WATCH: Talking trade with South Africa and Singapore

Trade opportunities with South Africa and Singapore were on the agenda in the third event of 'Commonwealth Opportunities Week ', hosted by the Greater Birmingham Commonwealth Chamber of Commerce.

Yesterday 's event, titled 'The Benefits of Trading with Commonwealth Countries ', invited businesses to meet with representatives from South Africa and Singapore to explore what opportunities are available to companies who are looking to trade within these two markets.

The interactive panel was comprised of speakers Nicole Wharfe (pictured), business services director for the British Chamber of Commerce in Singapore, and president of the British Chamber of Business in Southern Africa, Leon Ayo.

In their discussion, they explained the route to market in their respective regions, as well as the benefits, and also the impact of the pandemic on their trading.

On the topic of trading with Singapore, Nicole explained the role of the country as an 'entry point ' for South East Asia and how they have established their position as a launch-pad into the rest of the region.

Often described as the 'mighty tiger ' or the 'little red dot ', Singapore was ranked as number one in the 'Global Competitiveness Index ' 2020, as well as number two for ease of business.

Singapore 's GDP of 323.9 billion is dominated by two key sectors; 70 per cent services and 20 per cent manufacturing, with no raw materials.

However, market entry has become competitive and sometimes saturated, Nicole explained, with trends seeming to rise within the health and wellness, sustainability and digital acceleration space.

Through the operation of an open market and a pro-business policy, Singapore have well-connected international links and pride themselves on regulatory efficiency that makes it easy to start and run a business.

Within the BCC in Singapore, there are a total of 3,712 members and 353 member companies.

Through the delivery of trade services, Nicole also explained the support available via the BCC in Singapore in the way of advisory services on the route to market, doing business in Singapore and a 'business matching ' service that is tailor-made to facilitate meetings and partnerships between businesses.

Nicole said: “We 've seen a lot of people trying to get ahead of the market these last couple of months.

“I 'd recommend due diligence before jumping into any new market, but the Chamber can be used as a resource for that. It 's been so encouraging to see how many businesses have responded to the Covid transition and since Brexit we have seen a considerable rise in enquiries. ”

Comparing the Singapore market with that of South Africa, Leon explained that while there are definite differences, there are similarities of opportunity.

While noting South Africa 's lower GDP in comparison to Singapore, Leon identified that is still the potential for fast growth.

By 2030, Africa is expected to have the largest working population of 3 billion people and are experiencing a demographic shift with the largest proportion of the population being under 30 years old. This trend is similar to the ever-growing young population of Birmingham and, according to Leon, will be instrumental in the countries growth.

There are already 800 businesses within the South African region, with 905 members within the Business Chamber of South Africa being SME 's. This is largely down to the ease of market entry in South Africa in comparison to countries like Singapore.

Leon explained that there is growing interest in the health and agricultural-tech space within South Africa, as well as renewable energy. These were markets he encouraged businesses to target, as opposed to the historical markets of raw materials, such as coal and gold, that the country has previously been known for.

“South African companies are looking to scale and expand to the UK, so the opportunity is absolutely there for bilateral trade.

“If you 're looking to trade with us, I advise you to come on a speculative basis and understand our landscape.

“Africa is a wonderful place, and sometimes trading can be frustrating if you don 't get it right. Engagement with the government can be unpredictable and the process of visas can be complex- but that 's what the Chamber is for. We help people navigate those changes. ”