The two MoUs were signed by South Africa’s President, H.E Cyril Ramaphosa and the Prime Minister of Singapore H.E Lee Hsien Loong during a state visit to Pretoria – in which 17 Singaporean firms explored business opportunities in South Africa in May.
“One of the things that many of us have always been willing to learn from is how Singapore has managed its state-owned enterprises, as we go through our own restructuring process of state-owned enterprises,” stated President Ramaphosa.
These agreements create a pathway for collaboration between the two countries, focusing on the digital transformation of economies and services, with specific attention given to water management and sanitation. South Africa intends to capitalize on these agreements to fully utilize the Singapore Cooperation Program. This program will enable South Africa to enhance its workforce by equipping them with crucial leadership and capacity-building skills through various courses offered by Singapore. Notably, the Singapore-Africa Partnership, launched in 2022, has already trained 1,000 South African officials, demonstrating the tangible outcomes of this collaborative initiative.
Singaporean companies have successfully ventured into diverse sectors of South Africa’s economy, including agribusiness, urban solutions, hospitality, manufacturing, ports and logistics, as well as innovation and technology. The bilateral trade between the two countries has experienced significant growth, with a 20% increase since 2018. In 2022, the annual trade volume exceeded $2.7 billion, underscoring the expanding economic ties between Singapore and South Africa.
South Africa and Singapore have been in diplomatic relations for the past 30 years.