Minister of Trade and Industry Ahmed Samir has discussed with Singaporean Ambassador to Egypt Dominic Goh economic and investment cooperation between both countries.
The meeting touched on success stories of Singaporean companies that have been working in the Egyptian market for many years in the fields of fertilizers, food products, agro-industry and plastics.
Samir added that his ministry welcomes the Singaporean companies wishing to pump new investments into Egypt or increase its existing investments.
He noted that a major Singaporean company is planning to establish a large fertilizer factory in the Suez Canal Economic Zone soon.
The minister said the total trade volume between the two countries amounted to $677 million in 2021 compared to $307 million in 2020, with an increase of 120%.
Singaporean investments in Egypt are valued at $175 million distributed among 33 projects in the fields of agriculture, manufacturing, services, information technology and tourism, he added.
Meanwhile, the Singaporean ambassador asserted his country’s keenness to foster cooperation with Egypt, describing the latter’s market as the biggest in the Middle East and North Africa.
He also praised the efforts exerted by the Egyptian government to remove the obstacles facing Singaporean companies in the country.