SINGAPORE – Local companies looking to invest in somewhat unfamiliar regions such as Africa can seek additional help from a new office set up by the Commonwealth Enterprise and Investment Council (CWEIC).

The new centre, which opened earlier in April, aims to connect businesses to trade and investment opportunities across the 56 member nations of the Commonwealth by facilitating connections and partnerships.

It will also help Commonwealth businesses access the Singapore market through high-level introductions and connections.

The CWEIC is a not-for-profit commercial organisation with a mandate from Commonwealth nations to promote trade, investment and the role of the private sector.

It has offices in key markets such as Australia, Bangladesh, the Caribbean, Gibraltar, Ghana, Kenya, Malta, Nigeria, Sri Lanka and the United Arab Emirates, in addition to its base in Britain.

Singapore already has strong trade and investment relations with most Commonwealth nations, especially large economies such as Britain, Canada, India, Australia and New Zealand.

But Singapore’s presence in Africa – a continent of 1.4 billion people spread over 54 countries at different stages of development with a combined nominal gross domestic product of US$3.1 trillion (S$4.1 trillion) – is minimal.

Only a handful of companies, historically in agriculture and more recently in financial technology (fintech), have braved the continent’s political instability, bureaucratic maze, regulatory hurdles and lack of infrastructure.

Olam International, Asiatic Agricultural and Tolaram Group are among the few large Singapore-based companies which have had a long presence in several African countries, while Adera Global, a Singapore-based fintech that just started its African operations in Cameroon, is one of the more recent arrivals.

There is no lack of local support.

Enterprise Singapore (EnterpriseSG) has regional centres in Accra, Ghana (West Africa); Johannesburg, South Africa; and Nairobi, Kenya (East Africa).

The Singapore Business Federation’s (SBF) Global Connect also offers help for companies looking to expand into Africa.

However, Africa still represents just a fraction of Singapore’s total overseas investment, so help from the CWEIC will be welcome.

The new facility here can help complement the efforts by EnterpriseSG and SBF, said Lord Jonathan Marland, chairman of the CWEIC.

“I’m not saying that we are world experts. I am saying we can help in our way, and within that, we can make the Commonwealth a smaller place,” he told The Straits Times.

Lord Marland, who was former British prime minister David Cameron’s trade envoy, said the centre’s representatives and hub offices spread across 21 Commonwealth member countries in Africa can help connect Singapore companies to business and government officials on the continent.

“Africa is this huge continent with vast resources and some fantastic opportunities for businesses,” he said, adding that very few companies in Asia, including Singapore, know much about these opportunities.

Developing and diverse economies of Africa can be challenging, especially for small and medium-sized enterprises, said Lord Marland. But people who have spent some time on the ground can help identify and connect businesses here to the right partners.

“Our expertise is knowledge within the market. It’s dependent upon the individuals and upon our relationships,” Lord Marland said, adding: “We’re not going to advise people on how to set up their business. We are a networking organisation, so we show them what is available, and it is up to the businesses what they wish to do.”

No one in business would deny the importance of interpersonal relationships and local networking.

Mr Soo Wei-Chieh, an executive director of SBF’s global division, said: “Having the right contacts is crucial when doing business in Africa. Also, having access to the right contacts can potentially save time and hassle, and can be useful for uncovering new business opportunities.”

Mr Soo agreed that a good way to navigate Africa is through validated recommendations from trusted in-market sources.

Lord Marland said the CWEIC’s new Singapore hub can also connect local businesses to the Commonwealth Legal Network, a select group of commercial law firms that can advise on regulatory issues.