more acute for households.
Party Secretary Li Qiang meets Wilmar CEO
July 27, 2020 | By Qian Tong
Shanghai Party Secretary Li Qiang met Kuok Khoon Hong, chairman and CEO of Wilmar International, in Shanghai yesterday.
During the meeting, Li introduced details about local measures for the prevention of the COVID-19 pandemic as well as for the city’s economic and social development.
Broker's take: Maybank KE upgrades Wilmar to 'buy', lowers TP on palm oil uncertainty
May 13, 2020 | By Vivienne Tay, the Business Times
Wilmar shares were trading S$0.15 or 3.9 per cent higher at S$3.97 as at the mid-day break on Wednesday.
As China - which Wilmar derives nearly 60 per cent of its revenue from - starts to open up following the Covid-19 lockdowns, volume momentum should pick up, said analyst Thilan Wickramasinghe in a research note dated Tuesday.
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PIL donates 1000 surgical masks to Kenya Ports Authority
Apr 16, 2020
In the depths of the ongoing global pandemic, Pacific International Lines (PTE) Ltd has donated 1000 surgical masks to Kenya Ports Authority (KPA) to keep staff safe as they battle against the spread of COVID-19 at the Port of Mombasa.
Lessons from Ebola help Olam respond to coronavirus
Apr 7, 2020 | By David Whitehouse, theafricareport
The outbreak of Ebola in west Africa in 2014-16 has left food and agri-business company Olam ready to respond quickly to the coronavirus pandemic, Ventkatamani Srivathsan, CEO for Africa and the Middle East, told The Africa Report.
Wilmar sets up 4 new subsidiaries and acquires 1 firm
Mar 25, 2020 | By Claudia Tan, The Business Times
AGRIBUSINESS company Wilmar International on Wednesday announced the establishment of four new subsidiaries in the Solomon Islands, China, Myanmar and Sri Lanka, as well as an acquisition of one of its subsidiaries in China.
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PIL subsidiary Singamas works with local Chinese medical equipment company to build a mobile Covid-19 testing laboratory
Mar 5, 2020 | From Singamas 2019 Annual Results Announcement
To fight against coronavirus outbreak, Singamas cooperated with a Chinese medical equipment company to build the first movable nucleic acid detection laboratory container in China which has been delivered to Wuhan. Singamas is now developing the first movable CT Scan container. Its success will enable Singamas to provide containerised medical facilities, especially to the mobile cabin hospital.
AP Moller Capital to invest in West African port infrastructure
Jan 29, 2020 | By Ship Technology
AP Moller Capital will provide significant investment in a West African ports and logistics platform via the Africa Infrastructure Fund. The platform will be managed by ARISE Ports & Logistics. AP Moller will hold a 43% stake in the platform, while Olam and AFC will hold 31% and 26% stakes respectively.
Farid Merabet: "In Algeria, President Tebboune wants to develop economic diplomacy towards Africa"
Nov 11, 2019 | By Pascal Airault, l'Opinion
Algeria aims to become, like Casablanca, a gateway for foreign companies wishing to project to the African continent.
SM Tharman Shanmugaratnam to visit Côte d'Ivoire and Ghana from 3 to 7 November 2019
Nov 9, 2019 | From The Prime Minister's Office
Senior Minister (SM) Tharman Shanmugaratnam will make working visits to Côte d’Ivoire from 3 to 5 November and Ghana from 5 to 7 November. He will meet government leaders in both countries to promote bilateral cooperation, and will be accompanied by a business delegation.
Keppel Corp names 3 new independent directors to board
Oct 18, 2019 | By Marissa Lee, The Business Times
With effect from Jan 2, 2020, the Keppel board will comprise a total of 11 directors, of whom 10 are independent directors.
Teo Siong Seng, 64, the executive chairman and managing director of Pacific International Lines (PIL), will join the board from Nov 1.
PIL is one of the largest shipowners and operators in South-east Asia with a focus on Asia-Africa and the Middle East, Keppel said.
Naspers-Backed Crypto Platform Luno Starts African Hiring Spree
June 22, 2019 | By Roxanne Henderson, Bloomberg
Naspers Ltd-backed cryptocurrency platform Luno is planning to increase its workforce by almost 60% to expand its South African headquarters as Bitcoin once again breaches $10,000.
1.2 billion reasons Singapore tech firms think Africa is next big thing
Jun 7, 2019 | By Cybil Huichen Chou, SCMP
Africa has become the new frontier for Singapore’s start-up movement as more technology and venture capitalist firms eye the continent’s largely untapped market for the next wave of growth, despite the challenges it presents, experts say.
Trump's new Africa strategy misjudges risks of Chinese debts
Dec 18, 2018 | By Paulo Gomes, Axios
Last week, the Trump administration unveiled its new Africa strategy, prioritizing deeper economic ties, counterterrorism and the efficient use of U.S. aid. The strategy aims to counter Chinese and Russian interests on the continent, especially the former’s strategic use of debt to control African countries.
Afreximbank Launches $1 billion Programme to Promote Nigeria-Africa Trade; Signs MoU for $1.235 billion for Industrial Parks
Dec 13, 2018 | By Afreximbank
The African Export-Import Bank (Afreximbank) today in Cairo signed an agreement with the Nigerian Export Promotion Council and the Nigerian Export-Import Bank (NEXIM), launching a $1-billion Nigeria-Africa Trade and Investment Promotion Programme (NATIPP) aimed at promoting and expanding trade and investments between Nigeria and the rest of Africa.
At 100 years old, the world's oldest billionaire still goes to the office every day
Dec 4, 2018 | By Karen Gilchrist, CNBC Make It
At 100 years old, the world’s oldest billionaire would be forgiven for taking it easy and enjoying the riches of his eight-decade career.
But for Chang Yun Chung, founder of Pacific International Lines (PIL), staying at home isn’t an option. Despite handing over the role of executive chairman to his son, Teo Siong Seng, earlier this year, the centenarian Singaporean insists on going into the office every day.
Three Charts That Explain Boom in Southeast Asia's Net Economy
Nov 19, 2018 | By Yoolim Lee, Bloomberg
Southeast Asia’s internet economy is on pace to expand 37 percent this year to $72 billion and is projected to exceed $240 billion by 2025, according to a joint research report by Google and Temasek Holdings Pte.
New investment and advisory firm to focus on intra-Africa trade
Nov 18, 2018 | By Sanne Wass, Global Trade Review
Two business leaders have launched a new investment and advisory firm focusing on equity investments and trade and corporate finance in Africa.
What is China' contribution to the industrialisation of the Mediterranean and Africa?
Nov 1, 2018
Interview with Mr Paulo Gomes, Chairman of Advisory Board Africa Southeast Asia Chamber of Commerce, by The Mediterranean world Economic Foresight Institute (L’Institut de Prospective Economique du Monde Méditerranéen – IPEMED).
Singtel to invest US$250m in Airtel Africa; funding round includes Temasek, Warburg Pincus, Softbank
Oct 24, 2018 |By Wong Kai Yi, The Business Times
SINGTEL will invest US$250 million in Airtel Africa Ltd in an effort to tap the continent’s burgeoning use of mobile money and mobile wallets.
Africa-Asia economic relations: Let the private sector shine
Sep 25, 2018 | By Kelvin Tan, theafricareport
For almost two decades, Asian governments have been very vocal in their desire to get involved in the African continent. Bilateral forums, conferences, meetings and seminars happen more often than one can count, and usually result in numerous announcements – ranging from memoranda of understanding (MoU) to billions of financial commitments.
Africa Rising will lift Singapore boats too
Sep 12, 2018 | By Venkataramani Srivasthsan, The Business Times
If there is one thing that the recent Africa Singapore Business Forum (ASBF) reminded me of, it is what a polarising prospect the continent remains.
The global business community – Singapore included – has long seemed divided into two main camps: companies that have committed to Africa, and those still labelling it “too hard”, ie, too complex to prioritise. But at the ASBF, I detected a different sentiment – a re-imagining of the prospects for some, and one that underscores Singapore’s position as an international business leader.
Graduating from political to economic independence
Aug 20, 2018 | By African Business Magazine
Paulo Gomes, Member of the AfroChampions initiative, talks about the practicalities of creating a fertile environment for African multinationals to arise.
Singapore fintech firms joining the dots in Africa's digital frontier
Aug 17, 2018 | By Annabeth Leow, The Business Times
One of the world’s leading mobile-money markets is farther afield than many might venture – but Kenya, on Africa’s east coast, is fertile ground for Singapore firms tapping the digital economy. And other countries on the continent are no slouch, either.
Petronas makes an entry into Senegal
Aug 13, 2018 | By New Straits Times
Petronas said the farm-in is aligned with Petronas’ upstream strategy to grow its exploration portfolio in West Africa, where it is operator of an ultra-deep water block in Gabon and currently looking to explore further in the region.
Wilmar's Q2 net profit surges 437%
Aug 14, 2018 | By The Straits Times
Agribusiness group Wilmar International has posted a more than four-time increase in its net profit for the second quarter ended June 30.
Net profit soared to US$316.4 million (S$435 million) from US$59 million, lifted by stronger performances from the oilseeds and grains as well as the tropical oils segments, coupled with better contributions from associates.
What African SWFs can learn from Asian counterparts
Aug 6, 2018 | By African Business Magazines
Asian sovereign wealth funds (SWFs) have played an important role as engines of development and economic growth in the past 50 years. In 1965, Singapore’s GDP per capita was just $500, on par with that of Mexico and South Africa. In 2017, this figure had increased more than 100-fold, reaching $56,000.
Afreximbank and Aenergy Join Efforts to Leverage Climate Finance for Africa’s Development
Jul 16, 2018 | By Afreximbank
The African Export-Import Bank (Afreximbank) entered into a cooperation with Aenergy to develop a low carbon sustainable economy and a climate finance strategy to support projects and national initiatives in the sector across Africa.
Japan’s Leapfrog Ventures Launches $4.5m Fund For Sub-Saharan Africa
Jul 13, 2018 | By Lynda Kiernan, Global AG Investing
Tokyo-based Leapfrog Ventures has launched a $4.5 million fund focusing on investments in startups across sub-Saharan Africa, centered on the countries of Rwanda, Uganda, Kenya, and Tanzania.
Launched by Takuma Terakubo in partnership with Samurai Incubate, the company where he formerly worked, the fund will be stationed at the well-known co-working space, kLab in Kigali, Rwanda. The plan is to make investments of approximately $50,000 each in seed-stage startups engaged in agriculture, logistics, energy, healthcare, and finance
Singapore firms should add Africa’s e-commerce opportunity to their carts
Jun 19, 2018 | By Faridah Mohd Saad, TODAY Online
Valued at US$300 billion (S$400 billion), Africa’s digital economy is growing quickly.
Its huge potential has lured international digital players to the continent over the last five years. Jumia Group, backed by Germany’s Rocket Internet, has e-marketplaces in 23 African countries; Naspers, the world’s 7th largest internet company, has invested in South Africa’s top e-marketplace Take-A-Lot.
Singapore's DPM Tharman visited Kenya, Rwanda to deepen engagements in Sub-Saharan Africa region
Jun 16, 2018 | By The Straits Times
Deputy Prime Minister Tharman Shanmugaratnam this week met government leaders in Kenya and Rwanda, as part of Singapore’s deepening engagements in the growing Sub-Saharan Africa region.
CrimsonLogic opens office in Rwanda
Jun 15, 2018 | By The Straits Times
The African Export-Import Bank (Afreximbank) entered into a cooperation with Aenergy to develop a low carbon sustainable economy and a climate finance strategy to support projects and national initiatives in the sector across Africa.
Afreximbank president unveils new initiatives and thoughts on Africa’s trade finance gap
May 16, 2018 | By Shannon Manders, Global Trade Review
Off the back of the signing of the African Continental Free Trade Area (AfCFTA), Global Trade Review (GTR) caught up with African Export-Import Bank (Afreximbank) president Benedict Oramah to discuss initiatives that the bank will soon be launching, and to hear his views on how best to address Africa’s trade finance gap.
Expanding the Shipping Trade in Africa
May 14, 2018 | By CNN
Managing Director of PIL Shipping, S.S. Teo explains how the company has expanded in Africa.
Olam Eyes Fish Farming in Africa to Tap Growing Middle Class
Mar 27, 2018 | By Olivier Monnier, Bloomberg
Olam International Ltd., one of the world’s largest food traders, is considering expanding into fish farming in Africa to tap demand from a growing and more affluent population.
The Singapore-based firm is conducting a feasibility study on farming fish in West Africa, likely in Nigeria, the continent’s most populated country, Chief Operating Officer Shekhar Anantharaman said. Olam could potentially start the venture with partner and shareholder Mitsubishi Corp., which owns fish businesses, he said.
Africa 2017 Forum
Jan 2018 | By African Business Magazine
Political leaders and economic decision-makers from across Africa attended the Africa 2017 Forum in Sharm el Sheikh, Egypt, in December. African Business looks at some of the highlights of the event.
Participation of ASEACC at the Africa 2017 included Olam, AFREXIMBANK, Secretary-General (Asia) Kelvin Tan, and Paulo Gomes, Advisory Board Chairman.
Olusegun Obasanjo, Akinwunmi Adesina, Paul Kagame and over 20 other influencers to speak at the 24th Afrexim Bank AGM.
Jun 20, 2017 | By Fumnanya Agbugah, Ventures Africa
The 24th African Export-Import Bank Annual General Meeting of Shareholders will be held in Kigali Rwanda on the 28th of June to the 1st of July. The theme this year is “Boosting intra-African trade and integration” where more than 20 high-profile political and business leaders will be attending the event.
PIL Moves to "B-Division" Status
Mar 16, 2017 | By The Straits Times
As Pacific International Lines (PIL) celebrates its 50th anniversary, it is progressing to a “B-division” status in the international shipping sector, looking to extend capacity to 500,000 containers by the end of next year.
Africa's Singapore: Finding Singapore
Feb 11, 2017 | From Channel News Asia
Rwanda has shed its violent past, transforming into what some call “the Singapore of Africa” – with a teeny bit of help from a Singaporean or two.
Here’s what Africans think about China’s influence in their countries
Oct 28, 2016 | By Kim Yi Dionne, The Washington Post
Scholars and analysts debate about China’s growing influence in Africa. Just in The Monkey Cage, we’ve featured posts asking whether China’s influence in Africa is something to fear, how China’s role in Africa isn’t as dominant as we think, why fearing Chinese aid to Africa is wrong, and still more. These accounts are largely written from an American perspective.
S'pore inks three deals with African nations
Aug 25, 2016 | By Lee U-Wen, The Business Times
Singapore government on Wednesday put pen to paper on three major deals with African countries, which will go a long way towards boosting greater trade and investment between Singapore and Africa.
Local firms drawn to vast potential
Aug 25, 2016 | By The Straits Times
Singapore’s local businesses are keen to capitalise on Africa’s vast potential, despite the difficulties of doing business there. Bosses, many from small and medium-sized enterprises (SMEs), told The Straits Times they are excited about Africa’s momentum and potential, and plan to expand operations there.
Africa is on the ascent and S'pore must ride this wave, says Tharman
Aug 25, 2016 | By Lee U-Wen, The Business Times
Globalisation has earned itself a “bad reputation” because of policy failures in the advanced world, and Deputy Prime Minister Tharman Shanmugaratnam believes this sort of negative narrative around globalisation should have no place in either Asia or Africa.
Africa attracts Singapore interest
Aug 24, 2016 | By Shannon Manders, Global Trade Review
IE Singapore, the government agency tasked with driving Singapore’s external economy, is looking to establish its third overseas office in Africa – this time in Kenya.
Singaporean companies eyeing niche opportunities in Africa
Jun 16, 2016 | By Jaco Maritz
Singapore’s government is actively encouraging its businesses to explore commercial opportunities in Africa, a region currently accounting for only about 1% of its total global trade.
Why Guinea Bissauan economist Paulo Gomes is producing a documentary on Amílcar Cabral
May 13, 2016 | By Claude Grunitzky, TrueAfrica
He uses the word “exorcism” to explain the process and series of events that led him to produce a documentary on Amílcar Cabral, the Guinea-Bissauan and Cape-Verdean engineer and freedom fighter.
Malaysia, African continent bilateral trade to grow by 10%
Feb 26, 2016 | By Bernama, New Straits Times
Bilateral trade between Malaysia and the African continent is expected grow by 10 per cent this year from RM30.1 billion recorded in 2015, Minister of International Trade and Industry Datuk Seri Mustapa Mohamed said today.
For S-East Asia, Africa spells opportunity
Nov 3, 2015 | By The Business Times
Singapore is considered the “best brand” in the continent, and some big opportunities for it lie in urban development and planning, says ASEACC's co-founder.
Rwanda's "Madame Poulet" From Singapore: CNA Insider
Oct 11, 2015
In Rwanda, they call her “Madame Poulet du Singapour” (Chicken Madam from Singapore). How does Lam Shumei, a young Singaporean lady with zero farming experience, make chicken meat more accessible and affordable for the small African nation still remembered for the genocide of 1994?
Malaysia Ramping up in Africa
Sep 30, 2015 | By Robert MacPherson
Malaysia is building partnerships in Africa as part of its vision to achieve greater resiliency on the global stage through political and economic diversification.
Radio France Internationale Africans are Moving!
Sep 14, 2015
ASEACC Secretary General (Africa), Didier Acouetey’s interview with the Radio France Internationale.
Lianhe Zaobao African Art Premiering in Singapore
Jul 30, 2015
The OKINKA African Art Exhibition displays more than 50 precious African art pieces, including bronze and wooden scluptures. With over 20 rare and exquisite masterpieces, the exhibition is premiering in Singapore.
ASEACC: Building Business Champions
Sep 20, 2014 | By Anver Versi, African Business Magazine
One organisation that has been set up to take the full advantage of the position of Singapore in the heart of Africa is the Africa-South East Asia Chamber of Commerce (ASEACC).
Nov 18, 2013
The Africa South East Asia Chamber of Commerce (ASEACC) was officially launched in Singapore on 18 November, 2013 by a group of 13 companies from both the African and South East Asian Regions. More than forty top companies and representatives from business chambers and the government attended the launch ceremony, graced by Senior Minister of State for Trade & Industry and National Development, Lee Yi Shyan. The event received media coverage in the national newspapers, as well as during prime time television.
Who will plan Africa's cities?
Sep 12, 2013 | By Watson, V. & Agbola, B., Africa Research Institute
Africa’s cities are growing – and changing – rapidly. Without appropriate planning, they will become increasingly chaotic, inefficient and unsustainable. In many countries, planning legislation dates back to the colonial era. It is ill-equipped to deal with contemporary urban problems. A shortage of urban planning and management professionals trained to respond to urban complexity with progressive pro-poor approaches exacerbates urban dysfunction.