Dr. Rania Al-Mashat: Egypt is keen to strengthen trade, investment, and economic relations and exchange expertise with Singapore, and to transfer the Egyptian experience of launching the “NWFE” program country platform.

Following the signing of MoU with the Singapore Cooperation Enterprise to strengthen economic cooperation in renewable energy, ports, education, and digital transformation…

Dr. Rania Al-Mashat: Egypt is keen to strengthen trade, investment, and economic relations and exchange expertise with Singapore, and to transfer the Egyptian experience of launching the “NWFE” program country platform.

During the meeting between His Excellency President Abdel Fattah El-Sisi, President of the Arab Republic of Egypt, and His Excellency Tharman Shanmugaratnam, President of the Republic of Singapore, at Al-Ittihadiya Palace, H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, signed a Memorandum of Understanding (MoU) on behalf of the Egyptian government. Mr. Kong Wy Mun, CEO of the Singapore Cooperation Enterprise (SCE), signed on behalf of the Republic of Singapore, with the goal of strengthening the economic partnership between the two parties.

Dr. Rania Al-Mashat emphasized the strong relationship between Egypt and Singapore, explaining that Egypt is one of the most important countries with historical ties and diplomatic representation in Singapore. She also noted that the Singaporean Embassy in Cairo is the oldest diplomatic mission for Singapore worldwide, which reflects the depth of their historical relationship.

Dr. Al-Mashat mentioned that the signing is part of Egypt’s efforts to enhance existing relations with Singapore, highlighting the importance of cooperation with the Singapore Cooperation Enterprise and exploring potential opportunities in the ports and maritime navigation sector, capacity building, renewable energy, water, transport (NWFE and “NWFE+” programs), green hydrogen, the Hub for Advisory Finance and Investment for Enterprises. She also underscored the importance of cooperation between the two sides to achieve comprehensive and mutual social and economic development for both peoples by promoting private sector participation.

The Minister reviewed Egypt’s efforts to strengthen its position as a regional hub for investments, renewable energy, logistics, and trade, as well as the government’s measures to entrench macroeconomic stability, encourage investments, and achieve sustainable growth led by the private sector in light of regional and international challenges. She reaffirmed Egypt’s keenness to strengthen its trade, investment, and economic relations with Singapore.

Dr. Al-Mashat affirmed that Egypt continues to implement economic and structural reforms that enhance the resilience of the Egyptian economy. These reforms have contributed to a shift in the structure of GDP growth, which is now based on non-petroleum manufacturing industries as well as transportation and storage. She noted that these efforts were reflected in the current social and economic development plan, where the percentage of private investments of total investments reached over 50% in the first half of the current fiscal year.

The Minister also emphasized the importance of encouraging Singaporean companies to invest in Egypt, especially in the fields of manufacturing, agriculture, and technology. Currently, Singaporean investments in Egypt are concentrated in five strategic sectors: agriculture, logistics, food industries, information technology, and plastics manufacturing. She stressed Egypt’s eagerness to provide a more attractive environment for foreign investment and to boost growth rates by attracting more Singaporean investments in its priority sectors, particularly industry and agriculture.