CNA ‘We can’t just stick to the familiar markets’: PM Wong on Africa’s ‘tremendous’ business potential

If Singapore wants to grow and expand, it cannot stick to familiar markets and must look at new frontier areas like Africa, said Prime Minister Lawrence Wong on Tuesday (Nov 25).

Wrapping up his first bilateral trip to Ethiopia, Mr Wong emphasised Africa’s increasing global relevance, noting its rapid growth and long-term promise, affirming Singapore’s intent to build connections not just with Ethiopia, but with the African continent as a whole.

“If you project 10, 20, 30 years from now, Africa could have 2 billion, 3 billion people. It’s a very sizeable market. So for us to start building these links so that our businesses can start to come in, enter the market, familiarise themselves and hopefully over time, get to understand business conditions here and grow their presence here,” he said.

He added that building up these links early will provide more opportunities in the longer term for both Singapore businesses and Singaporeans looking to venture abroad.

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