S'pore firms should be aware of opportunities in Africa, break new ground: PM Lee

As Singapore companies look to enter new markets, they should pay attention to Africa, which holds many business opportunities, Prime Minister Lee Hsien Loong said on Thursday.

- Lim Yan Liang

While it is a big and complex continent that is not without risks, there is also a lot of vibrancy, goodwill and the desire to develop relationships with Singapore, PM Lee said at the end of his six-day visit to South Africa and Kenya.

Amid the current difficult global environment, which calls for Singapore firms to adapt, transform and explore new markets, PM Lee urged businesses to look further afield while strengthening their existing ventures.

"We know Asia, China, India; we have the developed economies these have been our markets ever since we started industrialising," he said at a media wrap-up.

"But while we develop these established places, we need to go and break new ground. And Africa is one of the continents which we have to pay attention to."

PM Lee noted that the continent is young and dynamic, and that ventures can succeed if companies do the work to understand which countries have relatively stable societies and political systems, and are a good fit for investment.