One billion dollars.. Singapore investments in Egypt

The business climate in Egypt is attractive to increase domestic and foreign investments, as the investment rate increased by 17% in the fiscal year 2021/2022.

The "Golden License", the "State Ownership Policy Document" and the "Government Offerings" program are among the efforts made by the state to maximize private investments and allow the private sector to have a greater role in economic development.

Attracting foreign direct investment of $10 billion

Dr. Mohamed Maait, Minister of Finance, said during the Egyptian-Singapore Business Forum that this is happening through the state’s exit or reducing its role in a number of economic activities and fields, aiming to attract foreign direct investments worth $10 billion annually, including the green economy.

The minister added that the Egyptian economy achieved a good and reassuring performance during the past fiscal year ending in June 2022, despite the very difficult global challenges that cast a shadow on various countries, especially emerging economies.

Relationships spanning half a century

Maait expressed his aspiration to increase Singapore's investments in Egypt. To take advantage of the promising opportunities provided by the country in various sectors of sustainable development.

He pointed out that economic relations represent the "cornerstone" of cooperation between Egypt and Singapore, which extends for more than half a century and witnessed great development between 2015 and 2016.

Billion dollar investment

Dr. Mohamed Maait, Minister of Finance, said that Singapore has become one of the largest Asian countries investing in Egypt by about $1 billion, with a portfolio of trade and investment projects between the two countries that increased by 30% over the past few years, in several areas, most notably industry and logistics.

Half a billion dollars in exports

Maait indicated, during the Egyptian-Singapore Business Forum, that Egyptian exports to Singapore increased by 208% in 2021 to reach half a billion dollars, while Singapore's exports to Egypt increased from $128 million in 1995 to $255 million in 2020.

Engineer Majd Al-Din Al-Manzalawi, Secretary-General and Chairman of the Industry and Scientific Research Committee of the Egyptian Businessmen Association, confirmed that the state is keen to create an environment conducive to business and attractive to domestic and foreign investments.

He explained that this comes in a way that paves the way for Singaporean investors to expand their activities and pump new investments in major development projects in Egypt. As one of the main investors in the world.

More investments in Egypt

He added that the close diplomatic relations between Egypt and Singapore should be reflected in deepening the strategic partnership between the two countries through these regular meetings. So that it is a starting point for creating a favorable platform for business and economics, especially since Singapore is one of the fastest growing countries in doing business in the world.

Dominic Goh, Ambassador of Singapore to Egypt, said that we are looking forward to more investments in Egypt. Especially after the success of Singaporean companies in creating thousands of job opportunities in Egypt, pointing out that the Egyptian-Singapore Business Forum is a good opportunity for Singaporean companies to explore new partnerships with the pioneers of the private sector in the Egyptian Businessmen Association.