UAE, Singapore receive special summit invites from PM Modi

NEW DELHI: It is neither any P-5 country (permanent members of the UN Security Council) nor any country that is bigger in size and population that would be present at the biggest India-Africa Forum Summit on Thursday as special invitees. Two relatively small but economically and politically powerful countries — Singapore and United Arab Emirates (UAE) — have been extended special invites to be present at the mega show by none other than the Prime Minister.

While a minister from Singapore who handles trade related matters will represent the city state at the summit that will witness participation by 40 heads of state and governments from Africa, Reem Ebrahim Al Hashimi Minister of State and Managing Director for the Dubai World Expo 2020 Bid Committee will represent UAE, officials informed. This would present both these economically advanced countries to explore further business opportunities in the growing markets of African nations, officials hoped.

Interestingly, Modi would have visited both UAE and Singapore this year and is personally keen to further expand partnerships with these two countries. While Modi’s UAE visit in August took security and economic partnership to a new level, his Singapore visit on Novem-ber 24-25 will open a new chapter in strategic partnership. India is keen to partner Singapore for smart city projects and urban solutions.

While Chinese, French, American, Indian and even Malaysian economic footprints in Africa has been subject of discussion, it is not widely known that both Singapore and UAE have vibrant business relations with the continent. Last year, Singapore held third edition of Africa-Singapore Business Forum (ASBF). ASBF has become the premier platform for growing bilateral trade and investments between Singapore and Africa. The last edition of the forum focused on areas for potential business partnerships, such as consumer, oil & gas, agri-business, and transport & logistics.

Singapore’s bilateral trade with Africa grew at a compound annual growth rate of close to 12% over the past five years, reaching Singapore $14 billion in 2013. Investments by Singapore firms into Africa reached Singapore $20 billion in 2014.

Similarly, Africa is fast emerging as one of the most important markets for the UAE. Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has singled out Africa as one of the most promising business partners for Dubai in the coming years. Dubai is connected to most African capitals via air.