(Singapore, 21st) Singapore and Egypt will further strengthen their cooperation in the field of economy and trade. At a time when global protectionism is on the rise and the open and fair economic order is facing challenges, such cooperation is particularly significant.
During his state visit to Egypt, President Tharman Shanmugaratnam stressed this point at a joint press conference after meeting with Egyptian President Abdel Fattah el-Sisi at the Ittihadiya Presidential Palace on Saturday (September 20). He said that Singapore has confidence in Egypt's economic potential. Over the past decade, Singapore has been one of Egypt's largest Asian investors.
“President Sisi and I discussed how to further deepen the economic cooperation between our two countries. As the wave of protectionism surges and the global economic order of openness and fairness suffers setbacks, such cooperation is especially important.”
He pointed out that business communities in both countries are interested in exploring and developing market opportunities. Currently, several Singaporean companies have a significant presence in Egypt, including PSA-BDP, Pacific International Lines, Olam Food Ingredients, and the fashion brand Charles & Keith, which has opened six stores in Egypt.
More Singaporean enterprises are keen to leverage Egypt’s competitive advantages. Egypt boasts a young and aspirational population, a huge domestic market, and a strategic location at the crossroads of Europe, Africa, and the Middle East.
The President is scheduled to meet Egyptian Prime Minister Mostafa Madbouly later on Saturday local time, and attend the Singapore-Egypt Business Forum to be held the following day. The business delegation led by Singapore Business Federation Chairman Lim Ming Yan will accompany the President next Monday to visit the Suez Canal Economic Zone.
President Tharman pointed out that the Suez Canal Economic Zone is one of the first development initiatives launched by President Sisi, and has become critical to Egypt's growth. Since its launch in 2015, the economic zone has achieved remarkable progress and attracted significant global investment.
He said: “Singaporean companies are also exploring opportunities in this region, recognizing the potential of the economic zone as a trade and industrial hub. At the same time, I hope more Egyptian enterprises will use Singapore as a springboard to enter Southeast Asia and the wider Asia-Pacific region. Southeast Asia alone has a total population of 670 million, a growing middle class, and a combined GDP of over 4 trillion US dollars (about 16.84 trillion ringgit).”
President Tharman and President Sisi also witnessed the signing of seven memoranda of understanding between Singapore and Egypt on Saturday. During this visit, ten MOUs and two agreements will be signed. The two leaders also exchanged views on regional developments, including the heavy casualties in Gaza, and Israel’s expanding settlements in the West Bank. Singapore is deeply concerned about the dire humanitarian situation in Gaza and the region's prospects for peace.
President Tharman reiterated that Singapore consistently supports the right of the Palestinian people to have their own home, and firmly believes that the two-state solution as set out in United Nations Security Council resolutions is the only comprehensive, just, and lasting solution to the Israeli–Palestinian conflict. Singapore will continue to support the realization of the two-state solution. He also thanked President Sisi and the Egyptian government for their support in helping Singapore provide humanitarian aid to Palestinian civilians.
During his state visit to Egypt, President Tharman Shanmugaratnam stressed this point at a joint press conference after meeting with Egyptian President Abdel Fattah el-Sisi at the Ittihadiya Presidential Palace on Saturday (September 20). He said that Singapore has confidence in Egypt's economic potential. Over the past decade, Singapore has been one of Egypt's largest Asian investors.
“President Sisi and I discussed how to further deepen the economic cooperation between our two countries. As the wave of protectionism surges and the global economic order of openness and fairness suffers setbacks, such cooperation is especially important.”
He pointed out that business communities in both countries are interested in exploring and developing market opportunities. Currently, several Singaporean companies have a significant presence in Egypt, including PSA-BDP, Pacific International Lines, Olam Food Ingredients, and the fashion brand Charles & Keith, which has opened six stores in Egypt.
More Singaporean enterprises are keen to leverage Egypt’s competitive advantages. Egypt boasts a young and aspirational population, a huge domestic market, and a strategic location at the crossroads of Europe, Africa, and the Middle East.
The President is scheduled to meet Egyptian Prime Minister Mostafa Madbouly later on Saturday local time, and attend the Singapore-Egypt Business Forum to be held the following day. The business delegation led by Singapore Business Federation Chairman Lim Ming Yan will accompany the President next Monday to visit the Suez Canal Economic Zone.
President Tharman pointed out that the Suez Canal Economic Zone is one of the first development initiatives launched by President Sisi, and has become critical to Egypt's growth. Since its launch in 2015, the economic zone has achieved remarkable progress and attracted significant global investment.
He said: “Singaporean companies are also exploring opportunities in this region, recognizing the potential of the economic zone as a trade and industrial hub. At the same time, I hope more Egyptian enterprises will use Singapore as a springboard to enter Southeast Asia and the wider Asia-Pacific region. Southeast Asia alone has a total population of 670 million, a growing middle class, and a combined GDP of over 4 trillion US dollars (about 16.84 trillion ringgit).”
President Tharman and President Sisi also witnessed the signing of seven memoranda of understanding between Singapore and Egypt on Saturday. During this visit, ten MOUs and two agreements will be signed. The two leaders also exchanged views on regional developments, including the heavy casualties in Gaza, and Israel’s expanding settlements in the West Bank. Singapore is deeply concerned about the dire humanitarian situation in Gaza and the region's prospects for peace.
President Tharman reiterated that Singapore consistently supports the right of the Palestinian people to have their own home, and firmly believes that the two-state solution as set out in United Nations Security Council resolutions is the only comprehensive, just, and lasting solution to the Israeli–Palestinian conflict. Singapore will continue to support the realization of the two-state solution. He also thanked President Sisi and the Egyptian government for their support in helping Singapore provide humanitarian aid to Palestinian civilians.