At 100 years old, the world’s oldest billionaire would be forgiven for taking it easy and enjoying the riches of his eight-decade career.
But for Chang Yun Chung, founder of Pacific International Lines (PIL), staying at home isn’t an option. Despite handing over the role of executive chairman to his son, Teo Siong Seng, earlier this year, the centenarian Singaporean insists on going into the office every day.
Two business leaders have launched a new investment and advisory firm focusing on equity investments and trade and corporate finance in Africa.
For almost two decades, Asian governments have been very vocal in their desire to get involved in the African continent. Bilateral forums, conferences, meetings and seminars happen more often than one can count, and usually result in numerous announcements – ranging from memoranda of understanding (MoU) to billions of financial commitments.
Africa Rising will lift Singapore boats tooSep 12, 2018
IF THERE is one thing that the recent Africa Singapore Business Forum (ASBF) reminded me of, it is what a polarising prospect the continent remains.
The global business community – Singapore included – has long seemed divided into two main camps: companies that have committed to Africa, and those still labelling it “too hard”, ie, too complex to prioritise. But at the ASBF, I detected a different sentiment – a re-imagining of the prospects for some, and one that underscores Singapore’s position as an international business leader.
Graduating from political to economic independenceAug 20, 2018
Paulo Gomes, Member of the AfroChampions initiative, talks about the practicalities of creating a fertile environment for African multinationals to arise.
Wilmar's Q2 net profit surges 437%Aug 14, 2018
Agribusiness group Wilmar International has posted a more than four-time increase in its net profit for the second quarter ended June 30.
Net profit soared to US$316.4 million (S$435 million) from US$59 million, lifted by stronger performances from the oilseeds and grains as well as the tropical oils segments, coupled with better contributions from associates.
What African SWFs can learn from Asian counterpartsAug 06, 2018
Asian sovereign wealth funds (SWFs) have played an important role as engines of development and economic growth in the past 50 years. In 1965, Singapore’s GDP per capita was just $500, on par with that of Mexico and South Africa. In 2017, this figure had increased more than 100-fold, reaching $56,000. One of the important factors contributing to the Singapore growth story, is the savvy use of limited government resources, namely through the creation of efficient investment vehicles geared towards the nation’s industrial policy and economic development objectives.
As Africa’s own SWF journey evolves, I believe the examples set by Asian countries such as Singapore and Malaysia should serve as an inspiration for reform. Compared to the rest of the world, Africa’s SWFs are fairly young. Collectively, Africa’s SWFs have assets under management (AUM) exceeding $160bn. Apart from Botswana’s Pula Fund, founded in 1994, all of them were created in the 21st century. But they are growing in popularity. Their numbers are estimated to reach 20 in the next three years, up from 12 today. The latest addition is Egypt, with a $11bn SWF.
Afreximbank and Aenergy Join Efforts to Leverage Climate Finance for Africa’s DevelopmentJul 16, 2018
The African Export-Import Bank (Afreximbank) entered into a cooperation with Aenergy to develop a low carbon sustainable economy and a climate finance strategy to support projects and national initiatives in the sector across Africa.
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CrimsonLogic opens office in RwandaJune 15, 2018
A Singapore firm that provides government products and services online has opened an office in the Rwandan capital Kigali that will support its operations in the region and across Africa.
CrimsonLogic chairman Eugene Wong said yesterday: “This marks a major milestone in our relationship with Rwanda and the greater Africa continent.”
Afreximbank president unveils new initiatives and thoughts on Africa’s trade finance gapMay 16, 2018
Off the back of the signing of the African Continental Free Trade Area (AfCFTA), Global Trade Review (GTR) caught up with African Export-Import Bank (Afreximbank) president Benedict Oramah to discuss initiatives that the bank will soon be launching, and to hear his views on how best to address Africa’s trade finance gap.
AfDB and Afreximbank earmark $20 billion for establishment of leasing company and MRO facilityMay 11, 2018
African Development Bank (AfDB) and African Export, Import Bank (Afreximbank) have agreed to raise capital base of about $20 billion for the actualisation of federal government’s plan to establish aircraft leasing company and Maintenance, Repair and Overhaul (MRO) facility.
Olam Eyes Fish Farming in Africa to Tap Growing Middle ClassMar 27, 2018
Olam International Ltd., one of the world’s largest food traders, is considering expanding into fish farming in Africa to tap demand from a growing and more affluent population.
The Singapore-based firm is conducting a feasibility study on farming fish in West Africa, likely in Nigeria, the continent’s most populated country, Chief Operating Officer Shekhar Anantharaman said. Olam could potentially start the venture with partner and shareholder Mitsubishi Corp., which owns fish businesses, he said.
PIL Moves to "B-Division" StatusMar 16, 2017
As Pacific International Lines (PIL) celebrates its 50th anniversary, it is progressing to a “B-division” status in the international shipping sector, looking to extend capacity to 500,000 containers by the end of next year.
Africa attracts Singapore interestAug 24, 2016
IE Singapore, the government agency tasked with driving Singapore’s external economy, is looking to establish its third overseas office in Africa – this time in Kenya.
Singaporean companies eyeing niche opportunities in AfricaJun 16, 2016
Singapore’s government is actively encouraging its businesses to explore commercial opportunities in Africa, a region currently accounting for only about 1% of its total global trade.
Why Guinea Bissauan economist Paulo Gomes is producing a documentary on Amílcar CabralMay 13, 2016
He uses the word “exorcism” to explain the process and series of events that led him to produce a documentary on Amílcar Cabral, the Guinea-Bissauan and Cape-Verdean engineer and freedom fighter.
Star City Development launches 140bn TZS project in Morogoro based SEZMay 3, 2016
The Minister for Industry, Trade and Investment Charles Mwijage has launched a 140 billion Tanzania shillings Star City development project, situated in the Tungi Special Economic Zone (SEZ).
For S-East Asia, Africa spells opportunityNov 3, 2015
Singapore is considered the “best brand” in the continent, and some big opportunities for it lie in urban development and planning, says Aseacc’s co-founder.
Distinguished Visiting Fellow for NTU-SBF Centre for African StudiesJul 22, 2015
The Chairman of the Advisory board of the Africa South East Asia Chamber of Commerce (ASEACC), Mr. Paulo Gomes, has been appointed as a Distinguished Visiting Fellow for the NTU – SBF Centre for African Studies.
Paulo Gomes - Bridging Southeast Asia and AfricaJan, 2015
An exclusive interview with the President of Paulo Gomes & Partners and Chairman of the Advisory Board, Africa South East Asia Chamber of Commerce.
Focus on Oil and GasSep 25, 2014
Last year Africa South East Asia Chamber of Commerce put together a special report presenting a comprehensive overview of oil and gas sector in Africa, Asian engagement and the opportunities the sector continues to present. Despite the fall in the price of oil, the sector is still full of promise.
ASEACC: Building Business ChampionsSep 20, 2014
One organisation that has been set up to take the full advantage of the position of Singapore in the heart of Africa is the Africa-South East Asia Chamber of Commerce (ASEACC).
Channel News Asia: ASEACC Official LaunchNov 18, 2013
The Africa South East Asia Chamber of Commerce (ASEACC) was officially launched in Singapore on 18 November, 2013 by a group of 13 companies from both the African and South East Asian Regions. More than forty top companies and representatives from business chambers and the government attended the launch ceremony, graced by Senior Minister of State for Trade & Industry and National Development, Lee Yi Shyan. The event received media coverage in the national newspapers, as well as during prime time television.