(Singapore, 22nd) The Suez Canal Economic Zone can serve as a bridge for cooperation between Singapore and Egypt. While creating job opportunities and driving economic development in Egypt, it can also become a gateway for Singaporean enterprises to penetrate the Middle East and Africa.
Accompanying President Tharman on his visit to Egypt, Singapore’s Minister for Social and Family Development Masagos Zulkifli said during the opening speech of the Singapore-Egypt Business Forum on Sunday (September 21) that through ASEAN and the 28 free trade agreements Singapore has established with various parties, four digital economy agreements, as well as a green economy agreement, Singapore can open up new channels for Egyptian enterprises to enter Asia.
The Suez Canal in Egypt will also drive new opportunities. It is an important global business channel, carrying 12% of global trade and one third of worldwide container shipping volume.
Masagos said: “The Suez Canal Economic Zone provides investment opportunities in logistics, port management and transshipment trade. Singapore can contribute expertise in these sectors... Singapore is ready to play a constructive and partnering role for the success of the Suez Canal Economic Zone.”
He pointed out that both Singapore and Egypt believe in free and open trade. As the rules-based multilateral trading order faces increasing pressure, both countries can uphold these principles through concrete actions. Singapore and Egypt have agreed to explore signing a bilateral free trade agreement, which will allow both countries to leverage each other's strengths and strategic locations.
The two countries can cooperate in several areas, including logistics, urban solutions and infrastructure, consumer goods and agriculture, as well as tourism. Masagos said that beyond trade, both countries value developing human capital. Singapore is willing to share its experience with Egypt in this regard, including public administration, technology and vocational skills certification, and international arbitration.
Masagos, together with Egypt’s Minister of Investment and Foreign Trade Hassan El-Khatib, as well as the Minister of Education and Technical Education Mohamed Abdel Latif, witnessed the signing and exchange of memorandums and agreements between institutions from both countries.
These six areas of cooperation include an agreement between ITE Education Services (ITEES) and Egypt’s National Academy of Science and Skills, as well as the National Program for Industrial Development of Egypt. This will allow the National Academy of Science and Skills to award skills qualifications in logistics and supply chain courses.
ITEES will also collaborate with Sachsen Egyptian University to provide consultancy services for the university’s hospitality services management program. In addition, the agency signed memorandums of understanding with the Egyptian Ministry of Education and Technical Education, and the National Academy of Science and Skills to offer consultancy in the field of Egyptian technical and vocational education and training.
The Singapore International Arbitration Centre has also established cooperation with the National Academy of Training of Egypt, including co-organizing meetings, seminars, courses and workshops in Egypt related to international arbitration, promoting international arbitration.
In capacity building, Singapore’s Lee Kuan Yew School of Public Policy has also signed a memorandum of understanding with Egypt’s National Academy of Training, with cooperation areas including customized management education programs for mid-to-senior-level management officers in the public sector, and custom training programs for the staff of the National Academy of Training.
International engineering consultancy Meinhardt Group will collaborate with Egypt's General Authority for Investment and Free Zones, aiming to enhance the business and investment environment.
Hassan El-Khatib, Egypt’s Minister of Investment and Foreign Trade, said in his speech that although economic collaboration between Singapore and Egypt is already encouraging, both countries should further elevate the cooperation to reflect a more profound future relationship, especially in the current context of global transformation, geopolitical tensions, and disrupted supply chains.
Singapore is one of Egypt’s largest Asian investors, with direct investments totaling approximately S$530 million (RM1.736 billion). As of 2023, Egypt is Singapore’s eighth largest trading partner in Africa, and the bilateral trade in services exceeds S$1.3 billion (RM4.258 billion).
Accompanying President Tharman on his visit to Egypt, Singapore’s Minister for Social and Family Development Masagos Zulkifli said during the opening speech of the Singapore-Egypt Business Forum on Sunday (September 21) that through ASEAN and the 28 free trade agreements Singapore has established with various parties, four digital economy agreements, as well as a green economy agreement, Singapore can open up new channels for Egyptian enterprises to enter Asia.
The Suez Canal in Egypt will also drive new opportunities. It is an important global business channel, carrying 12% of global trade and one third of worldwide container shipping volume.
Masagos said: “The Suez Canal Economic Zone provides investment opportunities in logistics, port management and transshipment trade. Singapore can contribute expertise in these sectors... Singapore is ready to play a constructive and partnering role for the success of the Suez Canal Economic Zone.”
He pointed out that both Singapore and Egypt believe in free and open trade. As the rules-based multilateral trading order faces increasing pressure, both countries can uphold these principles through concrete actions. Singapore and Egypt have agreed to explore signing a bilateral free trade agreement, which will allow both countries to leverage each other's strengths and strategic locations.
The two countries can cooperate in several areas, including logistics, urban solutions and infrastructure, consumer goods and agriculture, as well as tourism. Masagos said that beyond trade, both countries value developing human capital. Singapore is willing to share its experience with Egypt in this regard, including public administration, technology and vocational skills certification, and international arbitration.
Masagos, together with Egypt’s Minister of Investment and Foreign Trade Hassan El-Khatib, as well as the Minister of Education and Technical Education Mohamed Abdel Latif, witnessed the signing and exchange of memorandums and agreements between institutions from both countries.
These six areas of cooperation include an agreement between ITE Education Services (ITEES) and Egypt’s National Academy of Science and Skills, as well as the National Program for Industrial Development of Egypt. This will allow the National Academy of Science and Skills to award skills qualifications in logistics and supply chain courses.
ITEES will also collaborate with Sachsen Egyptian University to provide consultancy services for the university’s hospitality services management program. In addition, the agency signed memorandums of understanding with the Egyptian Ministry of Education and Technical Education, and the National Academy of Science and Skills to offer consultancy in the field of Egyptian technical and vocational education and training.
The Singapore International Arbitration Centre has also established cooperation with the National Academy of Training of Egypt, including co-organizing meetings, seminars, courses and workshops in Egypt related to international arbitration, promoting international arbitration.
In capacity building, Singapore’s Lee Kuan Yew School of Public Policy has also signed a memorandum of understanding with Egypt’s National Academy of Training, with cooperation areas including customized management education programs for mid-to-senior-level management officers in the public sector, and custom training programs for the staff of the National Academy of Training.
International engineering consultancy Meinhardt Group will collaborate with Egypt's General Authority for Investment and Free Zones, aiming to enhance the business and investment environment.
Singapore is one of Egypt’s largest Asian investors, with direct investments totaling approximately S$530 million (RM1.736 billion). As of 2023, Egypt is Singapore’s eighth largest trading partner in Africa, and the bilateral trade in services exceeds S$1.3 billion (RM4.258 billion).
On Sunday, President Tharman also attended the opening of the Singapore-Egypt Business Forum, jointly organized by Egypt's General Authority for Investment and Free Zones and the Singapore Business Federation.