Bolster trade ties with Africa, S'pore business leader tells Asean
Asean is not as economically relevant in Asia as a whole due to the presence of bigger nations, according to former Singapore Indian Chamber of Commerce and Industry CEO Johnson Paul.
KUALA LUMPUR : A Singaporean business leader has called on Asean to forge stronger trade ties with African countries in light of evolving global dynamics.
Former Singapore Indian Chamber of Commerce and Industry CEO Johnson Paul said Africa is no longer a peripheral player in global trade, with youth-driven innovation, natural resources and strategic trade alignments attracting attention globally.
Paul said Asean is not as economically relevant in Asia as a whole as the presence of bigger nations like China, Japan and South Korea has led to the focus being towards the north.
'The economic shift northwards (in Asia) will mean that many of us in the south will be left behind,' he said at the GLIDE 2025 leadership dialogue here yesterday.
He said Southeast Asian countries like Vietnam and Thailand are thriving because they are already integrated into northern trade networks, attracting major investments.
However, he said the rest of the region needs to broaden its outlook, including building new platforms for economic dialogue and trade with Africa.
Paul cited the African Continental Free Trade Area, which involves 55 countries in total to create the largest free trade area in the world, as a key consideration to increase trade with Africa.
Countries like Kenya and Nigeria have also become tech leaders in financial products and services, attracting investors from the US and China, he added.
He said this opens the door for more foreign investment from Asia, but Asean was 'still absent from the table' in many of these talks.
'There's no real platform or structure for Asean-Africa engagement,' he said. 'Where is the dialogue?'
Last year, the Malaysia External Trade Development Corporation urged Malaysian exporters to explore emerging markets such as Africa, in light of rising shipping costs due to conflicts in the Red Sea then.
A month ago, the Malaysia Africa Chamber of Commerce and Industry said it hoped to open new doors for businesses to invest in African markets this year, working closely with multiple African embassies and high commissions in Malaysia.
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