SINGAPORE: Singapore and Egypt recently discussed ways of strengthening trade and investment ties in a meeting between Singaporean Ambassador to Egypt Dominic Goh and Investment and Foreign Trade Minister Mohamed Farid Saleh.
Egypt’s Investment and Foreign Trade Ministry said on Friday (Aug 28) that the two men also talked about widening the scope of Singaporean businesses in Egypt, attracting fresh investments, and boosting the country’s exports, specifically in financial services, logistics, and supply chains, according to reporting from The Egyptian Gazette.
Egypt is Africa’s second largest economy, following South Africa. Its nominal GDP is approximately US$430 billion (S$547 billion). Singapore’s, meanwhile, is S$789.5 billion, making it the wealthiest economy in Asia.
Mr Saleh noted the positive developments between the two countries over the years, and said that Egypt stands to gain much from the expertise of Singapore when it comes to financial centre management, digital transformation, and other areas, and talked with the Singaporean envoy about cooperation in terms of sustainability and carbon certification.
The Minister and Ambassador Goh also discussed ways to boost Egypt as a production and export hub for both regional and global markets, as it takes advantage of its strategic location and trade agreements with Arab, African, and European markets.
Additionally, Egypt is hoping to market more of its products in Singapore, which would reduce the trade imbalance between the two nations.
The possibility of Egypt organising a business and investment promotion trip to Singapore to showcase additional investment opportunities was also discussed in their meeting. The Minister and Ambassador Goh agreed that Singapore and Egypt will continue to work together to support existing Singaporean investors in Egypt, attract new ones, and solve problems that businesses may face. /TISG
Read also: Inside Kenya’s dream of becoming the ‘Singapore of Africa’
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