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Singapore companies explore opportunities in Angola, South Africa and Mozambique through SBF-IE business mission |
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Singapore, Monday, 3 August 2009 - The Singapore Business Federation (SBF), together with International Enterprise (IE) Singapore, jointly organised a ten-day business mission to Southern Africa, 23 July to 1 August 2009, to facilitate exploration of the business environment, business opportunities, and emerging sectors for Singapore companies.
The 13-strong business delegation was led by SBF member, Mr. Shiekh Babu Nooruddin, Director of Al Noor International (Singapore) Pte Ltd., an experienced businessman in the markets of Angola and Mozambique. The business mission also aimed to strengthen chamber to chamber cooperation.
The business delegation which comprised representatives from sectors including oil and gas; petrochemical; engineering; info-communications technology; construction; manufacturing; and consumer products, met up with key government and business chamber officials and businessmen in Angola, South Africa and Mozambique.
Angola
The Angola leg of the business mission included meetings with industry experts and the Angola Chamber of Commerce which featured a presentation by Agencia Nacional para o Investimento Privado (ANIP) on the investment opportunities, legal framework and the advantages of investing in Angola. ANIP oversee the national policy on foreign investments into the country, as well as the promotion, coordination, direction and supervision of foreign companies looking to do business in Angola. Revealed exclusively to the delegation were some on-going infrastructure projects and tips on doing business in oil-rich Angola. They learnt that whilst Angola's economy is highly dependent on the oil industry, non-oil sectors are gaining prominence. Its small diamond industry is still growing with the financial services and the real estate sector experiencing a period of strong growth.
South Africa and Mozambique
In South Africa, the Singapore delegates engaged in business matching sessions with the Department of Trade and Industry, Altius Investment Holdings, a South African Investment company, as well as a Networking Dinner hosted by Singapore High Commissioner to South Africa. As the largest economy on the African continent, South Africa accounts for almost a quarter of the continent's GDP. According to the World Bank, South Africa ranked 32nd in the world for the ease of doing business survey in 2009. The delegation was encouraged to look to South Africa for potential infrastructure opportunities in public utilities, transportation and water resources.
In Mozambique, the Singapore delegation met representatives from the Centre for Promotion Investment (CPI); Mozambique Chamber of Commerce; and paid a Courtesy Call on the Permanent Secretary of Ministry of Industry and Trade.
Based on general feedback gathered by SBF, at least S$ 8 million worth of deals are currently under negotiation, with some companies discussing potential joint cooperation for future projects.
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