Business leaders highlighted partnerships, market knowledge and financial planning for sustainable commercial engagement in Africa.
Singapore businesses were encouraged to adopt long-term strategies when entering African markets at the Africa Singapore Trade Execution Program (A-STEP), Singapore Chapter, organised by the Singapore Business Federation (SBF) on 10 November 2026 in Singapore. Ms Nomita Dhar, Editor-in-Chief of IN Diplomacy, attended the programme, which examined market opportunities, business partnerships, financial considerations and practical approaches to establishing commercial operations in Africa.
Delivering the opening address, Mr Venkataramani Srivathsan, Chairman of SBF’s Africa Business Group, highlighted the importance of strengthening Singapore–Africa commercial relations and supporting businesses in translating market opportunities into practical outcomes. He emphasised the role of professional networks, institutional support and experienced partners in navigating Africa’s diverse business environments.
The programme featured government representatives, established investors, small and medium-sized enterprises (SMEs) and financial institutions. Mr Choo Sin Wong, representing the Ministry of Trade and Industry (MTI), highlighted that more than 100 Singapore companies were operating in over 40 African countries, identifying Kenya, Tanzania, Ghana and Egypt as important gateway markets.
Mr Haresh Aswani, Managing Director of Tolaram Group, shared his experience of doing business in Nigeria and other African markets. He emphasised the need for patience and sustained engagement, stating, “Africa is a long-term market. It’s not a short-term deal.” He also highlighted the importance of understanding local conditions and carefully evaluating potential business partners.
Mr Neal Chandaria, Director of Comcraft Asia, discussed Singapore’s business reputation as an advantage when establishing relationships with African counterparts. “Singapore has the advantage of its reputation,” he said, pointing to the importance of credibility, reliability and professional standards.
Ms Karen Fong, representing a Singapore health supplement company operating in Nigeria, shared her company’s experience of entering the market through a local distributor. She reported approximately 100 per cent growth in each of its first two years and highlighted the importance of product quality and mutual confidence, noting, “As much as I choose them, they also choose me.”
Mr Benjamin Chan of Standard Chartered Bank discussed Africa’s natural resources, workforce and commercial potential. He advised businesses to manage payment risks through appropriate financial arrangements, including letters of credit and trade credit insurance. Fintech representatives also addressed cross-border payments, foreign exchange and working-capital management.
The discussions concluded with advice for Singapore businesses to use government internationalisation programmes and SBF business missions to develop market knowledge and establish reliable contacts. Speakers emphasised that successful entry into African markets required distinctive products, trusted partnerships, financial discipline and sustained commitment.
Source: IN Diplomacy Reporter
